Document:

Exhibit 10.8

 

SHARE EXCHANGE AGREEMENT

 

This Share Exchange Agreement, with an effective date of July 11, 2021, (this “Agreement”) is by and among, EZRaider Global Inc., a Nevada corporation (“the “Corporation”) and EZ Raider, the LLC, a Washington limited liability company (the “the LLC”) and the members of the LLC (the “the LLC Members”) as set forth on Schedule I hereto. For purposes of this Agreement, the Corporation, the LLC, and the LLC Members are sometimes collectively referred to as the “Parties” and individually as a “Party.”

 

RECITALS

 

WHEREAS, the LLC Members own One Hundred (100%) percent of the LLC Membership Interests outstanding immediately prior to the Closing (as hereinafter defined) (such membership interest being hereinafter referred to as the “the LLC Membership Interest”);

 

WHEREAS, (i) the LLC Members and the LLC believe it is in their respective best interests for the LLC Members to exchange 100% of their the LLC Membership Interests for 10 million shares of common stock of the Corporation (such shares being hereinafter referred to as the “the Corporation Shares”); and (ii) the Corporation believes it is in its best interest and the best interest of its stockholders to acquire the LLC Membership Interests in exchange for the Corporation Shares, all upon the terms and subject to the conditions set forth in this Agreement (the “Share Exchange”);

 

WHEREAS, it is the intention of the parties that: (i) the Share Exchange shall qualify as a tax-free reorganization under Section 368(a)(1)(B) of the Internal Revenue Code of 1986, as amended (the “Code”); and (ii) the Share Exchange shall qualify as a transaction in securities exempt from registration or qualification under the Securities Act of 1933, as amended and in effect on the date of this Agreement (the “Securities Act”);

 

WHEREAS, it is the intention of the parties that upon the Closing (as hereinafter defined) the LLC shall become a wholly owned subsidiary of the Corporation; and,

 

WHEREAS, the Parities agree that the foregoing Recitals are true and correct and are hereby incorporated into this Agreement by this reference.

 

NOW, THEREFORE, in consideration of the mutual terms, conditions and other agreements set forth herein, the parties hereto agree as follows:

 

ARTICLE I

 

EXCHANGE OF THE LLC INTERESTS FOR THE CORPORATION SHARES

 

Section 1.1            Agreements to Exchange the LLC Membership Interests for the Corporation Shares. On the Closing Date (as hereinafter defined) and upon the terms and subject to the conditions set forth in this Agreement, the LLC Members shall assign, transfer, convey and deliver the LLC Membership Interests to the Corporation and, in consideration and exchange for the Corporation Shares, the Corporation shall issue, transfer, convey and deliver the Corporation Shares to the LLC Members.

 

A. Cancellation of Corporation Shares. Concurrent with the Closing, Moshe Azarzar, shall cancel 1,000,000 shares previously issued as founder shares.

 

B. Note Assumption. At the Closing, the rights and obligations of the Convertible Promissory Notes and exchange rights of notes holders as set forth in Schedule III shall be assumed by the Corporation.

 

Section 1.2             Closing and Actions at Closing. The closing of the Share Exchange (the “Closing”) shall take place remotely via the exchange of documents and signatures at such time and date as the parties hereto shall agree orally or in writing (the “Closing Date”).

 

     

     

    

 

Section 1.3           Share Exchange. After Closing and contingent upon the satisfaction of the terms and conditions set forth in this Agreement, One Hundred (100%) of the LLC Membership Interests shall be delivered to the Corporation in exchange the Corporation shall exchange and deliver the Corporation Shares to the LLC Members allocated as set forth in Schedule II attached hereto.

 

Section 1.4           Restrictions on the Corporation Shares Issued Pursuant to this Agreement. The Corporation Shares to be issued by the Corporation pursuant to this Agreement have not been registered and are being issued pursuant to a specific exemption under the Securities Act, as well as under certain state securities laws for transactions by an issuer not involving any public offering or in reliance on limited federal preemption from such state securities registration laws, based on the suitability and investment representations made by the LLC Members to the Corporation. The Corporation Shares must be held and may not be sold, transferred, or otherwise disposed of for value unless such securities are subsequently registered under the Securities Act or an exemption from such registration is available, and that the certificates representing the Shares of the Corporation Common Stock issued in the Share Exchange will bear a legend in substantially the following form so restricting the sale of such securities:

 

The securities represented by this certificate have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and are “restricted securities” within the meaning of Rule 144 promulgated under the Securities Act. The securities have been acquired for investment and may not be sold or transferred without complying with Rule 144 in the absence of an effective registration or other compliance under the Securities Act.

 

Section 1.5           Share Exchange Procedure. The LLC Members by executing this Agreement shall hereby and are hereby instructing the manager of the LLC to execute all documents and effect all transactions necessary to assure the exchange of the LLC Membership Interests for the Corporation Shares.

 

ARTICLE II

 

REPRESENTATIONS AND WARRANTIES OF THE CORPORATION

 

The Corporation represents, warrants, and agrees that all of the statements in the following subsections of this Article II are true and complete as of the date hereof.

 

Section 2.1 Corporate Organization

 

A.            the Corporation is a corporation duly organized, validly existing and in good standing under the laws of its state of incorporation, and has all requisite corporate power and authority to own its properties and assets and governmental licenses, authorizations, consents and approvals to conduct its business as now conducted and is duly qualified to do business and is in good standing in each jurisdiction in which the nature of its activities makes such qualification and being in good standing necessary, except where the failure to be so qualified and in good standing will not have a Material Adverse Effect on the activities, business, operations, properties, assets, condition or results of operation of the Corporation. “Material Adverse Effect” means, when used with respect to the Corporation, any event, occurrence, fact, condition, change or effect, which, individually or in the aggregate, would reasonably be expected to be materially adverse to the business, operations, properties, assets, condition (financial or otherwise), or operating results of the Corporation, or materially impair the ability of the Corporation to perform its obligations under this Agreement.

 

B.             Copies of the Articles of Incorporation and Bylaws of the Corporation with all amendments thereto, as of the date hereof (the “the Corporation Charter Documents”), have been furnished to the LLC, if so requested, and such copies are accurate and complete as of the date hereof. The minute books of the Corporation are current as required by law, contain the minutes of all meetings of the Corporation Board and its stockholders from its date of incorporation to the date of this Agreement, and adequately reflect all material actions taken by the Corporation Board and its stockholders. the Corporation is not in violation of any of the provisions of the Corporation Charter Documents.

 

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Section 2.2 Capitalization of the Corporation.

 

A.     
  The authorized capital stock of the Corporation consists of: (i) 50,000,000 shares of common stock,
par value $0.0001, of which 1,154,000 shares of common stock are issued and outstanding immediately prior to the Share
Exchange; and (ii) no shares of preferred stock.

 

B.
         Upon issuance all Corporation Shares will be, duly authorized,
validly issued, fully paid and non-assessable, will have been issued in compliance with all applicable U.S. federal and state
securities laws and state corporate laws, and will have been issued free of preemptive rights of any security holder.

 

Section
2.3          Authorization, Validity and Enforceability of
Agreements. The Corporation has all corporate power and authority to execute and deliver this Agreement and all
agreements, instruments and other documents to be executed and delivered in connection with the transactions contemplated by
this Agreement (collectively the “Agreements”) to perform its obligations hereunder and to consummate the
transactions contemplated hereby and thereby. The execution and delivery of this Agreement by the Corporation and the
consummation by the Corporation of the transactions contemplated hereby and thereby, have been duly authorized by all
necessary corporate action of the Corporation, and no other corporate proceedings on the part of the Corporation are
necessary to authorize this Agreement or to consummate the transactions contemplated hereby and thereby. The Agreements
constitute the valid and legally binding obligation of the Corporation and is enforceable in accordance with its terms,
except as such enforcement may be limited by general equitable principles, or by bankruptcy, insolvency and other similar
laws affecting the enforcement of creditors rights generally. the Corporation does not need to give any notice to, make any
filings with, or obtain any authorization, consent or approval of any government or governmental agency or other party in
order for it to consummate the transactions contemplated by any of this Agreement, resulting from the issuance of the
Corporation Shares in connection with the Share Exchange.

 

Section 2.4         No Conflict or Violation. Neither the execution and delivery of the Agreement by the Corporation, nor the consummation by the Corporation of the transactions contemplated thereby will: (i) contravene, conflict with, or violate any provision of the Corporation Charter Documents; (ii) violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge or other restriction of any government, governmental agency, court, administrative panel or other tribunal to which the Corporation is subject; (iii) conflict with, result in a breach of, constitute a default (or an event or condition which, with notice or lapse of time or both, would constitute a default) under, result in the acceleration of, create in any party the right to accelerate, terminate, modify or cancel, or require any notice under any agreement, contract, lease, license, instrument or other arrangement to which the Corporation is a party or by which it is bound, or to which any of its assets or properties are subject; or (iv) result in or require the creation or imposition of any encumbrance of any nature upon or with respect to any of the Corporation’ assets, including without limitation, the Corporation Shares.

 

Section 2.5          Litigation. There is no action, suit, proceeding or investigation (“Action”) pending or, to the knowledge of the Corporation, currently threatened against the Corporation or any of its affiliates, that may affect the validity of this Agreement or the right of the Corporation to enter into this Agreement or to consummate the transactions contemplated hereby or thereby. There is no Action pending or, to the knowledge of the Corporation, currently threatened against the Corporation or any of its affiliates, before any court or by or before any governmental body or any arbitration board or tribunal, nor is there any judgment, decree, injunction or order of any court, governmental department, commission, agency, instrumentality or arbitrator against or relating to the Corporation or any of its affiliates. Neither the Corporation nor any of its affiliates is a party or subject to the provisions of any order, writ, injunction, judgment or decree of any court or government agency or instrumentality. There is no Action by the Corporation or any of its affiliates currently pending or which the Corporation or any of its affiliates intends to initiate.

 

Section
2.6          Compliance with Laws. the Corporation has been and is in
compliance with, and has not received any notice of any violation of any, applicable law, order, ordinance, regulation or
rule of any kind whatsoever, including without limitation the Securities Act, the Exchange Act, the applicable rules and
regulations of the SEC or the applicable securities laws and rules and regulations of any state.

 

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Section 2.7          Books, Financial Records, and Internal Controls. All the accounts, books, registers, ledgers, the Corporation Board minutes and financial and other records of whatsoever kind of the Corporation have been fully, properly and accurately kept and completed; there are no material inaccuracies or discrepancies of any kind contained or reflected therein.

 

Section 2.8           Absence of Undisclosed Liabilities. Except as specifically disclosed herein there has been no event, occurrence or development that has resulted in or could result in a Material Adverse Effect.

 

Section 2.9          No Undisclosed Events or Circumstances. No event or circumstance has occurred or exists with respect to the Corporation or its respective businesses, properties, prospects, operations or financial condition, which, under applicable law, rule or regulation, requires public disclosure or announcement by the Corporation but which has not been so publicly announced or disclosed. the Corporation has not provided to the LLC, or the LLC Members, any material non-public information or other information which, according to applicable law, rule or regulation, was required to have been disclosed publicly by the Corporation but which has not been so disclosed, other than with respect to the transactions contemplated by this Agreement and/or the Share Exchange.

 

Section
2.10        Disclosure. This Agreement and any certificate attached
hereto or delivered in accordance with the terms hereof by or on behalf of the Corporation in connection with the
transactions contemplated by this Agreement, when taken together, do not contain any untrue statement of a material fact or
omit to state any material fact necessary in order to make the statements contained herein and/or therein not misleading.

 

ARTICLE III

 

REPRESENTATIONS AND WARRANTIES OF EZ RAIDER THE LLC 

 

The LLC represents, warrants, and agrees that all of the statements in the following subsections of this Article III, pertaining to the LLC, are true and complete as of the date hereof.

 

Section 3.1           Company Organization

 

A.           the LLC is a limited liability company duly organized, validly existing and in good standing under the laws of its state of formation, and has all requisite corporate power and authority to own its properties and assets and governmental licenses, authorizations, consents and approvals to conduct its business as now conducted and is duly qualified to do business and is in good standing in each jurisdiction in which the nature of its activities makes such qualification and being in good standing necessary, except where the failure to be so qualified and in good standing will not have a Material Adverse Effect on the activities, business, operations, properties, assets, condition or results of operation of the LLC. “Material Adverse Effect” means, when used with respect to the LLC, any event, occurrence, fact, condition, change or effect, which, individually or in the aggregate, would reasonably be expected to be materially adverse to the business, operations, properties, assets, condition (financial or otherwise), or operating results of the LLC, or materially impair the ability of the LLC to perform its obligations under this Agreement, excluding any change, effect or circumstance resulting from (i) the announcement, pendency or consummation of the transactions contemplated by this Agreement; or (ii) changes in the U.S. securities markets generally.

 

B.            Copies of the formation documents and related Operating Agreement of the LLC as of the date hereof (the “LLC Charter Documents”), have been furnished to the Corporation, if so requested, and such copies are accurate and complete as of the date hereof.

 

Section 3.2          Capitalization of the LLC. All of the issued and outstanding membership interests of the LLC immediately prior to this Share Exchange are duly authorized, validly issued, fully paid and non-assessable, will have been issued in compliance with all applicable federal and state securities laws, and will have been issued free of preemptive rights of any security holder. The issuance of all of the Membership Interests has been in compliance with U.S. federal and state securities laws and state corporate laws and no member of the LLC has any right to rescind or bring any other claim against the LLC for failure to comply with the Securities Act, or state securities laws.

 

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Section 3.3           Member of the LLC. Schedule I contains a true and complete list of the holders of all issued and outstanding Membership Interests held as of the date of this Agreement.

 

Section 3.4           Convertible Debt Offering. The LLC has entered into several Convertible Promissory Notes with certain parties as set forth in Schedule III, attached hereto and incorporated herein by reference, under which the LLC is obligated to pay the investors the principal sum of approximately $622,000 subject to terms and conditions of the respective notes. At the Closing, the rights and obligations of the Convertible Promissory Notes and exchange rights shall be assumed by the Corporation.

 

Section 3.5          Financial Statements. The LLC has kept all books and records since inception and such financial statements have been prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) consistently applied throughout the periods involved. The balance sheets are true and accurate and present fairly as of their respective dates the financial condition of the LLC. As of the date of such balance sheets, except as and to the extent reflected or reserved against therein, including but not limited to any previous tax liability the LLC had no liabilities or obligations (absolute or contingent) which should be reflected in the balance sheets or the notes thereto prepared in accordance with GAAP, and all assets reflected therein are properly reported and present fairly the value of the assets of the LLC, in accordance with GAAP. The statements of operations, stockholders’ equity and cash flows reflect fairly the information required to be set forth therein by GAAP.

 

The books and records, financial and otherwise, of the LLC are, in all material aspects, complete and correct and have been maintained in accordance with good business and accounting practices.

 

All of the LLC’s assets are reflected on its financial statements, and the LLC has no material liabilities, direct or indirect, matured or unmatured, contingent or otherwise which is not reflected on its financial statements.

 

Section
3.6           Information. The information concerning the LLC
set forth in this Agreement is complete and accurate in all material respects and does not contain any untrue statement of a
material fact or omit to state a material fact required to make the statements made, in light of the circumstances under
which they were made, not misleading.

 

Section
3.7          Personal Property. Each of the LLC and its
subsidiaries possesses, if any, and has good and marketable title of all property necessary for the continued operation of
the business of the LLC and its subsidiaries as presently conducted and as represented to the Corporation. All such property
is used in the business of the LLC and its subsidiaries. All such property is in reasonably good operating condition (normal
wear and tear excepted) and is reasonably fit for the purposes for which such property is presently used.

 

Section 3.8          Intellectual Property. The LLC represents and warrants that all trademarks and trademark applications, and all patents and patent applications, and any trade secrets, and “know-how” held relating to business of the LLC, and all other intangible assets, in the LLC’s possession or that may be reasonably acquired by the LLC any other proprietary information and trade secrets relating to the business of the LLC (collectively the “Intellectual Property”) shall remain the intellectual property of the LLC as of the date of Closing of this Agreement and that the LLC shall take any steps reasonable to assign or otherwise transfer any Intellectual Property right to the Corporation, as necessary to protect the Corporation’s rights to the same. Further, the LLC owns, free and clear of any encumbrance, or has the valid right to sell all Intellectual Property used by in its business, as currently conducted. the LLC represents that it has not received any written complaint, claim or notice alleging any such infringement, violation, or misappropriation. Additionally, the LLC has taken reasonable precautions (i) to protect its rights in its Intellectual Property and (ii) to maintain the confidentiality of its trade secrets, know-how and other confidential Intellectual Property, related to the business and to the LLC’s knowledge, there have been no acts or omissions by the managers, members, employees and agents of the LLC, the result of which would be to materially compromise the rights of the LLC to apply for or enforce appropriate legal protection of the LLC’s Intellectual Property.

 

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Section 3.9          Subsidiaries. the LLC does not have any subsidiaries or agreements of any nature to acquire any subsidiary or to acquire or lease any other business operations. Each subsidiary of the LLC is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation and has the requisite corporate power and authority to own, lease and to carry on its business as now being conducted. Each subsidiary of the LLC is duly qualified to do business and is in good standing as a corporation in each of the jurisdictions in which the LLC owns property, leases property, does business, or is otherwise required to do so, where the failure to be so qualified would have a material adverse effect on the business of the LLC and its subsidiaries taken as a whole. the LLC owns all of the shares of each subsidiary of the LLC and there are no outstanding options, warrants, subscriptions, conversion rights, or other rights, agreements, or commitments obligating any subsidiary of the LLC to issue any additional common shares of such subsidiary, or any other securities convertible into, exchangeable for, or evidencing the right to subscribe for or acquire from any subsidiary of the LLC any shares of such subsidiary.

 

Section 3.10        Absence of Certain Changes or Events. As of the date of this Agreement, (a) there has not been any material adverse change in the business, operations, properties, assets, or condition (financial or otherwise) of the LLC; and (b) the LLC has not: (i) declared or made, or agreed to declare or make, any payment of dividends or distributions of any assets of any kind whatsoever to stockholders or purchased or redeemed, or agreed to purchase or redeem, any of its shares; (ii) made any material change in its method of management, operation or accounting; (iii) entered into any other material transaction other than in the ordinary course of its business; or (iv) made any increase in or adoption of any profit sharing, bonus, deferred compensation, insurance, pension, retirement, or other employee benefit plan, payment, or arrangement made to, for, or with its officers, directors, or employees.

 

Section 3.11         Litigation and Proceedings. There are no actions, suits, proceedings, or investigations pending or, to the knowledge of the LLC after reasonable investigation, threatened by or against the LLC or affecting the LLC or its properties, at law or in equity, before any court or other governmental agency or instrumentality, domestic or foreign, or before any arbitrator of any kind. the LLC does not have any knowledge of any material default on its part with respect to any judgment, order, injunction, decree, award, rule, or regulation of any court, arbitrator, or governmental agency or instrumentality.

 

Section 3.12         Compliance with Laws and Regulations. To the best of its knowledge, the LLC has complied with all applicable statutes and regulations, except to the extent that noncompliance would not materially and adversely affect the business, operations, properties, assets, or condition of the LLC or except to the extent that noncompliance would not result in the occurrence of any material liability for the LLC. This compliance includes, but is not limited to, the filing of all reports to date with relevant authorities.

 

Section 3.13        Approval of Agreement. The manager of the LLC has authorized the execution and delivery of this Agreement by the LLC and has approved this Agreement and the transactions contemplated hereby.

 

Section 3.14        Valid Obligation. This Agreement and all agreements and other documents executed by the LLC in connection herewith constitute the valid and binding obligation of the LLC, enforceable in accordance with its or their terms, except as may be limited by bankruptcy, insolvency, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and subject to the qualification that the availability of equitable remedies is subject to the discretion of the court before which any proceeding therefore may be brought.

 

ARTICLE IV

 

REPRESENTATIONS AND WARRANTIES OF THE LLC MEMBERS

 

The LLC Members hereby severally and not jointly represents and warrant to the Corporation:

 

Section 4.1          Authority. The LLC Members have the right, power, authority and capacity to execute and deliver this Agreement to which such the LLC Members is a party, to consummate the transactions contemplated by this Agreement, and to perform such the LLC Members’ obligations under this Agreement. This Agreement has been duly and validly authorized and approved, executed, and delivered by the LLC Members. Assuming this Agreement has been duly and validly authorized, executed and delivered by the parties thereto other than such the LLC Members, this Agreement is duly authorized, executed and delivered by the LLC Members and constitutes the legal, valid and binding obligations of the LLC Members, enforceable against the LLC Members in accordance with their respective terms, except as such enforcement is limited by general equitable principles, or by bankruptcy, insolvency and other similar laws affecting the enforcement of creditors rights generally.

 

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Section 4.2          No Conflict. Neither the execution or delivery by the LLC Members of this Agreement is a party nor the consummation or performance by the LLC Members of the transactions contemplated hereby or thereby will, directly or indirectly, (a) contravene, conflict with, or result in a violation of any provision of the organizational documents of the LLC Members; (b) contravene, conflict with, constitute a default (or an event or condition which, with notice or lapse of time or both, would constitute a default) under, or result in the termination or acceleration of, any agreement or instrument to which any of the LLC Members are a party or by which the properties or assets of the LLC Members are bound; or (c) contravene, conflict with, or result in a violation of, any law or order to which any of the LLC Members, or any of the properties or assets of the LLC Members, may be subject.

 

Section 4.3           Litigation. There is no pending litigation or threatened litigation against the LLC Members (“Action”) that involves the LLC Membership Interests or that challenges, or may have the effect of preventing, delaying or making illegal, or otherwise interfering with, any of the transactions contemplated by this Agreement or the business of the LLC and, to the knowledge of the LLC Members, no such Action has been threatened, and no event or circumstance exists that is reasonably likely to give rise to or serve as a basis for the commencement of any such Action.

 

Section 4.4           Ownership of Shares. The LLC Members are the record and beneficial owners of the LLC Membership Interests. The LLC Members shall transfer at the Closing, good and marketable title to the LLC Membership Interests, free and clear of all liens, claims, charges, encumbrances, pledges, mortgages, security interests, options, rights to acquire, proxies, voting trusts or similar agreements, restrictions on transfer or adverse claims of any nature whatsoever, excepting only restrictions on future transfers imposed by applicable law.

 

Section 4.5            Pre-emptive Rights. The LLC Members have no pre-emptive rights or any other rights to acquire any interest of the LLC that have not been waived or exercised.

 

ARTICLE V

 

CONDITIONS TO OBLIGATIONS OF the LLC AND THE LLC MEMBERS

 

The obligations of the LLC to consummate the transactions contemplated by this Agreement are subject to the fulfillment, at or before the Closing Date, of the following conditions, any one or more of which may be waived by the LLC or the LLC Members, as the case may be, in their sole discretion:

 

Section 5.1           Representations and Warranties of the Corporation. All representations and warranties made by the Corporation in this Agreement shall be true and correct in all material respects on and as of the Closing Date.

 

Section 5.2           Agreements and Covenants. The Corporation shall have performed and complied in all material respects with all agreements and covenants required by this Agreement to be performed or complied with on or prior to the Closing Date.

 

Section 5.3           Consents and Approvals. All consents, waivers, authorizations and approvals of any governmental or regulatory authority, domestic or foreign, and of any other person, firm or corporation, required in connection with the execution, delivery and performance of this Agreement shall be in full force and effect on the Closing Date.

 

Section 5.4           No Violation of Orders. No preliminary or permanent injunction or other order issued by any court or governmental or regulatory authority, domestic or foreign, nor any statute, rule, regulation, decree or executive order promulgated or enacted by any government or governmental or regulatory authority, which declares this Agreement invalid in any respect or prevents the consummation of the transactions contemplated hereby, or which materially and adversely affects the assets, properties, operations, prospects, net income or financial condition of the Corporation shall be in effect; and no action or proceeding before any court or governmental or regulatory authority, domestic or foreign, shall have been instituted or threatened by any government or governmental or regulatory authority, domestic or foreign, or by any other person or entity, which seeks to prevent or delay the consummation of the transactions contemplated by this Agreement or which challenges the validity or enforceability of this Agreement.

 

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Section 5.5          Documents. the Corporation must have caused the following documents to be delivered to the LLC:

 

A.           share certificates evidencing the Corporation Shares in the name of the LLC Members;

 

B.            this Agreement duly executed; and,

 

C.       
   such other documents as the LLC or the LLC Members may reasonably request for the purpose of (i) evidencing
the accuracy of any of the representations and warranties of the Corporation, (ii) evidencing the performance of, or
compliance by the Corporation with any covenant or obligation required to be performed or complied with by the Corporation,
(iii) evidencing the satisfaction of any condition referred to in this Article V, or (iv) otherwise facilitating the
consummation or performance of any of the transactions contemplated by this Agreement.

 

Section 5.6          No Material Adverse Effect. There shall not have been any event, occurrence or development that has resulted in or could result in a Material Adverse Effect on or with respect to the Corporation.

 

Section 5.7           Employment Agreements. The Corporation is not a party to any employment agreements.

 

ARTICLE VI

 

CONDITIONS TO OBLIGATIONS OF THE CORPORATION

 

The obligations of the Corporation to consummate the transactions contemplated by this Agreement are subject to the fulfillment, at or before the Closing Date, of the following conditions, any one or more of which may be waived by the Corporation in its sole discretion:

 

Section 6.1           Representations and Warranties of the LLC and the LLC Members. All representations and warranties made by the LLC and the LLC Members on behalf of themselves individually in this Agreement shall be true and correct on and as of the Closing Date.

 

Section 6.2          Approval by Majority Consent. The holders of at least a majority (51%) of the outstanding membership interest of the LLC must approve this Agreement by written consent prior to the Closing Date. 

 

Section 6.3        Agreements and Covenants. The LLC and the LLC Members shall have performed and complied in all material respects with all agreements and covenants required by this Agreement to be performed or complied with by each of them on or prior to the Closing Date.

 

Section 6.4    
     Consents and Approvals. All consents, waivers, authorizations and approvals of any
governmental or regulatory authority, domestic or foreign, and of any other person, firm or corporation, required in
connection with the execution, delivery and performance of this Agreement, shall have been duly obtained and shall be in full
force and effect on the Closing Date.

 

Section 6.5
          No Violation of Orders. No preliminary or permanent
injunction or other order issued by any court or other governmental or regulatory authority, domestic or foreign, nor any
statute, rule, regulation, decree or executive order promulgated or enacted by any government or governmental or regulatory
authority, domestic or foreign, that declares this Agreement invalid or unenforceable in any respect or which prevents the
consummation of the transactions contemplated hereby, or which materially and adversely affects the assets, properties,
operations, prospects, net income or financial condition of the LLC shall be in effect; and no action or proceeding before
any court or government or regulatory authority, domestic or foreign, shall have been instituted or threatened by any
government or governmental or regulatory authority, domestic or foreign, or by any other person or entity, which seeks to
prevent or delay the consummation of the transactions contemplated by this Agreement or which challenges the validity or
enforceability of this Agreement.

 

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Section 6.6           Documents. the LLC and the LLC Members must deliver to the Corporation at the Closing:

 

A.          share certificates evidencing the number of the LLC Membership Interests, along with executed share transfer forms transferring such the LLC Membership Interests to the Corporation;

 

B.          this Agreement to which the LLC and the LLC Members are each a party, duly executed; and,

 

C.         such other documents as the Corporation may reasonably request for the purpose of (i) evidencing the accuracy of any of the representations and warranties of the LLC and the LLC Members, (ii) evidencing the performance of, or compliance by the LLC and the LLC Members with, any covenant or obligation required to be performed or complied with by the LLC and the LLC Members, as the case may be, (iii) evidencing the satisfaction of any condition referred to in this Article VI, or (iv) otherwise facilitating the consummation or performance of any of the transactions contemplated by this Agreement.

 

Section 6.7           No Claim Regarding Stock Ownership or Consideration. There must not have been made or threatened by any person, any claim asserting that such person (a) is the holder of, or has the right to acquire or to obtain beneficial ownership of the LLC Membership Interest, or any other stock, voting, equity, or ownership interest in, the LLC, or (b) is entitled to all or any portion of the Corporation Shares.

 

ARTICLE VII

 

SURVIVAL AND INDEMNIFICATION

 

Section 7.1           Survival of Provisions. The respective representations, warranties, covenants and agreements of each of the parties to this Agreement (except covenants and agreements which are expressly required to be performed and are performed in full on or before the Closing Date) shall expire on the first day of the three-year anniversary of the Closing Date (the “Survival Period”). The right to indemnification, payment of damages or other remedy based on such representations, warranties, covenants, and obligations will not be affected by any investigation conducted with respect to, or any knowledge acquired (or capable of being acquired) at any time, whether before or after the execution and delivery of this Agreement, with respect to the accuracy or inaccuracy of or compliance with, any such representation, warranty, covenant, or obligation. The waiver of any condition based on the accuracy of any representation or warranty, or on the performance of or compliance with any covenant or obligation, will not affect the right to indemnification, payment of damages, or other remedy based on such representations, warranties, covenants, and obligations.

 

Section 7.2 Indemnification.

 

A.            Indemnification Obligations in favor of the Corporation. From and after the Closing Date until the expiration of the Survival Period, the LLC shall reimburse and hold harmless the Corporation and its shareholders (such person and their heirs, executors, administrators, agents, successors and assigns is referred to herein as a (“the Corporation Indemnified Party”) against and in respect of any and all damages, losses, settlement payments, in respect of deficiencies, liabilities, costs, expenses and claims suffered, sustained, incurred or required to be paid by such the Corporation Indemnified Party, and any and all actions, suits, claims, or legal, administrative, arbitration, governmental or other procedures or investigation against any the Corporation Indemnified Party, which arises or results from a third-party claim brought against a the Corporation Indemnified Party to the extent based on a breach of the representations and warranties with respect to the business, operations or assets of the LLC. All claims of the Corporation pursuant to this Section 7.2 shall be brought by the Corporation on behalf of the Corporation and those Persons who were stockholders of the Corporation immediately prior to the Closing Date. In no event shall any such indemnification payments exceed $50,000 in the aggregate from the LLC. No claim for indemnification may be brought under this Section 7.2(A) unless all claims for indemnification, in the aggregate, total more than $10,000.

 

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B.            Indemnification Obligations in favor of the LLC and the LLC Members. From and after the Closing Date until the expiration of the Survival Period, the Corporation and the Corporation shareholders shall indemnify and hold harmless the LLC, the LLC Members, and his respective officers, directors, agents, attorneys and employees, and each person, if any, who controls or may “control” (within the meaning of the Securities Act) any of the forgoing persons or entities (each a “the LLC Indemnified Person”) from and against any and all losses, costs, damages, liabilities and expenses arising from claims, demands, actions, causes of action, including, without limitation, legal fees (collectively, “Damages”) arising out of: (i) any breach of representation or warranty made by the Corporation in this Agreement and in any certificate delivered by the Corporation pursuant to this Agreement; (ii) any breach by the Corporation of any covenant, obligation or other agreement made by the Corporation in this Agreement; and (iii) a third-party claim based on any acts or omissions by the Corporation. In no event shall any such indemnification payments exceed $50,000 in the aggregate from the Corporation. No claim for indemnification may be brought under this Section 7.2(B) unless all claims for indemnification, in the aggregate, total more than $10,000.

 

ARTICLE VIII

 

MISCELLANEOUS PROVISIONS

 

Section 8.1         Successors and Assigns. This Agreement shall inure to the benefit of, and be binding upon, the parties hereto and their respective successors and assigns; provided that no party shall assign or delegate any of the obligations created under this Agreement without the prior written consent of the other parties.

 

Section 8.2          Fees and Expenses. Except as otherwise expressly provided in this Agreement, all legal and other fees, costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by each Party, as incurred respectively.

 

Section 8.3          Notices. All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed to have been given or made if in writing and delivered personally or 7 days after being sent by registered or certified mail (postage prepaid, return receipt requested) to the parties at the addresses set forth in the Preamble of this Agreement, or to such other persons or at such other addresses as shall be furnished by any party by like notice to the others, and such notice or communication shall be deemed to have been given or made as of the date so delivered or mailed. No change in any of such addresses shall be effective insofar as notices under this Section 8.3 are concerned unless notice of such change shall have been given to such other party hereto as provided in this Section 8.3.

 

Section 8.4
        Entire Agreement. This Agreement, together with the
exhibits hereto, represents the entire agreement and understanding of the parties with reference to the transactions set
forth herein and no representations or warranties have been made in connection with this Agreement other than those expressly
set forth herein or in the exhibits, certificates and other documents delivered in accordance herewith. This Agreement
supersedes all prior negotiations, discussions, correspondence, communications, understandings, and agreements between the
parties relating to the subject matter of this Agreement and all prior drafts of this Agreement, all of which are merged into
this Agreement. No prior drafts of this Agreement and no words or phrases from any such prior drafts shall be admissible into
evidence in any action or suit involving this Agreement.

 

Section 8.5         Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible so as to be valid and enforceable.

 

Section 8.6
         Titles and Headings. The Article and Section headings
contained in this Agreement are solely for convenience of reference and shall not affect the meaning or interpretation of
this Agreement or of any term or provision hereof.

 

     10

     

    

 

Section 8.7          Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall be considered one and the same agreement. Fax and PDF copies shall be considered originals for all purposes.

 

Section 8.8          Convenience of Forum; Consent to Jurisdiction. The parties to this Agreement, acting for themselves and for their respective successors and assigns, without regard to domicile, citizenship or residence, hereby expressly and irrevocably elect as the sole judicial forum for the adjudication of any matters arising under or in connection with this Agreement, and consent and subject themselves to the jurisdiction of, the courts of the State of Nevada, and/or the U.S. District Court for Nevada, in respect of any matter arising under this Agreement. Service of process, notices and demands of such courts may be made upon any party to this Agreement by personal service at any place where it may be found or giving notice to such party as provided in Section 8.3.

 

Section 8.9         Enforcement of the Agreement. The parties hereto agree that irreparable damage would occur if any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereto, this being in addition to any other remedy to which they are entitled at law or in equity.

 

Section 8.10         Governing Law. This Agreement shall be governed by and interpreted and enforced in accordance with the laws of the State of Nevada without giving effect to the choice of law provisions thereof.

 

Section 8.11        Amendments and Waivers. Except as otherwise provided herein, no amendment of any provision of this Agreement shall be valid unless the same shall be in writing and signed by all of the parties hereto. No waiver by any party of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of any such prior or subsequent occurrence.

 

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

 

	
EZRaider Global, INC. 

	
 

	
 

	
 

	
 

	
Per:

	
/s/ Moshe Azarzar

	
 

	
 

	
Name: Moshe Azarzar

	
 

	
 

	
Title: President, Chief Executive Officer

	
 

	
 

	
 

	
 

	
EZ RAIDER, LLC

	
 

	
 

	
 

	
 

	
Per:

	
/s/ Moshe Azarzar

	
 

	
 

	
Name: Moshe Azarzar

	
 

	
 

	
Title: Manager

	
 

	
 

	
 

	
 

	
THE LLC MEMBERS 

	
 

	
 

	
 

	
 

	
 

	
/s/ Moshe Azarzar

	
 

	
 

	
Name: Moshe Azarzar

	
 

	
 

	
Title: 90% Member and Manager

	
 

	
 

	
 

	
 

	
 

	
/s/ Konrad Koss

	
 

	
 

	
Name: Konrad Koss

	
 

	
 

	
Title: 5% Member

	
 

 

     11

     

    

 

	
 

	
/s/ Ezra Eickmeyer

	
 

	
 

	
Ezra Eickmeyer

	
 

	
 

	
Title: 5% Member

	
 

 

     12

     

    

 

SCHEDULE I

MEMBERSHIP INTEREST

 

	
MOSHE ARZARZAR

	
90%

	
 

	
 

	
KONRAD KOSS

	
5%

	
 

	
 

	
EZRA EICKMEYER

	
5%

 

     13

     

    

 

SCHEDULE II

ALLOCATION OF SHARES

 

	
MOSHE ARZARZAR

	
9,000,000

	
 

	
 

	
KONRAD KOSS

	
500,000

	
 

	
 

	
EZRA EICKMEYER

	
500,000

 

     14

     

    

 

SCHEDULE III

LIST OF EZ RAIDER LLC NOTE HOLDERS

 

	
 

	
Date of Note

	
Amount of Note

	
Konrad

	
3/12/2020

	
$212,000

	
Anthony Paul

	
1/25/ 2021

	
$100,000

	
Yoav Tilan

	
1/18/2021

	
$60,000

	
Eric Thorson

	
6 /1/2021

	
$250,000

	
 

	
 

	
 

 

     15Document

Exhibit 10.1

			
	

FOURTH AMENDMENT
TO
CREDIT AGREEMENT
Dated as of September 17, 2021
Among
EARTHSTONE ENERGY HOLDINGS, LLC,
as Borrower,

EARTHSTONE ENERGY, INC.,
as Parent,

WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Administrative Agent and Issuing Bank, 
ROYAL BANK OF CANADA,
as Syndication Agent,

TRUIST BANK,
as Documentation Agent,

and

The Lenders Party Thereto
________________________________

WELLS FARGO SECURITIES, LLC
RBC CAPITAL MARKETS
Joint Lead Arrangers and Joint Bookrunners

________________________________
			
	

			
	

FOURTH AMENDMENT TO CREDIT AGREEMENT
THIS FOURTH AMENDMENT TO CREDIT AGREEMENT (this “Fourth Amendment”) dated as of September 17, 2021, is among Earthstone Energy Holdings, LLC, a Delaware limited liability company (the “Borrower”); Earthstone Energy, Inc., a Delaware corporation (the “Parent”); each of the undersigned guarantors (the “Guarantors”, and together with the Borrower and the Parent, the “Obligors”); each of the Lenders party hereto; and Wells Fargo Bank, National Association (in its individual capacity, “Wells Fargo”), as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”).
R E C I T A L S
A.    The Borrower, the Parent, the Administrative Agent and the Lenders are parties to that certain Credit Agreement dated as of November 21, 2019 (as amended, restated, amended and restated, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”), pursuant to which the Lenders have made certain credit available to and on behalf of the Borrower.
B.    The Borrower and the Guarantors are parties to that certain Guarantee and Collateral Agreement, dated as of November 21, 2019 (as amended, restated, amended and restated, supplemented or otherwise modified), made by each of the Loan Parties party thereto in favor of the Administrative Agent.

C.    The Parent is party to that certain Parent Guarantee, dated as of November 21, 2019 (as amended, restated, amended and restated, supplemented or otherwise modified), in favor of the Administrative Agent.
D.    The Borrower has requested and the Administrative Agent and the Lenders party hereto have agreed to amend the Credit Agreement, subject to the terms and conditions of this Fourth Amendment.
E.    NOW, THEREFORE, to induce the Administrative Agent and the Lenders to enter into this Fourth Amendment and in consideration of the promises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Section 1.    Defined Terms.  Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement, as amended by this Fourth Amendment (unless otherwise indicated).  Unless otherwise indicated, all section references in this Fourth Amendment refer to sections of the Credit Agreement.
Section 2.    Amendments to Credit Agreement.
2.1    Amendments to Section 1.02 – Certain Defined Terms.  
    1    
			
	

(a)    The following definitions are hereby amended and restated in their entirety to read as follows:
“Aggregate Elected Borrowing Base Commitments” means (a) on the Fourth Amendment Effective Date, $650,000,000 and (b) at any time thereafter, an amount determined in accordance with Section 2.07(g).
“Agreement” means this Credit Agreement, including any schedules and exhibits hereto, as amended by the First Amendment, the Second Amendment, the Third Amendment and the Fourth Amendment, and as the same may from time to time be amended, modified, supplemented or restated.
“Benchmark Replacement” means, for any Available Tenor, 
(a)    with respect to any Benchmark Transition Event or Early Opt-in Election, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date:  
(1)    the sum of: (A) Term SOFR and (B) the related Benchmark Replacement Adjustment;
(2)    the sum of: (A) Daily Simple SOFR and (B) the related Benchmark Replacement Adjustment; 
(3)    the sum of: (A) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for Dollar-denominated syndicated credit facilities at such time and (B) the related Benchmark Replacement Adjustment; or
(b)    with respect to any Term SOFR Transition Event, the sum of (i) Term SOFR and (ii) the related Benchmark Replacement Adjustment;
provided that, (i) in the case of clause (a)(1), if the Administrative Agent decides that Term SOFR is not administratively feasible for the Administrative Agent, then Term SOFR will be deemed unable to be determined for purposes of this definition and (ii) in the case of clause (a)(1) or clause (b) of this definition, the applicable Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion. If the Benchmark Replacement as determined pursuant to clause (a)(1), (a)(2) or (a)(3) or clause (b) of this definition would be less than the Floor, the Benchmark Replacement will 
    2    
			
	

be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.
“Benchmark Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement: 
(1)    for purposes of clauses (a)(1) and (b) of the definition of “Benchmark Replacement,” an amount equal to (A) 0.11448% (11.448 basis points) for an Available Tenor of one-month’s duration, (B) 0.26161% (26.161 basis points) for an Available Tenor of three-months’ duration and (C) 0.42826% (42.826 basis points) for an Available Tenor of six-months’ duration;
(2)    for purposes of clause (a)(2) of the definition of “Benchmark Replacement,” an amount equal to 0.26161% (26.161 basis points); and
(3)    for purposes of clause (a)(3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Available Tenor of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Available Tenor of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities.
“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Alternate Base Rate,” the definition of “Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is 
    3    
			
	

reasonably necessary in connection with the administration of this Agreement and the other Loan Documents). 
“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:
(a)    in the case of clause (a) or (b) of the definition of “Benchmark Transition Event,” the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof);
(b)    in the case of clause (c) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein;
(c)    in the case of a Term SOFR Transition Event, the date that is thirty (30) days after the Administrative Agent has provided the Term SOFR Notice to the Lenders and the Borrower pursuant to Section 3.03(b)(i)(B); or
(d)    in the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Majority Lenders.
For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).
“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:
(a)    a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or 
    4    
			
	

publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);
(b)    a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Board, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or
(c)    a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer representative.
For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).
“Benchmark Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (a) or (b) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 3.03(b) and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 3.03(b).
“Early Opt-in Election” means, if the then-current Benchmark is USD LIBOR, the occurrence of: 
(a)    a notification by the Administrative Agent to (or the request by the Borrower to the Administrative Agent to notify) each of the other parties hereto that at least five currently outstanding Dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon 
    5    
			
	

SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and
(b)    the joint election by the Administrative Agent and the Borrower to trigger a fallback from USD LIBOR and the provision by the Administrative Agent of written notice of such election to the Lenders.
“Relevant Governmental Body” means the Board or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board or the Federal Reserve Bank of New York or any successor thereto.
“SOFR” means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.
“Term SOFR” means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.
“Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.
(b)    The following definitions are hereby added where alphabetically appropriate to read as follows:
“Announcements” has the meaning assigned to such term in Section 1.08.
“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (a) if the then-current Benchmark is a term rate, any tenor for such Benchmark or (b) otherwise, any payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining the length of an Interest Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to Section 3.03(b)(iv).
“Benchmark” means, initially, USD LIBOR; provided that if a Benchmark Transition Event, a Term SOFR Transition Event, or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to USD LIBOR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 3.03(b)(i).
    6    
			
	

“Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.
“Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for syndicated business loans; provided, that if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion.
“Electronic Record” has the meaning assigned to that term in, and shall be interpreted in accordance with, 15 U.S.C. 7006.
“Electronic Signature” has the meaning assigned to that term in, and shall be interpreted in accordance with, 15 U.S.C. 7006.
“FCA” has the meaning assigned to such term in Section 1.08.
“Floor” means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to USD LIBOR.
“Fourth Amendment” means that certain Fourth Amendment to Credit Agreement, dated as of September 17, 2021, among the Borrower, the Parent, the Guarantors, the Administrative Agent and the Lenders party thereto.
“Fourth Amendment Effective Date” has the meaning assigned to such term in the Fourth Amendment.   
“IBA” has the meaning assigned to such term in Section 1.08.
“Reference Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is USD LIBOR, 11:00 a.m. (London time) on the day that is two (2) London Banking Days preceding the date of such setting, and (2) if such Benchmark is not USD LIBOR, the time determined by the Administrative Agent in its reasonable discretion.
“Secured Parties” means, collectively, the Agents, the Lenders, the Issuing Banks, the Arrangers, the Secured Cash Management Providers, and Secured Swap Parties, and “Secured Party” means any of them individually.
    7    
			
	

“SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).
“SOFR Administrator’s Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.
“Term SOFR Notice” means a notification by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term SOFR Transition Event.
“Term SOFR Transition Event” means the determination by the Administrative Agent that (a) Term SOFR has been recommended for use by the Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for the Administrative Agent and (c) a Benchmark Transition Event or an Early Opt-in Election, as applicable, has previously occurred resulting in the replacement of the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 3.03(b) with a Benchmark Replacement the Unadjusted Benchmark Replacement component of which is not Term SOFR.
“USD LIBOR” means the London interbank offered rate for Dollars.
(c)    The definition of “Interest Period” is hereby amended by replacing the phrase “one, two, three or six months” contained therein with the phrase “one, three or six months”.
(d)    The following definition is hereby deleted in its entirety: “Benchmark Transition Start Date”.
2.2    Amendment to Section 1.08.  Section 1.08 is hereby amended and restated in its entirety to read as follows:
Section 1.08    Rates.  The interest rate on Eurodollar Loans and ABR Loans (when determined by reference to clause (c) of the definition of Alternate Base Rate) may be determined by reference to the LIBO Rate, which is derived from the London interbank offered rate.  The London interbank offered rate is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market.  On March 5, 2021, ICE Benchmark Administration (“IBA”), the administrator of the London interbank offered rate, and the Financial Conduct Authority (the “FCA”), the regulatory supervisor of IBA, announced in public statements (the “Announcements”) that the final publication or representativeness date for the London interbank offered rate for Dollars for: (a) 1-week and 2-month tenor settings will be December 31, 2021 and (b) overnight, 1-month, 3-month, 6-month and 12-month tenor settings will be June 30, 2023. No successor 
    8    
			
	

administrator for IBA was identified in such Announcements.  As a result, it is possible that commencing immediately after such dates, the London interbank offered rate for such tenors may no longer be available or may no longer be deemed a representative reference rate upon which to determine the interest rate on Eurodollar Loans or ABR Loans (when determined by reference to clause (c) of the definition of Alternate Base Rate). There is no assurance that the dates set forth in the Announcements will not change or that IBA or the FCA will not take further action that could impact the availability, composition or characteristics of any London interbank offered rate. Public and private sector industry initiatives have been and continue, as of the date hereof, to be underway to implement new or alternative reference rates to be used in place of the London interbank offered rate.  In the event that the London interbank offered rate or any other then-current Benchmark is no longer available or in certain other circumstances set forth in Section 3.03(b), such Section 3.03(b) provides a mechanism for determining an alternative rate of interest. The Administrative Agent will notify the Borrower, pursuant to Section 3.03(b), of any change to the reference rate upon which the interest rate on Eurodollar Loans and ABR Loans (when determined by reference to clause (c) of the definition of Alternate Base Rate) is based.  However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, (i) the continuation of, administration of, submission of, calculation of or any other matter related to the London interbank offered rate or other rates in the definition of “LIBO Rate” or with respect to any alternative, successor or replacement rate thereto (including any then-current Benchmark or any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement), as it may or may not be adjusted pursuant to Section 3.03(b), will be similar to, or produce the same value or economic equivalence of, the LIBO Rate or any other Benchmark, or have the same volume or liquidity as did the London interbank offered rate or any other Benchmark prior to its discontinuance or unavailability, or (ii) the effect, implementation or composition of any Benchmark Replacement Conforming Changes.  The Administrative Agent and its Affiliates or other related entities may engage in transactions that affect the calculation of a Benchmark, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto and such transactions may be adverse to the Borrower.  The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any Benchmark, any component definition thereof or rates referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.
    9    
			
	

2.3    Amendment to Section 2.07(a).  Section 2.07(a) is hereby amended and restated in its entirety to read as follows: 
(a)    Fourth Amendment Borrowing Base.  For the period from and including the Fourth Amendment Effective Date to but excluding the next Redetermination Date, the amount of the Borrowing Base shall be $650,000,000.  For purposes of this Agreement, the determination of the Borrowing Base on the Fourth Amendment Effective Date provided for in the immediately preceding sentence shall constitute the October 2021 Redetermination.  Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments in between Scheduled Redeterminations from time to time pursuant to Section 2.07(e), Section 2.07(f), Section 2.07(h) or Section 8.12(c).
2.4    Amendment to Section 3.03(b).  Section 3.03(b) is hereby amended and restated in its entirety to read as follows:
(b)    Benchmark Replacement Setting.
(i)    Benchmark Replacement. 
(A)    Notwithstanding anything to the contrary herein or in any other Loan Document (and any Swap Agreement shall be deemed not to be a “Loan Document” for purposes of this Section 3.03(b)) if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (a)(1) or (a)(2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (a)(3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Majority Lenders.  If an Unadjusted Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on a quarterly basis.
    10    
			
	

(B)    Notwithstanding anything to the contrary herein or in any other Loan Document, if a Term SOFR Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder or under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document; provided that this clause (B) shall not be effective unless the Administrative Agent has delivered to the Lenders and the Borrower a Term SOFR Notice.  For the avoidance of doubt, the Administrative Agent shall not be required to deliver a Term SOFR Notice after a Term SOFR Transition Event and may elect or not elect to do so in its sole discretion.
(ii)    Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.
(iii)    Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (A) any occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date, (B) the implementation of any Benchmark Replacement, (C) the effectiveness of any Benchmark Replacement Conforming Changes, (D) the removal or reinstatement of any tenor of a Benchmark pursuant to Section 3.03(b)(iv) below and (E) the commencement or conclusion of any Benchmark Unavailability Period.  Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 3.03(b), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 3.03(b).
(iv)    Unavailability of Tenor of Benchmark.  Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including Term SOFR or USD LIBOR) and either (1) any tenor for such Benchmark is not displayed on a screen or other 
    11    
			
	

information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (2) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (B) if a tenor that was removed pursuant to clause (A) above either (1) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (2) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor.
(v)    Benchmark Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a borrowing of, conversion to or continuation of Eurodollar Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a borrowing of or conversion to ABR Loans. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Alternate Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Alternate Base Rate. 
(vi)    London Interbank Offered Rate Benchmark Transition Event.  On March 5, 2021, the IBA, the administrator of the London interbank offered rate, and the FCA, the regulatory supervisor of the IBA, made the Announcements that the final publication or representativeness date for Dollars for (I) 1-week and 2-month London interbank offered rate tenor settings will be December 31, 2021 and (II) overnight, 1-month, 3-month, 6-month and 12-month London interbank offered rate tenor settings will be June 30, 2023.  No successor administrator for the IBA was identified in such Announcements.  The parties hereto agree and acknowledge that the Announcements resulted in the occurrence of a Benchmark Transition Event with respect to the London interbank offered rate pursuant to the terms of this Agreement and that any obligation of the Administrative Agent to notify any parties of such Benchmark Transition Event pursuant to clause (iii) of this Section 3.03(b) shall be deemed satisfied.
2.5    Amendment to Article XI.  Article XI is hereby amended by adding a new Section 11.13 to read as follows:
Section 11.13    Erroneous Payments.
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(a)    Each Lender, the Issuing Bank, each other Secured Party and any other party hereto hereby severally agrees that if (i) the Administrative Agent notifies (which such notice shall be conclusive absent manifest error) such Lender, the Issuing Bank or any other Secured Party or any other Person that has received funds from the Administrative Agent or any of its Affiliates, either for its own account or on behalf of a Lender, the Issuing Bank or other Secured Party (each such recipient, a “Payment Recipient”) that the Administrative Agent has determined in its sole discretion that any funds received by such Payment Recipient were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Payment Recipient) or (ii) any Payment Recipient receives any payment from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, as applicable, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, as applicable, or (z) that such Payment Recipient otherwise becomes aware was transmitted or received in error or by mistake (in whole or in part) then, in each case, an error in payment shall be presumed to have been made (any such amounts specified in clauses (i) or (ii) of this Section 11.13(a), whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise; individually and collectively, an “Erroneous Payment”), then, in each case, such Payment Recipient is deemed to have knowledge of such error at the time of its receipt of such Erroneous Payment; provided that nothing in this Section 11.13 shall require the Administrative Agent to provide any of the notices specified in clauses (i) or (ii) above. Each Payment Recipient agrees that it shall not assert any right or claim to any Erroneous Payment, and hereby waives any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payments, including without limitation waiver of any defense based on “discharge for value” or any similar doctrine.
(b)    Without limiting the immediately preceding clause (a), each Payment Recipient agrees that, in the case of clause (a)(ii) above, it shall promptly notify the Administrative Agent in writing of such occurrence.
(c)    In the case of either clause (a)(i) or (a)(ii) above, such Erroneous Payment shall at all times remain the property of the Administrative Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and upon demand from the Administrative Agent such Payment Recipient shall (or, shall cause any Person who received any portion of an Erroneous Payment on its behalf to), promptly, but in all events no later than one Business Day thereafter, return to the Administrative Agent the amount of 
    13    
			
	

any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds and in the currency so received, together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect.
(d)    In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor by the Administrative Agent in accordance with immediately preceding clause (c), from any Lender that is a Payment Recipient or an Affiliate of a Payment Recipient (such unrecovered amount as to such Lender, an “Erroneous Payment Return Deficiency”), then at the sole discretion of the Administrative Agent and upon the Administrative Agent’s written notice to such Lender (i) such Lender shall be deemed to have made a cashless assignment of the full face amount of the portion of its Loans (but not its Commitments) to the Administrative Agent or, at the option of the Administrative Agent, the Administrative Agent’s applicable lending affiliate in an amount that is equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Loans (but not Commitments), the “Erroneous Payment Deficiency Assignment”) plus any accrued and unpaid interest on such assigned amount, without further consent or approval of any party hereto and without any payment by the Administrative Agent or its applicable lending affiliate as the assignee of such Erroneous Payment Deficiency Assignment.  Without limitation of its rights hereunder, the Administrative Agent may cancel any Erroneous Payment Deficiency Assignment at any time by written notice to the applicable assigning Lender and upon such revocation all of the Loans assigned pursuant to such Erroneous Payment Deficiency Assignment shall be reassigned to such Lender without any requirement for payment or other consideration.  The parties hereto acknowledge and agree that (1) any assignment contemplated in this clause (d) shall be made without any requirement for any payment or other consideration paid by the applicable assignee or received by the assignor, (2) the provisions of this clause (d) shall govern in the event of any conflict with the terms and conditions of Section 12.04 and (3) the Administrative Agent may reflect such assignments in the Register without further consent or action by any other Person.
(e)    Each party hereto hereby agrees that (x) in the event an Erroneous Payment (or portion thereof) is not recovered from any Payment Recipient that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent (1) shall be subrogated to all the rights of such Payment Recipient with respect to such amount and (2) is authorized to set off, net and apply any and all amounts at any time owing to such Payment Recipient under any Loan Document, or otherwise payable or distributable by the Administrative 
    14    
			
	

Agent to such Payment Recipient from any source, against any amount due to the Administrative Agent under this Section 11.13 or under the indemnification provisions of this Agreement, (y) the receipt of an Erroneous Payment by a Payment Recipient shall not for the purpose of this Agreement be treated as a payment, prepayment, repayment, discharge or other satisfaction of any Obligations owed by the Borrower or any other Loan Party, except, in each case, to the extent such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Loan Party for the purpose of making a payment on the Obligations and (z) to the extent that an Erroneous Payment was in any way or at any time credited as payment or satisfaction of any of the Obligations, the Obligations or any part thereof that was so credited, and all rights of the Payment Recipient, as the case may be, shall be reinstated and continue in full force and effect as if such payment or satisfaction had never been received, except to the extent such Erroneous Payment was, and solely with respect to the amount of such Erroneous Payment that was, comprised of funds received by the Administrative Agent from the Borrower or any other Loan Party for the purpose of making a payment on the Obligations.
(f)    Each party’s obligations under this Section 11.13 shall survive the resignation or replacement of the Administrative Agent or any transfer of right or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document.
(g)    Nothing in this Section 11.13 will constitute a waiver or release of any claim of any party hereunder arising from any Payment Recipient’s receipt of an Erroneous Payment.
2.6    Amendment to Section 12.06.  Section 12.06 is hereby amended by adding a new subsection (d) to read as follows:
(d)    Electronic Execution.  The words “execute,” “execution,” “signed,” “signature,” “delivery” and words of like import in or related to this Agreement, any other Loan Document or any document, amendment, approval, consent, waiver, modification, information, notice, certificate, report, statement, disclosure, or authorization to be signed or delivered in connection with this Agreement or any other Loan Document or the transactions contemplated hereby shall be deemed to include Electronic Signatures or execution in the form of an Electronic Record, and contract formations on electronic platforms approved by the Administrative Agent, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Applicable Law, including the Federal Electronic Signatures in Global and National Commerce 
    15    
			
	

Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.  Each party hereto agrees that any Electronic Signature or execution in the form of an Electronic Record shall be valid and binding on itself and each of the other parties hereto to the same extent as a manual, original signature.  For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the parties of a manually signed paper which has been converted into electronic form (such as scanned into PDF format), or an electronically signed paper converted into another format, for transmission, delivery and/or retention.  Notwithstanding anything contained herein to the contrary, the Administrative Agent is under no obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it; provided that, without limiting the foregoing, (a) to the extent the Administrative Agent has agreed to accept such Electronic Signature from any party hereto, the Administrative Agent and the other parties hereto shall be entitled to rely on any such Electronic Signature purportedly given by or on behalf of the executing party without further verification and (b) upon the request of the Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by an original manually executed counterpart thereof.  Without limiting the generality of the foregoing, each party hereto hereby (i) agrees that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders and any of the Loan Parties, electronic images of this Agreement or any other Loan Document (in each case, including with respect to any signature pages thereto)  shall have the same legal effect, validity and enforceability as any paper original, and (ii) waives any argument, defense or right to contest the validity or enforceability of the Loan Documents based solely on the lack of paper original copies of any Loan Documents, including with respect to any signature pages thereto.
2.7    Amendment to Annexes and Schedules.  
(a)    Annex I-B is hereby deleted in its entirety; and
(b)    Schedule 7.14 is hereby amended and restated in its entirety as set forth on Schedule 7.14 to this Fourth Amendment.
Section 3.    Assignment and Assumption.  
3.1    As used in this Fourth Amendment, (i) the term “Existing Lenders” means the collective reference to each Lender party to the Credit Agreement immediately prior to the Fourth Amendment Effective Date; (ii) the term “Exiting Lender” means BBVA USA; (iii) the term “New Lender” means Comerica Bank; and (iv) the term “Continuing Lenders” means the collective reference to each Existing Lender other than the Exiting Lender.
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3.2    On the Fourth Amendment Effective Date, immediately prior to giving effect to the amendments in Section 2 of this Fourth Amendment, each Existing Lender has, in consultation with the Borrower, agreed to, and, for an agreed consideration, does hereby reallocate its Maximum Credit Amount, Commitment and Loans (and participations in Letters of Credit and LC Disbursements) among other things, to allow the Exiting Lender to sell and assign all of its Maximum Credit Amount, Commitment and Loans (and participations in Letters of Credit and LC Disbursements) and to allow the New Lender to become a party to the Credit Agreement as a Lender by acquiring an interest in the Aggregate Maximum Credit Amount and the total Commitments (the “Reallocation”).  On the Fourth Amendment Effective Date, and after giving effect to the Reallocation: (a) the Maximum Credit Amount and Applicable Percentage of each Lender (including the New Lender) shall be as set forth on Annex I attached to this Fourth Amendment, which Annex I supersedes and replaces Annex I to the Credit Agreement (and Annex I to the Credit Agreement is hereby amended and restated in its entirety to read as set forth on Annex I attached hereto) (and for the avoidance of doubt, the Commitment of the Exiting Lender shall be $0); (b) the Exiting Lender shall cease to be a “Lender” for all purposes under the Credit Agreement and the other Loan Documents but shall continue to be entitled to the benefits of Section 5.01, Section 5.02, Section 5.03 and Section 12.03 of the Credit Agreement; and (c) the New Lender shall become a party to the Credit Agreement, as amended by this Fourth Amendment, as a “Lender” and have all of the rights and obligations of a Lender under the Credit Agreement, as amended by this Fourth Amendment, and the other Loan Documents.  Each of the Administrative Agent, each Existing Lender (including, for the avoidance of doubt, the Exiting Lender), the Issuing Bank and the Borrower hereby consents and agrees to the Reallocation, including the New Lender’s acquisition of interest in the Maximum Credit Amount and Commitments and each Existing Lender’s assignment of its Maximum Credit Amount, Commitment, Loans and participations in Letters of Credit to the extent necessary to effect the Reallocation.  With respect to the Reallocation, each Existing Lender shall be deemed to have sold and assigned its Maximum Credit Amount, Commitment, Loans and participations in Letters of Credit, and the New Lender and each Continuing Lender shall be deemed to have acquired the Maximum Credit Amount, Commitment, Loans and participations in Letters of Credit allocated to it from each Existing Lender, pursuant to the terms and conditions of the Assignment and Assumption attached as Exhibit G to the Credit Agreement (the “Assignment Agreement”), as if each Existing Lender and the New Lender had executed such Assignment Agreement with respect to the Reallocation, pursuant to which, (i) the New Lender and each Continuing Lender shall be an “Assignee”, (ii) each Existing Lender shall be an “Assignor” and (iii) the term “Effective Date” shall be the Fourth Amendment Effective Date as defined herein.  The Administrative Agent hereby waives the fee payable to the Administrative Agent pursuant to Section 12.04(b) of the Credit Agreement in connection with the Assignment and Assumption.  On the Fourth Amendment Effective Date, the Administrative Agent shall take the actions specified in Section 12.04(b)(iv) of the Credit Agreement, including recording the assignments described herein in the Register, and such assignments shall be effective for purposes of the Credit Agreement.
Section 4.    Conditions of Effectiveness.  This Fourth Amendment will become effective on the date on which each of the following conditions is satisfied or waived in 
    17    
			
	

accordance with Section 12.02 of the Credit Agreement (such date, the “Fourth Amendment Effective Date”):
(a)    Counterparts.  The Administrative Agent shall have received from the Borrower, the Parent, each Guarantor and the Lenders (including the New Lender and the Exiting Lender), counterparts (in such number as may be requested by the Administrative Agent) of this Fourth Amendment signed on behalf of such Person.
(b)    Fees and Expenses.  The Administrative Agent and the Lenders shall have received all fees and other amounts due and payable on or prior to the Fourth Amendment Effective Date, including, to the extent invoiced at least two Business Days prior to satisfaction of all other applicable conditions, reimbursement or payment of all reasonable out-of-pocket expenses required to be reimbursed or paid by the Borrower under the Credit Agreement.
(c)    No Default. As of the Fourth Amendment Effective Date, no Default shall have occurred and be continuing.
The Administrative Agent is hereby authorized and directed to declare this Fourth Amendment to be effective when it has received documents confirming compliance with the conditions set forth in this Section 4 or the waiver of such condition in accordance with Section 12.02 of the Credit Agreement.  Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes.  For purposes of determining compliance with the conditions specified in this Section 4, each Lender that has signed this Amendment shall be deemed to have consented to, approved or accepted, or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to such Lender, unless the Administrative Agent shall have received written notice from such Lender prior to the Fourth Amendment Effective Date specifying its objection thereto.  
Section 5.    Miscellaneous.
(a)    Confirmation.  The provisions of the Credit Agreement, as amended by this Fourth Amendment, shall remain in full force and effect following the effectiveness of this Fourth Amendment.
(b)    Ratification and Affirmation; Representations and Warranties.  Each Obligor hereby: (a) acknowledges the terms of this Fourth Amendment; (b) ratifies and affirms its obligations under and the Liens granted by, and acknowledges, renews and extends its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect, except as expressly amended hereby; (c) agrees that from and after the Fourth Amendment Effective Date each reference to the Credit Agreement in the other Loan Documents shall be deemed to be a reference to the Credit Agreement, as amended by this Fourth Amendment; and (d) represents and warrants to the Lenders that as of the date hereof, after giving effect to the terms of this Fourth Amendment: (i) all of the representations and warranties contained in each Loan Document to which it is a party are true and correct in all material respects (except that any representation and warranty that is qualified by materiality shall be true and correct in all respects), except to the extent any 
    18    
			
	

such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct in all material respects (except that any representation and warranty that is qualified by materiality shall be true and correct in all respects) as of such specified earlier date and (ii) no Default has occurred and is continuing. 
(c)    Counterparts.  This Fourth Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed counterpart of a signature page of this Fourth Amendment by facsimile, electronic communications, as an attachment to an email or other similar electronic means shall be effective as delivery of a manually executed counterpart of this Fourth Amendment.
(d)    NO ORAL AGREEMENT.  THIS FOURTH AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES.
(e)    GOVERNING LAW.  THIS FOURTH AMENDMENT (INCLUDING, BUT NOT LIMITED TO, THE VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS.
(f)    Loan Document.  This Fourth Amendment is a “Loan Document” as defined and described in the Credit Agreement and all of the terms and provisions of the Credit Agreement relating to Loan Documents shall apply hereto.
(g)    Payment of Expenses.  In accordance with Section 12.03 of the Credit Agreement, the Borrower agrees to pay or reimburse the Administrative Agent for all of its reasonable and documented out-of-pocket costs and expenses incurred in connection with this Fourth Amendment, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent.
(h)    Severability.  Any provision of this Fourth Amendment or any other Loan Document held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof or thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.
(i)    Successors and Assigns. This Fourth Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
    19    
			
	

[Signature Pages Follow]
    20    
			
	

IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment to be duly executed and delivered by their proper and duly authorized officer(s) as of the day and year first above written.

									
	BORROWER:	EARTHSTONE ENERGY HOLDINGS, LLC

			
		

By:  ______________________________________
Name:
Title:

	
		By:	/s/ Mark Lumpkin, Jr.
		Name:	Mark Lumpkin, Jr.
		Title:	Executive Vice President &
			Chief Financial Officer

  
									
	PARENT:	EARTHSTONE ENERGY, INC.

			
		

By:  ______________________________________
Name:
Title:

	
		By:	/s/ Mark Lumpkin, Jr.
		Name:	Mark Lumpkin, Jr.
		Title:	Executive Vice President &
			Chief Financial Officer

									
	GUARANTORS:	EARTHSTONE OPERATING, LLC

			
			
		By:	/s/ Mark Lumpkin, Jr.
		Name:	Mark Lumpkin, Jr.
		Title:	Executive Vice President &
			Chief Financial Officer

									
		SABINE RIVER ENERGY, LLC

			
			
		By:	/s/ Mark Lumpkin, Jr.
		Name:	Mark Lumpkin, Jr.
		Title:	Executive Vice President &
			Chief Financial Officer

    Signature Page – Fourth Amendment to Credit Agreement
    Earthstone Energy Holdings, LLC
			
	

									
		LYNDEN USA OPERATING, LLC

			
			
		By:	/s/ Mark Lumpkin, Jr.
		Name:	Mark Lumpkin, Jr.
		Title:	Executive Vice President &
			Chief Financial Officer

									
		BOLD ENERGY III LLC

			
			
		By:	/s/ Mark Lumpkin, Jr.
		Name:	Mark Lumpkin, Jr.
		Title:	Executive Vice President &
			Chief Financial Officer

									
		BOLD OPERATING, LLC

			
			
		By:	/s/ Mark Lumpkin, Jr.
		Name:	Mark Lumpkin, Jr.
		Title:	Executive Vice President &
			Chief Financial Officer

									
		INDEPENDENCE RESOURCES

		MANAGEMENT, LLC

			
		By:	/s/ Mark Lumpkin, Jr.
		Name:	Mark Lumpkin, Jr.
		Title:	Executive Vice President &
			Chief Financial Officer

									
		INDEPENDENCE RESOURCES

		TECHNOLOGIES, LLC

			
		By:	/s/ Mark Lumpkin, Jr.
		Name:	Mark Lumpkin, Jr.
		Title:	Executive Vice President &
			Chief Financial Officer

    Signature Page – Fourth Amendment to Credit Agreement
    Earthstone Energy Holdings, LLC
			
	

									
		INDEPENDENCE RESOURCES

		LAND COMPANY A, LLC

			
		By:	/s/ Mark Lumpkin, Jr.
		Name:	Mark Lumpkin, Jr.
		Title:	Executive Vice President &
			Chief Financial Officer

									
		INDEPENDENCE RESOURCES

		LAND COMPANY B, LLC

			
		By:	/s/ Mark Lumpkin, Jr.
		Name:	Mark Lumpkin, Jr.
		Title:	Executive Vice President &
			Chief Financial Officer

									
		EARTHSTONE PERMIAN, LLC
		
			
		By:	/s/ Mark Lumpkin, Jr.
		Name:	Mark Lumpkin, Jr.
		Title:	Executive Vice President &
			Chief Financial Officer

 
    Signature Page – Fourth Amendment to Credit Agreement
    Earthstone Energy Holdings, LLC
			
	

									
	ADMINISTRATIVE AGENT,	WELLS FARGO BANK, NATIONAL

	ISSUING BANK AND LENDER:	ASSOCIATION

			
		By:	/s/ Edward Pak
		Name:	Edward Pak
		Title:	Director

    Signature Page – Fourth Amendment to Credit Agreement
    Earthstone Energy Holdings, LLC
			
	

									
	LENDER:	ROYAL BANK OF CANADA

		
			
		By:	/s/ Michael Sharp
		Name:	Michael Sharp
		Title:	Authorized Signatory

    Signature Page – Fourth Amendment to Credit Agreement
    Earthstone Energy Holdings, LLC
			
	

									
	LENDER:	TRUIST BANK

		
			
		By:	/s/ Benjamin L. Brown
		Name:	Benjamin L. Brown
		Title:	Director

    Signature Page – Fourth Amendment to Credit Agreement
    Earthstone Energy Holdings, LLC
			
	

									
	LENDER:	CITIZENS BANK, N.A.

		
			
		By:	/s/ Hernando Garcia
		Name:	Hernando Garcia
		Title:	Director

    Signature Page – Fourth Amendment to Credit Agreement
    Earthstone Energy Holdings, LLC
			
	

									
	LENDER:	KEYBANK NATIONAL ASSOCIATION

		
			
		By:	/s/ Kyle Gruen
		Name:	Kyle Gruen
		Title:	Vice President

    Signature Page – Fourth Amendment to Credit Agreement
    Earthstone Energy Holdings, LLC
			
	

									
	LENDER:	PNC BANK, NATIONAL ASSOCIATION

		
			
		By:	/s/ John Engel
		Name:	John Engel
		Title:	Senior Vice President

    Signature Page – Fourth Amendment to Credit Agreement
    Earthstone Energy Holdings, LLC
			
	

									
	LENDER:	U.S. BANK NATIONAL ASSOCIATION

		
			
		By:	/s/ John C. Lozano
		Name:	John C. Lozano
		Title:	Senior Vice President

    Signature Page – Fourth Amendment to Credit Agreement
    Earthstone Energy Holdings, LLC
			
	

									
	EXITING LENDER:	BBVA USA, as Exiting Lender

		
			
		By:	/s/ Julia Barnhill
		Name:	Julia Barnhill
		Title:	Vice President

        

    Signature Page – Fourth Amendment to Credit Agreement
    Earthstone Energy Holdings, LLC
			
	

									
	LENDER:	BANK OF AMERICA, N.A.

		
			
		By:	/s/ Ronald E. McKaig
		Name:	Ronald E. McKaig
		Title:	Managing Director

        

    Signature Page – Fourth Amendment to Credit Agreement
    Earthstone Energy Holdings, LLC
			
	

									
	LENDER:	FIFTH THIRD BANK, NATIONAL 

		ASSOCIATION
			
		By:	/s/ Dan Condley
		Name:	Dan Condley
		Title:	Managing Director

        
    Signature Page – Fourth Amendment to Credit Agreement
    Earthstone Energy Holdings, LLC
			
	

									
	LENDER:	IBERIABANK, A DIVISION OF FIRST

		HORIZON BANK
			
		By:	/s/ W. Bryan Chapman
		Name:	W. Bryan Chapman
		Title:	Market President-Energy Lending

    Signature Page – Fourth Amendment to Credit Agreement
    Earthstone Energy Holdings, LLC
			
	

									
	NEW LENDER:	COMERICA BANK

		
			
		By:	/s/ Britney P. Geidel
		Name:	Britney P. Geidel
		Title:	Assistant Vice President

    Signature Page – Fourth Amendment to Credit Agreement
    Earthstone Energy Holdings, LLC

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