Document:

Exhibit 10.1

 

Execution Version

 

AMENDED AND RESTATED VOTING AGREEMENT

 

This Amended and
Restated Voting Agreement (this “Agreement”), dated as of June 6, 2021 and effective as of May 9,
2021, is entered into by and among Bonanza Creek Energy, Inc., a Delaware corporation (“Parent”),
Extraction Oil & Gas, Inc., a Delaware corporation (the “Company”), and Kimmeridge Energy
Management Company, LLC, a Delaware limited liability company (“Stockholder”). Parent, the Company and
Stockholder are each sometimes referred to herein individually as a “Party” and collectively as the
 “Parties.”

 

WHEREAS the Company, Parent,
and Merger Sub, have entered into an Agreement and Plan of Merger (as the same may be amended from time to time, the “Merger
Agreement”), providing for, among other things, the merger (the “Merger”) of Merger Sub and the
Company pursuant to the terms and conditions of the Merger Agreement;

 

WHEREAS, concurrently with
the execution and delivery of this Agreement, (i) the Company, Parent, and Merger Sub, are entering into an Amendment No. 1
(the “Amendment”), dated as of the date hereof, to the Merger Agreement, and (ii) Parent, Raptor Condor
Merger Sub 1, Inc., a Delaware corporation and a wholly owned Subsidiary of Parent (“Merger Sub 1”), Raptor
Condor Merger Sub 2, LLC, a Delaware limited liability company and a wholly owned Subsidiary of Parent, Crestone Peak Resources LP, a
Delaware limited partnership, CPPIB Crestone Peak Resources America Inc., a Delaware corporation (“CPPIB Crestone Peak”),
Crestone Peak Resources Management LP, a Delaware limited partnership and the Company, are entering into an Agreement and Plan of Merger
(as the same may be amended from time to time, the “Condor Merger Agreement”), providing for, among other things,
the merger of Merger Sub 1 and Condor pursuant to the terms and conditions of the Condor Merger Agreement;

 

WHEREAS the Company, Parent,
and Merger Sub, have previously entered into that certain Voting Agreement dated as of May 9, 2021 (the “Previous Agreement”)
and desire to amend and restate the Previous Agreement in order to induce Parent to enter into the Amendment;

 

WHEREAS, Stockholder is willing
to make certain representations, warranties, covenants, and agreements as set forth in this Agreement with respect to the 9,799,080 shares
of common stock, par value $0.01 per share, of the Company (“Company Common Stock”) Beneficially Owned (as defined
below) by Stockholder (the “Original Shares” and, together with any additional shares of Company Common Stock
pursuant to Section 6 hereof, the “Shares”); and

 

WHEREAS, as a condition to
their willingness to enter into the Amendment, Parent and the Company have required that Stockholder, and Stockholder has agreed to, execute
and deliver this Agreement.

 

NOW, THEREFORE, in consideration
of the foregoing and the respective representations, warranties, covenants, and agreements set forth below and for other good and valuable
consideration, the receipt, sufficiency, and adequacy of which are hereby acknowledged, the Parties hereto, intending to be legally bound,
do hereby agree as follows:

 

    

    

    

 

	1.	Definitions.

 

For purposes of this Agreement,
capitalized terms used and not otherwise defined herein shall have the respective meanings ascribed to such terms in the Merger Agreement.
When used in this Agreement, the following terms in all of their tenses, cases, and correlative forms shall have the meanings assigned
to them in this Section 1.

 

(a)            “Affiliate”
means with respect to any Person, any other Person directly or indirectly, controlling, controlled by, or under common control with, such
Person, through one or more intermediaries or otherwise; provided, however, that solely for purposes of this Agreement, notwithstanding
anything to the contrary set forth herein, neither the Company nor any of its Subsidiaries shall be deemed to be a Subsidiary or Affiliate
of Stockholder; provided, further, that, for the avoidance of doubt, any member of Stockholder shall be deemed an Affiliate Stockholder;
and provided, further, that an Affiliate of Stockholder shall include any investment fund, vehicle or holding company of which Stockholder
or an affiliate thereof serves as the general partner, managing member or discretionary manager or advisor.

 

(b)            “Beneficially
Own” or “Beneficial Ownership” has the meaning assigned to such term in Rule 13d-3 under
the Exchange Act, and a Person’s beneficial ownership of securities shall be calculated in accordance with the provisions of such
rule (in each case, irrespective of whether or not such rule is actually applicable in such circumstance). For the avoidance
of doubt, “Beneficially Own” and “Beneficial Ownership” shall also include record
ownership of securities.

 

(c)            “Beneficial
Owner” shall mean the Person who Beneficially Owns the referenced securities.

 

	2.	Representations of Stockholder. Stockholder represents and warrants to
Parent that:

 

(a)            Ownership
of Shares. Stockholder (i) is the Beneficial Owner of all of the Original Shares free and clear of any proxy, voting restriction,
adverse claim, or other Encumbrances, other than those created by this Agreement or under applicable federal or state securities laws;
and (ii) has the sole voting power over all of the Original Shares. Except as expressly provided by this Agreement, there are no
options, warrants, or other rights, agreements, arrangements, or commitments of any character to which Stockholder is a party relating
to the pledge, disposition, or voting of any of the Original Shares and there are no voting trusts or voting agreements with respect to
the Original Shares.

 

(b)            Disclosure
of All Shares Owned. Neither Stockholder nor any of its Affiliates Beneficially Owns any shares of Company Common Stock other than
the Original Shares.

 

(c)            Power
and Authority; Binding Agreement. Stockholder has full limited liability company power and authority to enter into, execute, and
deliver this Agreement and to perform fully Stockholder’s obligations hereunder (including the proxy described in Section 3(b) below)).
This Agreement has been duly and validly executed and delivered by Stockholder and constitutes the legal, valid, and binding obligation
of Stockholder, enforceable against Stockholder in accordance with its terms.

 

(d)            No
Conflict. The execution and delivery of this Agreement by Stockholder does not, and the consummation of the transactions contemplated
hereby and the compliance with the provisions hereof will not, conflict with or violate any Law applicable to Stockholder or result in
any breach of or violation of, or constitute a default (or an event that with notice or lapse of time or both would become a default)
under, or give to others any rights of termination, amendment, acceleration, or cancellation of, or result in the creation of any Encumbrance
on any of the Shares pursuant to, any agreement or other instrument or obligation, including organizational documents binding upon Stockholder
or any of the Shares.

 

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(e)            No
Consents. No Consent, order or declaration of any Governmental Entity or any other Person on the part of Stockholder is required in
connection with the valid execution and delivery of this Agreement.

 

(f)            No
Litigation. There is no Proceeding pending against, or to the knowledge of Stockholder, threatened against or affecting, Stockholder
that could reasonably be expected to materially impair or materially adversely affect the ability of Stockholder to perform Stockholder’s
obligations hereunder or to consummate the transactions contemplated by this Agreement on a timely basis.

 

	3.	Agreement to Vote Shares.

 

Stockholder irrevocably and
unconditionally agrees during the term of this Agreement, at any annual or special meeting of the Company called with respect to the following
matters, and at every adjournment or postponement thereof (each, a “Covered Meeting”), to appear at any such meeting
or otherwise cause the Shares to be counted as present thereat for purpose of establishing a quorum and vote or cause the holder of record
to vote the Shares at such meeting (i) in favor of (1) adoption of the Merger Agreement and approval of any other matters necessary
for consummation of the transactions contemplated by the Merger Agreement, including the Merger and (2) any proposal to adjourn or
postpone such meeting of stockholders of the Company to a later date if there are not sufficient votes to approve the Merger; and (ii) against
(1) any Company Competing Proposal or any of the transactions contemplated thereby, (2) any action, proposal, transaction, or
agreement which could reasonably be expected to result in a breach of any covenant, representation or warranty, or any other obligation
or agreement of the Company under the Merger Agreement or of Stockholder under this Agreement, and (3) any action, proposal, transaction,
or agreement that could reasonably be expected to impede, interfere with, delay, discourage, adversely affect, or inhibit the timely consummation
of the Merger or the fulfillment of Parent’s, the Company’s or Merger Sub’s conditions under the Merger Agreement or
change in any manner the voting rights of any class of shares of the Company (including any amendments to the Company’s Organizational
Documents). Any attempt by the Stockholder to vote, consent or express dissent with respect to (or otherwise to utilize the voting power
of), the Shares in contravention of this Section 3 shall be null and void
ab initio.

 

	4.	No Voting Trusts or Other Arrangement.

 

Stockholder agrees that during
the term of this Agreement Stockholder will not, and will not permit any Affiliate to, deposit any of the Shares in a voting trust, grant
any proxies with respect to the Shares, or subject any of the Shares to any arrangement with respect to the voting of the Shares other
than agreements entered into with Parent.

 

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		5.	Transfer and Encumbrance.

 

Stockholder agrees that prior
to a shareholder vote on the Merger Agreement and the other items enumerated in Section 3
hereto at a Covered Meeting, Stockholder will not, directly or indirectly, transfer, sell, offer, exchange, assign, pledge, convey any
legal or Beneficial Ownership interest in or otherwise dispose of (by merger (including by conversion into securities or other consideration
but excluding any disposition made by the Stockholder pursuant to the Merger and the transactions contemplated by the Merger Agreement),
by tendering into any tender or exchange offer, by operation of Law or otherwise) or Encumber (“Transfer”) any
of the Shares or enter into any contract, option or other agreement with respect to, or consent to, a Transfer of any of the Shares or
Stockholder’s voting or economic interest therein. This Section 5 shall not prohibit a Transfer of the Shares by Stockholder
to an Affiliate of Stockholder; provided, that a Transfer referred to in this sentence shall be permitted only if, as a precondition to
such Transfer, the transferee agrees in a writing, reasonably satisfactory in form and substance to Parent, to be bound by all of the
terms of this Agreement. Any attempted Transfer of Shares or any interest therein in violation of this Section 5 shall, to
the fullest extent permitted by Law, be null and void ab initio. If any involuntary Transfer of any of Stockholder’s Shares
shall occur, the transferee (which term, as used herein, shall include any and all transferees and subsequent transferees of the initial
transferee) shall take and hold such Shares subject to all of the restrictions, liabilities and rights under this Agreement, which shall
continue in full force and effect until valid termination of this Agreement. For the avoidance of doubt, nothing in this Agreement will
restrict the Stockholder from Transferring any Shares following a shareholder vote on the Merger Agreement and the other items enumerated
in Section 3 hereto at a Covered Meeting, regardless of the outcome of such
vote.

 

		6.	Additional Purchases; Adjustments.

 

Stockholder agrees that any
shares of Company Common Stock and any other shares of capital stock or other equity of the Company that Stockholder purchases, acquires
the voting power or otherwise acquires Beneficial Ownership of after the execution of this Agreement and prior to the record date for
any Covered Meeting shall be subject to the terms and conditions of this Agreement to the same extent as if they constituted Shares as
of the date hereof for all purposes of this Agreement, and Stockholder shall promptly notify the Company of the existence of any such
after-acquired Shares. In the event of any stock split, stock dividend, merger, reorganization, recapitalization, reclassification, combination,
exchange of shares or the like of the capital stock of the Company affecting the Shares, the terms of this Agreement shall apply to the
resulting securities and such resulting securities shall be subject to the terms and conditions of this Agreement to the same extent as
if they constituted Shares as of the date hereof for all purposes of this Agreement.

 

		7.	Waiver of Appraisal and Dissenters’ Rights and Certain Other Actions.

 

(a)            Waiver
of Appraisal and Dissenters’ Rights. To the fullest extent permitted by Law, Stockholder hereby irrevocably and unconditionally
waives, and agrees not to assert or perfect, any rights of appraisal (including under Section 262 of the DGCL) or rights to dissent
in connection with the Merger that Stockholder may have by virtue of ownership of the Shares.

 

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(b)            Waiver
of Certain Other Actions. Stockholder hereby agrees not to commence, join in, and agrees to take all actions necessary to opt out
of any class in any class action with respect to, any claim, derivative or otherwise, against Parent, Merger Sub or the Company or any
of their respective Affiliates and each of their successors or directors relating to the negotiation, execution or delivery of this Agreement
or the Merger Agreement or the consummation of the transactions contemplated hereby or thereby, including any claim (a) challenging
the validity of, or seeking to enjoin the operation of, any provision of this Agreement or the Merger Agreement (including any claim seeking
to enjoin or delay the Closing) or (b) alleging a breach of any fiduciary duty of the Company Board in connection with the negotiation
and entry into this Agreement, the Merger Agreement or the transactions contemplated hereby or thereby, and hereby irrevocably waives
any claim or rights whatsoever with respect to any of the foregoing.

 

		8.	Termination.

 

This Agreement shall terminate
upon the earliest to occur of (the “Expiration Time”): (a) the Effective Time; (b) the date on which
the Merger Agreement is terminated in accordance with its terms; (c) the termination of this Agreement by mutual written consent
of the Parties; and (d) the date of any modification, waiver or amendment to the Merger Agreement effected without the Stockholder’s
consent that (i) decreases the amount or changes the form of consideration payable to all of the shareholders of the Company pursuant
to the terms of the Merger Agreement as in effect on the date of this Agreement or (ii) otherwise materially adversely affects the
interests of the Stockholder or the stockholders of the Company. For the sake of clarity, the Stockholder consents to the Amendment and
the Condor Merger Agreement. Nothing in this Section 8 shall relieve or otherwise limit the liability of any Party for any
breach of this Agreement incurred prior to such termination.

 

		9.	No Solicitation.

 

Subject to Section 10,
Stockholder shall not, and shall cause its Affiliates not to, and shall use its reasonable best efforts to cause its and their respective
officers, members, directors, partners, employees, accountants, financial and tax advisers and legal counsel (“Representatives”)
not to, directly or indirectly, take any of the actions listed in clauses (i) - (v) of Section 6.3(b) of the Merger
Agreement (without giving effect to any amendment or modification of such clauses after the date hereof). Stockholder shall, and shall
cause its Affiliates to, and shall use its reasonable best efforts to cause its and their Representatives to, immediately cease, and cause
to be terminated, any discussions or negotiations conducted before the date of this Agreement with any Person other than Parent with respect
to any inquiry, proposal or offer that constitutes, or would reasonably be expected to lead to, a Company Competing Proposal.

 

		10.	Fiduciary Duties.

 

Stockholder is entering into
this Agreement solely in its capacity as the record or Beneficial Owner of the Shares and nothing herein is intended to or shall limit
or affect any actions taken by any of Stockholder’s designees serving in his or her capacity as a director of the Company (or a
Subsidiary of the Company). The taking of any actions (or failures to act) by Stockholder’s designees serving as a director of the
Company (in such capacity as a director) shall not be deemed to constitute a breach of this Agreement.

 

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		11.	Further Assurances.

 

Stockholder agrees, from time
to time, and without additional consideration, to execute and deliver such additional proxies, documents and other instruments and to
take all such further action as Parent may reasonably request to consummate and make effective the transactions contemplated by this Agreement
and to not take or permit any of its Affiliates to take any action that would reasonably be likely to adversely affect or delay the ability
to perform Stockholder’s covenants and agreements under this Agreement.

 

		12.	Stop Transfer Instructions.

 

At all times commencing with
the execution and delivery of this Agreement and continuing until the Expiration Time, in furtherance of this Agreement, Stockholder hereby
authorizes and instructs the Company to instruct the Company’s transfer agent that there is a stop transfer order with respect to
all of the Shares (and that this Agreement places limits on the voting and transfer of the Shares), subject to the provisions hereof and
provided that any such stop transfer order and notice will immediately be withdrawn and terminated by the Company following the Expiration
Time.

 

		13.	Specific Performance.

 

The Parties agree that irreparable
damage, for which monetary damages would not be an adequate remedy, would occur in the event that any of the provisions of this Agreement
were not performed in accordance with their specific terms or were otherwise breached by the Parties. Prior to the Expiration Time, it
is accordingly agreed that the Parties shall be entitled to an injunction or injunctions, or any other appropriate form of specific performance
or equitable relief, to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any court of
competent jurisdiction, in each case in accordance with this Section 13,
this being in addition to any other remedy to which they are entitled under the terms of this Agreement at Law or in equity. Each Party
accordingly agrees not to raise any objections to the availability of the equitable remedy of specific performance to prevent or restrain
breaches or threatened breaches of, or to enforce compliance with, the covenants and obligations of such party under this Agreement, all
in accordance with the terms of this Section 13. Each Party further agrees
that no other Party or any other Person shall be required to obtain, furnish or post any bond or similar instrument in connection with
or as a condition to obtaining any remedy referred to in this Section 13,
and each Party irrevocably waives any right it may have to require the obtaining, furnishing or posting of any such bond or similar instrument.

 

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		14.	Entire Agreement.

 

This Agreement (together with
the Merger Agreement and any other documents and instruments executed pursuant hereto) supersedes all prior agreements, written or oral,
between the Parties hereto with respect to the subject matter hereof and contains the entire agreement between the Parties with respect
to the subject matter hereof. This Agreement may not be amended or supplemented, and no provisions hereof may be modified or waived, except
by an instrument in writing signed by both of the Parties hereto. No waiver of any provisions hereof by either Party shall be deemed a
waiver of any other provisions hereof by such Party, nor shall any such waiver be deemed a continuing waiver of any provision hereof by
such Party.

 

		15.	Extension; Waiver.

 

At any time prior to the Effective
Time, the Parties may, to the extent legally allowed:

 

(a)            extend
the time for the performance of any of the obligations or acts of the other Party hereunder;

 

(b)            waive
any inaccuracies in the representations and warranties of the other Party contained herein or in any document delivered pursuant hereto;
or

 

(c)            waive
compliance with any of the agreements or conditions of the other Party contained herein;

 

provided, that, in each case,
such waiver is made in writing and signed by the Party (or parties) against whom the waiver is to be effective.

 

Notwithstanding the foregoing,
no failure or delay by the Company or Parent in exercising any right hereunder shall operate as a waiver thereof nor shall any single
or partial exercise thereof preclude any other or further exercise of any other right hereunder. No agreement on the part of a Party to
any such extension or waiver shall be valid unless set forth in an instrument in writing signed on behalf of such Party. No waiver by
any of the Parties hereto of any default, misrepresentation or breach of representation, warranty, covenant or other agreement hereunder,
whether intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation or breach or affect in any
way any rights arising by virtue of any prior or subsequent such occurrence.

 

		16.	Notices.

 

All notices, requests, consents,
claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given: (a) if delivered
in person; (b) if transmitted by facsimile (but only upon confirmation of transmission by the transmitting equipment); (c) if
transmitted by electronic mail (“e-mail”) (upon confirmation of receipt; provided, that each notice party shall
use reasonable best efforts to confirm receipt of any such email correspondence promptly upon receipt of such request); or (d) if
transmitted by national overnight courier. Such communications must be sent to the respective Parties at the following addresses (or at
such other address for a Party as shall be specified in a notice given in accordance with this Section 16):

 

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If to Parent or Merger Sub,
to:

 

Bonanza Creek Energy, Inc.

410 17th St.

Denver, CO 80202

Attention: Skip Marter, General Counsel

E-mail:

 

with a required copy to (which copy shall not constitute
notice):

 

Vinson & Elkins LLP

1001 Fannin St.

Houston, TX 77002

Attention: Stephen M. Gill

E-mail: 

 

and

 

Vinson & Elkins LLP

1114 Avenue of the Americas, 32nd Floor

New York, NY 10036

Attention: Shelley A. Barber

E-mail: 

 

If to the Company, to:

 

Extraction Oil & Gas, Inc.

370 17th Street, Suite 5200

Denver, CO 80202

Attention: Eric Christ

E-mail: 

 

with a required copy to (which copy shall not
constitute notice):

 

Kirkland & Ellis LLP

609 Main Street, Suite 4700

Houston, Texas 77002

Attention:          Doug
Bacon, P.C.

    Alex Rose

E-mail:                

    

If to Stockholder, to:

 

Kimmeridge Energy Management Company, LLC

412 West 15th Street, 11th Floor

New York, New York 10011

Attention: Tamar Goldstein, Esq.

E-mail: 

 

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with a required copy to (which copy shall not
constitute notice):

 

Schulte Roth & Zabel LLP

919 Third Avenue

New York, NY 10022

Attention:          Eleazer
Klein, Esq.

    Adriana Schwartz, Esq.

E-mail:                

    

		17.	Miscellaneous.

 

(a)            Governing
Law. THIS AGREEMENT, AND ALL CLAIMS OR CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT) THAT MAY BE BASED UPON, ARISE OUT
OF RELATE TO THIS AGREEMENT, OR THE NEGOTIATION, EXECUTION OR PERFORMANCE OF THIS AGREEMENT, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF.

 

(b)            Submission
to Jurisdiction. THE PARTIES IRREVOCABLY SUBMIT TO THE JURISDICTION OF THE COURT OF CHANCERY OF THE STATE OF DELAWARE OR, IF
THE COURT OF CHANCERY OF THE STATE OF DELAWARE OR THE DELAWARE SUPREME COURT DETERMINES THAT, NOTWITHSTANDING SECTION 111 OF THE
DELAWARE GENERAL CORPORATIONS LAW, THE COURT OF CHANCERY DOES NOT HAVE OR SHOULD NOT EXERCISE SUBJECT MATTER JURISDICTION OVER SUCH MATTER,
THE SUPERIOR COURT OF THE STATE OF DELAWARE AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE OF DELAWARE SOLELY
IN CONNECTION WITH ANY DISPUTE THAT ARISES IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS AGREEMENT AND THE
DOCUMENTS REFERRED TO IN THIS AGREEMENT OR IN RESPECT OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AND HEREBY WAIVE, AND AGREE
NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT IT IS
NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE
THEREOF MAY NOT BE APPROPRIATE OR THAT THIS AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE
PARTIES IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED EXCLUSIVELY BY
SUCH A DELAWARE STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES
AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR
PROCEEDING IN THE MANNER PROVIDED IN SECTION 15 OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND
SUFFICIENT SERVICE THEREOF.

 

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(c)            Waiver
of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE
COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE
TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES THE
FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL
WAIVER AND CERTIFICATIONS IN THIS SECTION 17(c).

 

(d)            Expenses.
All costs and expenses incurred in connection with this Agreement shall be paid by the Party incurring such cost or expense, whether
or not the Merger is consummated.

 

(e)            Severability.
If any term or provision of this Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or
unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision
in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal, or unenforceable, the Parties
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a
mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest
extent possible.

 

(f)             Counterparts.
This Agreement may be executed in one or more counterparts, including via facsimile or email in “portable document format”
(“.pdf”) form transmission, each of which shall be deemed to be an original but all of which together shall constitute
one and the same agreement and shall become effective when two or more counterparts have been signed by each of the Parties and delivered
to the other Parties, it being understood that all Parties need not sign the same counterpart.

 

(g)            Interpretation.
The Parties have participated jointly in negotiating and drafting this Agreement. In the event that an ambiguity or a question of intent
or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties, and no presumption or burden of proof
shall arise favoring or disfavoring any Party by virtue of the authorship of any provision of this Agreement. When a reference is made
in this Agreement to Sections, such reference shall be to n Section of this Agreement unless otherwise indicated. The headings contained
in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever
the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to
be followed by the words “without limitation.” References to “the date hereof” shall mean the date of this Agreement.
As used in this Agreement, the “knowledge” of the Stockholder means the actual knowledge of any officer of Holder after due
inquiry.

 

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(h)            Assignment.
Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the parties hereto (whether
by operation of law or otherwise) without the prior written consent of the other Parties. Any purported assignment in contravention hereof
shall be null and void. Subject to the preceding sentence and except as set forth in Section 5,
this Agreement will be binding upon, inure to the benefit of and be enforceable by the Parties and their respective successors and permitted
assigns.

 

(i)             No
Third-Party Beneficiaries; Non-Recourse. Except for the provisions of Sections 3, 5, 9 and 13, of which CPPIB Crestone Peak is an
express third-party beneficiary, nothing in this Agreement, express or implied, is intended to or shall confer upon any Person other than
the Parties and their respective successors and permitted assigns any legal or equitable right, benefit, or remedy of any nature under
or by reason of this Agreement.

 

(j)             No
Ownership Interest. Nothing contained in this Agreement shall be deemed to vest in Parent any direct or indirect ownership or incidence
of ownership of or with respect to the Shares. All rights, ownership and economic benefits of and relating to the Shares shall remain
vested in and belong to Stockholder, and Parent shall not have any authority to manage, direct, restrict, regulate, govern or administer
any of the policies or operations of the Company or exercise any power or authority to direct Stockholder in the voting or disposition
of any Shares, except as otherwise expressly provided herein.

 

(k)            No
Partnership, Agency or Joint Venture. This Agreement is intended to create, and creates, a contractual relationship and is not intended
to create, and does not create, any agency, partnership, joint venture, any like relationship between the Parties or a presumption that
the Parties are in any way acting in concert or as a group with respect to the obligations or the transactions contemplated by this Agreement.

 

(l)             Disclosure.
Stockholder consents to and authorizes the publication and disclosure by the Company and Parent of Stockholder’s identity and holding
of Shares, and the terms of this Agreement (including, for avoidance of doubt, the disclosure of this Agreement), in any press release,
the Registration Statement, including the Joint Proxy Statement, as applicable, and any other disclosure document required in connection
with the Merger Agreement, the Merger and the transactions contemplated by the Merger Agreement.

 

(m)            Amendment.
This Agreement may not be amended, modified or supplemented in any manner, whether by course of conduct or otherwise, except by an instrument
in writing specifically designated as an amendment hereto, signed on behalf of each of the Parties and, in the case of an amendment to
Section 3, 5 or 9, CPPIB Crestone Peak.

 

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(n)            Reliance.
Stockholder understands and acknowledges that Parent, Merger Sub and the Company are entering into the Merger Agreement in reliance upon
Stockholder’s execution and delivery of this Agreement.

 

[Signature Page Follows]

 

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

 

	 	BONANZA CREEK ENERGY, INC.
	 	 	 
	 	By	/s/ Eric T. Greager
	 	 	Name: Eric T. Greager
	 	 	Title: President and Chief Executive Officer

 

	 	EXTRACTION OIL & GAS, INC.
	 	 	 
	 	By	/s/ Tom Tyree
	 	 	Name: Tom Tyree
	 	 	Title: Chief Executive Officer

 

	 	KIMMERIDGE ENERGY MANAGEMENT COMPANY, LLC
	 	 	 
	 	By	/s/
Benjamin Dell
	 	 	Name: Benjamin Dell
	 	 	Title: Managing Partner

 

    13Exhibit 10.44

 

NEITHER
THIS NOTE NOR THE SECURITIES INTO WHICH THIS NOTE IS CONVERTIBLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”) OR ANY STATE SECURITIES LAWS AND NEITHER THIS NOTE NOR ANY INTEREST THEREIN NOR THE SECURITIES INTO WHICH THIS NOTE
IS CONVERTIBLE MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER SUCH ACT AND SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS.

 

CONVERTIBLE
PROMISSORY NOTE

 

	Principal Amount: $150,000.00	Issue Date: June 4, 2021
	Purchase Price: $135,000.00	Maturity Date: June 4, 2022
	Original Issuer Discount: $15,000.00	 

 

For
good and valuable consideration, Deep Green Waste & Recycling, Inc., a Wyoming corporation (“Maker”), hereby
makes and delivers this Promissory Note (this “Note”) in favor of GPL Ventures LLC, or its assigns (“Holder”),
and hereby agrees as follows:

 

ARTICLE
I.

PRINCIPAL
AND INTEREST

 

Section
1.1 For value received, Maker promises to pay to Holder at such place as Holder or its assigns may designate in writing, in
currently available funds of the United States, the principal Amount of One Hundred Fifty Thousand Dollars ($150,000.00). Maker’s
obligation under this Note shall accrue interest at the rate of ten percent (10.0%) per annum from the date hereof until paid
in full. Interest shall be computed on the basis of a 365-day year or 366-day year, as applicable, and actual days lapsed. Accrual of
interest shall commence on the first business day to occur after the Issue Date and continue until payment in full of the Principal Amount
has been made or duly provided for.

 

Section
1.2

 

a.
All payments
shall be applied first to interest,
then to principal and shall be credited
to the Maker’s account on the date that such payment is physically received by the Holder.

 

b.
All principal and
accrued interest then outstanding shall be
due and payable by the Maker to the
Holder on or before June 4, 2022 (the
“Maturity Date”).

 

c.
Maker shall have no right to prepay all or any part
of the principal under this Note.

 

d.
This Note is free from all taxes, liens, claims and
encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other similar rights of shareholders
of the Maker and will not impose personal liability upon the holder thereof.

 

    	1

     

    

 

Section
1.3 This Note is issued solely for value received, paid by Holder to Maker by wire (“Consideration”). The Principal Amount
due to Holder shall be prorated based on the consideration actually paid by Holder to Maker, such that the Maker is only required to
repay the amount of consideration and the Maker is not required to repay any unfunded portion of this Note.

 

ARTICLE
II.

CONVERSION
RIGHTS; CONVERSION PRICE

 

Section
2.1Conversion. The Holder or its assigns shall have the right, from time to time, commencing on the Issuance Date of this
Note, to convert any part of the outstanding interest or Principal Amount of this Note into fully paid and non-assessable shares of Common
Stock of the Maker (the “Notice Shares”) at the Conversion Price determined as provided herein. Promptly after delivery to
Maker of a Notice of Conversion of Convertible Note in the forms attached hereto as Exhibit 1, or any other form provided by the
Holder, properly completed and duly executed by the Holder or its assigns (a “Conversion Notice”), the Maker shall issue
and deliver to or upon the order of the Holder that number of shares of Common Stock for the that portion of this Note to be converted
as shall be determined in accordance herewith.

 

No
fraction of a share or scrip representing a fraction of a share will be issued on conversion, but the number of shares issuable shall
be rounded to the nearest whole share. The date on which Notice of Conversion is given (the “Conversion Date”) shall be deemed
to be the date on which the Holder faxes, mails or emails the Notice of Conversion duly executed to the Maker. Certificates representing
Common Stock upon conversion will be delivered to the Holder within two (2) trading days from the date the Notice of Conversion is delivered
to the Maker. Delivery of shares upon conversion shall be made to the address specified by the Holder or its assigns in the Notice of
Conversion.

 

Section
2.2. Conversion Price. Upon any conversion of this Note, the Conversion Price shall equal to the lesser of a) $0.01 or b) Sixty Percent
(60%) of the lowest Trading Price (defined below) during the Valuation Period (defined below), and the Conversion Amount shall be the
amount of principal or interest electively converted in the Conversion Notice. The total number of shares due under any conversion notice
(“Notice Shares”) will be equal to the Conversion Amount divided by the Conversion Price.

 

On
the date that a Conversion Notice is delivered to Holder, the Company shall deliver an estimated number of shares (“Estimated
Shares”) to Holder’s brokerage account equal to the Conversion Amount divided by the lesser of a) $0.01 or b) 60% of the
Market Price. “Market Price” shall mean the lowest of the daily Trading Price for the Common Stock during the twenty (20)
Trading Day period ending on the latest complete Trading Day prior to the Conversion Date.

 

The
“Valuation Period” shall mean twenty (20) Trading Days, commencing on the first Trading Day following delivery and clearing
of the Notice Shares in Holder’s brokerage account, as reported by Holder (“Valuation Start Date”). If at any time,
one or multiple times, during the Valuation Period the number of Estimated Shares delivered to Holder is less than the Notice Shares,
the company must immediately deliver enough shares equal to the difference. A Conversion Amount will not be considered fully converted
until the end of the Valuation Period for that Conversion Amount.

 

    	2

     

    

 

“Trading
Price” means, for any security as of any date, any trading price on the OTC Markets, or other applicable trading market (the “OTCBB”)
as reported by a reliable reporting service (“Reporting Service”) mutually acceptable to Maker and Holder (i.e. Bloomberg)
or, if the OTCBB is not the principal trading market for such security, the price of such security on the principal securities exchange
or trading market where such security is listed or traded. “Trading Day” shall mean any day on which the Common Stock is
tradable for any period on the OTCBB, or on the principal securities exchange or other securities market on which the Common Stock is
then being traded.

 

Section
2.2.5. Pending Legislation. As of the Issue Date hereof, proposed legislation exists, namely proposed amendments to Rule 144(d)(3)(ii)
proposed on December 22, 2020 in SEC Release 2020-336, that would fundamentally change the economic terms of this Note. In the event
the rule becomes law and becomes effective while any amounts are outstanding under this Note, Section 2.2 hereof shall be automatically
amended to contain only a fixed conversion price of $0.01 per share. In the event that the Borrower is in default of any of the provisions
of the Note or other Transaction Documents, and the Company has not cured said default within five (5) calendar days, the fixed conversion
price shall be reduced to $0.005 per share (the “Default Fixed Price”) in addition to any other principal adjustments, default
interest, or other remedies available to it under law. In the event the final rule, or any other combination of final rules, make this
provision inoperable, invalid, or otherwise have an effect that changes the economics of the transactions contemplated hereby, the pertinent
clause or mechanic of operation shall be stricken and only the fixed price provision shall remain.

 

Section
2.3. Reorganization, Reclassification, Merger, Consolidation or Disposition of Assets. In case the Maker shall reorganize
its capital, reclassify its capital stock, consolidate or merge with or into another corporation (where the Maker is not the surviving
corporation or where there is a change in or distribution with respect to the Common Stock of the Maker), or sell, transfer or otherwise
dispose of all or substantially all its property, assets or business to another corporation and, pursuant to the terms of such reorganization,
reclassification, merger, consolidation or disposition of assets, shares of common stock of the successor or acquiring corporation, or
any cash, shares of stock or other securities or property of any nature whatsoever (including warrants or other subscription or purchase
rights) in addition to or in lieu of common stock of the successor or acquiring corporation (“Other Property”), are to be
received by or distributed to the holders of Common Stock of the Maker, then Holder shall have the right thereafter to receive, upon
conversion of this Note, the number of shares of common stock of the successor or acquiring corporation or of the Maker, if it is the
surviving corporation, and Other Property receivable upon or as a result of such reorganization, reclassification, merger, consolidation
or disposition of assets by a holder of the number of shares of Common Stock into which this Note is convertible immediately prior to
such event. In case of any such reorganization, reclassification, merger, consolidation or disposition of assets, the successor or acquiring
corporation (if other than the Maker) shall expressly asAmounte the due and punctual observance and performance of each and every covenant
and condition of this Note to be performed and observed by the Maker and all the obligations and liabilities hereunder, subject to such
modifications as may be deemed appropriate (as determined in good faith by resolution of the Board of Directors of the Maker) in order
to provide for adjustments of the number of shares of common stock into which this Note is convertible which shall be as nearly equivalent
as practicable to the adjustments provided for in this Section 2.3(a). For purposes of this Section 2.3(a), “common stock of the
successor or acquiring corporation” shall include stock of such corporation of any class which is not preferred as to dividends
or assets over any other class of stock of such corporation and which is not subject to redemption and shall also include any evidences
of indebtedness, shares of stock or other securities which are convertible into or exchangeable for any such stock, either immediately
or upon the arrival of a specified date or the happening of a specified event and any warrants or other rights to subscribe for or purchase
any such stock. The foregoing provisions of this Section 2.3(a) shall similarly apply to successive reorganizations, reclassifications,
mergers, consolidations or disposition of assets.

 

    	3

     

    

 

Section
2.4. Restrictions on Securities. This Note has been issued by the Maker pursuant to the exemption from registration under
the Securities Act of 1933, as amended (the “Act”). None of this Note or the shares of Common Stock issuable upon conversion
of this Note may be offered, sold or otherwise transferred unless (i) they first shall have been registered under the Act and applicable
state securities laws or (ii) the Maker shall have been furnished with an opinion of legal counsel (in form, substance and scope reasonably
acceptable to Maker) to the effect that such sale or transfer is exempt from the registration requirements of the Act. Each certificate
for shares of Common Stock issuable upon conversion of this Note that have not been so registered and that have not been sold pursuant
to an exemption that permits removal of the applicable legend, shall bear a legend substantially in the following form, as appropriate:

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”). THE SECURITIES REPRESENTED
HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED UNLESS THEY ARE REGISTERED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS,
OR SUCH OFFERS, SALES AND TRANSFERS ARE MADE PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THOSE LAWS.

 

Upon
the request of a holder of a certificate representing any shares of Common Stock issuable upon conversion of this Note, the Maker shall
remove the foregoing legend from the certificate or issue to such Holder a new certificate free of any transfer legend, if (a) with such
request, the Maker shall have received an opinion of counsel, reasonably satisfactory to the Maker in form, substance and scope, to the
effect that any such legend may be removed from such certificate or

	(b)	a
                                            registration statement under the Act covering such securities is in effect.

 

Section
2.5. Reservation of Common Stock.

 

(a)       The
Maker covenants that during the period the Note is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient
number of shares to provide for the issuance of Common Stock of the Maker upon the Conversion of the Note. The Maker further covenants
that its issuance of this Note shall constitute full authority to its officers who are charged with the duty of executing stock certificates
to execute and issue the necessary certificates for shares of Common Stock of the Maker issuable upon the conversion of this Note. The
Maker will take all such reasonable action as may be necessary to assure that such shares of Common Stock may be issued as provided herein
without violation of any applicable law or regulation, or of any requirements of the OTC Bulletin Board (or such other principal market
upon which the Common Stock of the Maker may be listed or quoted).

 

    	4

     

    

 

 

(b)       The
Maker shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization,
transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid
the observance or performance of any of the terms of this Note, but will at all times in good faith assist in the carrying out of all
such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder against impairment.
Without limiting the generality of the foregoing, the Maker will (a) not increase the par value of any shares of Common Stock issuable
upon the conversion of this Note above the amount payable therefor upon such conversion immediately prior to such increase in par value,
(b) take all such action as may be necessary or appropriate in order that the Maker may validly and legally issue fully paid and nonassessable
shares of Common Stock upon the conversion of this Note, and (c) use its best efforts to obtain all such authorizations, exemptions or
consents from any public regulatory body having jurisdiction thereof as may be necessary to enable the Maker to perform its obligations
under this Note.

 

(c)       Upon
the request of Holder, the Maker will at any time during the period this Note is outstanding acknowledge in writing, in form reasonably
satisfactory to Holder, the continuing validity of this Note and the obligations of the Maker hereunder.

 

(d)       Before
taking any action which would cause an adjustment reducing the current Conversion Price below the then par value, if any, of the shares
of Common Stock issuable upon conversion of the Notes, the Maker shall take any corporate action which may be necessary in order that
the Maker may validly and legally issue fully paid and non-assessable shares of such Common Stock at such adjusted Conversion Price.

 

(e)       Before
taking any action which would result in an adjustment in the number of shares of Common Stock into which this Note is convertible or
in the Conversion Price, the Maker shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary
from any public regulatory body or bodies having jurisdiction thereof.

 

(f)       If
at any time the Maker does not have a sufficient number of authorized and available shares of Common Stock for issuance upon conversion
of the Note, then the Maker shall call and hold a special meeting of its stockholders within forty-five (45) days of that time for the
sole purpose of increasing the number of authorized shares of Common Stock.

 

Section
2.6. Maximum Conversion.

 

The
Holder shall not be entitled to convert on a Conversion Date that amount of the Notes in connection with that number of shares of Common
Stock which would be in excess of the Amount of (i) the number of shares of Common Stock beneficially owned by the Holder and its affiliates
on Conversation Date, and (ii) the number of shares of Common Stock issuable upon the conversion of the Notes with respect to which the
determination of this provision is being made on a Conversion Date, which would result in beneficial ownership by the Holder and its
Affiliates of more than 9.99% of the outstanding shares of Common Stock of the Company on such Conversion Date. For the purposes of the
provision to the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended, and Regulation 13d-3 thereunder.

 

    	5

     

    

 

ARTICLE
III.

REPRESENTATIONS AND WARRANTIES

 

Section
3.1. The Holder represents and warrants to the Maker:

 

(a)       The
Holder of this Note, by acceptance hereof, agrees that this Note is being acquired for investment and that such Holder will not offer,
sell or otherwise dispose of this Note or the Common Stock issuable upon conversion hereof except under circumstances that will not result
in a violation of the Act or any application state securities laws or similar laws relating to the sale of securities;

 

(b)       That
Holder understands that none of this Note or the Common Stock issuable upon conversion hereof have been registered under the Securities
Act of 1933, as amended (the “Act”), in reliance upon the exemptions from the registration provisions of the Act and any
continued reliance on such exemption is predicated on the representations of the Holder set forth herein;

 

(c)       Holder
(i) has adequate means of providing for his current needs and possible contingencies, (ii) has no need for liquidity in this investment,
(iii) is able to bear the substantial economic risks of an investment in this Note for an indefinite period, (iv) at the present time,
can afford a complete loss of such investment, and (v) does not have an overall commitment to investments which are not readily marketable
that is disproportionate to Holder’s net worth, and Holder’s investment in this Note will not cause such overall commitment
to become excessive;

 

(d)       Holder
is an “accredited investor” (as defined in Regulation D promulgated under the Act) and the Holder’s total investment
in this Note does not exceed 10% of the Holder’s net worth; and

 

(e)       Holder
recognizes that an investment in the Maker involves significant risks and only investors who can afford the loss of their entire investment
should consider investing in the Maker and this Note.

 

Section
3.2The Maker represents and warrants to Holder:

 

(a)       Organization
and Qualification. The Maker and each of its Subsidiaries (as defined below), if any, is a corporation duly organized, validly existing
and in good standing under the laws of the jurisdiction in which it is incorporated, with full power and authority (corporate and other)
to own, lease, use and operate its properties and to carry on its business as and where now owned, leased, used, operated and conducted.
The Maker and each of its Subsidiaries is duly qualified as a foreign corporation to do business and is in good standing in every jurisdiction
in which its ownership or use of property or the nature of the business conducted by it makes such qualification necessary except where
the failure to be so qualified or in good standing would not have a Material Adverse Effect. “Material Adverse Effect” means
any material adverse effect on the business, operations, assets, financial condition or prospects of the Maker or its Subsidiaries, if
any, taken as a whole, or on the transactions contemplated hereby or by the agreements or instruments to be entered into in connection
herewith. “Subsidiaries” means any corporation or other organization, whether incorporated or unincorporated, in which the
Maker owns, directly or indirectly, any equity or other ownership interest.

 

    	6

     

    

 

(b)       Authorization;
Enforcement. (i) The Maker has all requisite corporate power and authority to enter into and perform this Note and to consummate
the transactions contemplated hereby and thereby and to issue the Common Stock, in accordance with the terms hereof, (ii) the execution
and delivery of this Note by the Maker and the consummation by it of the transactions contemplated hereby and thereby (including without
limitation, the issuance of the Note and the issuance and reservation for issuance of the Common Stock issuable upon conversion or exercise
hereof) have been duly authorized by the Maker’s Board of Directors and no further consent or authorization of the Maker, its Board
of Directors, or its shareholders is required, (iii) this Note has been duly executed and delivered by the Maker by its authorized representative,
and such authorized representative is the true and official representative with authority to sign this Note and the other documents executed
in connection herewith and bind the Maker accordingly, and (iv) this Note constitutes, a legal, valid and binding obligation of the Maker
enforceable against the Maker in accordance with its terms.

 

(c)       Issuance
of Shares. The Notice Shares are duly authorized and reserved for issuance and, upon conversion of the Note in accordance with its
respective terms, will be validly issued, fully paid and non-assessable, and free from all taxes, liens, claims and encumbrances with
respect to the issue thereof and shall not be subject to preemptive rights or other similar rights of shareholders of the Maker and will
not impose personal liability upon the holder thereof.

 

(d)       Acknowledgment
of Dilution. The Maker understands and acknowledges the potentially dilutive effect to the Common Stock upon the issuance of the
Notice Shares upon conversion of this Note. The Maker further acknowledges that its obligation to issue Notice Shares upon conversion
of this Note is absolute and unconditional regardless of the dilutive effect that such issuance may have on the ownership interests of
other shareholders of the Maker.

 

(e)       Acknowledgement
of Current Financial Statements. The Maker acknowledges that during the existence of this Note, it will not be late or delinquent
in filing its financial statements with the requisite reporting bodies.

 

ARTICLE
IV.

EVENTS
OF DEFAULT

 

Section
4.1.Default. The following events shall be defaults under this Note: (“Events of Default”):

 

(a)       default
in the due and punctual payment of all or any part of any payment of interest or the Principal Amount as and when such amount or such
part thereof shall become due and payable hereunder; or

 

    	7

     

    

 

(b)       failure
on the part of the Maker duly to observe or perform in all material respects any of the covenants or agreements on the part of the Maker
contained herein (other than those covered by clause (a) above) for a period of 5 business days after the date on which written notice
specifying such failure, stating that such notice is a “Notice of Default” hereunder and demanding that the Maker remedy
the same, shall have been given by the Holder by registered or certified mail, return receipt requested, to the Maker; or

 

(c)       any
representation, warranty or statement of fact made by the Maker herein when made or deemed to have been made, false or misleading in
any material respect; provided, however, that such failure shall not result in an Event of Default to the extent it is
corrected by the Maker within a period of 5 business days after the date on which written notice specifying such failure, stating that
such notice is a “Notice of Default” hereunder and demanding that the Maker remedy same, shall have been given by the Holder
by registered or certified mail, return receipt requested; or

 

(d)       any
of the following actions by the Maker pursuant to or within the meaning title 11, U.S. Code or any similar federal or state law for the
relief of debtors (collectively, the “Bankruptcy Law”): (A) commencement of a voluntary case or proceeding, (B) consent to
the entry of an order for relief against it in an involuntary case or proceeding, (C) consents to the appointment of a receiver, trustee,
assignee, liquidator or similar official under any Bankruptcy Law (each, a “Custodian”), of it or for all or substantially
all of its property, (D) a general assignment for the benefit of its creditors, or (E) admission in writing its inability to pay its
debts as the same become due; or

 

(e)       entry
by a court of competent jurisdiction of an order or decree under any Bankruptcy Law that: (A) is for relief against the Maker in an involuntary
case, (B) appoints a Custodian of the Maker or for all or substantially all of the property of the Maker, or (C) orders the liquidation
of the Maker, and such order or decree remains unstayed and in effect for 60 days.

 

Section
4.2. Remedies Upon Default. Upon the occurrence of an event of default by Maker under this Note or at any time before default
when the Holder reasonably feels insecure, then, in addition to all other rights and remedies at law or in equity, Holder may exercise
any one or more of the following rights and remedies:

 

a.       Accelerate
the time for payment of all amounts payable under this Note by written notice thereof to Maker, whereupon all such amounts shall be immediately
due and payable.

 

		b.	Pursue
                                            any other rights or remedies available to Holder at law or in equity.

 

c.       The
Holder shall receive Liquidated Damages of $500 per day per Event of Default the Maker is in Default pursuant to this Note.

 

Section
4.3. Payment of Costs. The Maker shall reimburse the Holder, on demand, for any and all reasonable costs and expenses, including
reasonable attorneys’ fees and disbursement and court costs, incurred by the Holder in collecting or otherwise enforcing this Note
or in attempting to collect or enforce this Note.

 

    	8

     

    

 

Section
4.4. Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default. No right or remedy herein conferred upon or
reserved to the Holder is intended to be exclusive of any other right or remedy available to Holder under applicable law, and every such
right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder
or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise,
shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. No delay or omission of the Holder
to exercise any right or power accruing upon any Default occurring and continuing as aforesaid shall impair any such right or power or
shall be construed to be a waiver of any such Default or an acquiescence therein; and every power and remedy given by this Note or by
law may be exercised from time to time, and as often as shall be deemed expedient, by the Holder.

 

Section
4.5. Waiver of Past Defaults. The Holder may waive any past default or Event of Default hereunder and its consequences, but
no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon.

 

Section
4.6. Waiver of Presentment etc. The Maker hereby waives presentment, demand, notice, protest and all other demands and notices
in connection with the delivery, acceptance, performance and enforcement of this Note, except as specifically provided herein.

 

ARTICLE
V.

MISCELLANEOUS

 

Section
5.1. Notices. Any notice herein required or permitted to be given shall be in writing and may be personally served or delivered
by courier or sent by United States mail and shall be deemed to have been given upon receipt if personally served (which shall include
telephone line facsimile transmission) or sent by courier or three (3) days after being deposited in the United States mail, certified,
with postage pre-paid and properly addressed, if sent by mail. For the purposes hereof, the address of the Holder shall be One Penn Plaza,
Suite 6196, New York, NY 10119; and the address of the Maker shall be 13110 NE 177th Place, #293, Woodinville, WA 9872. Both the Holder
or its assigns and the Maker may change the address for service by delivery of written notice to the other as herein provided.

 

Section
5.2. Amendment. This Note and any provision hereof may be amended only by an instrument in writing signed by the Maker and
the Holder.

 

Section
5.3. Assignability. This Note shall be binding upon the Maker and its successors and assigns and shall inure to be the benefit
of the Holder and its successors and assigns; provided, however, that so long as no Event of Default has occurred, this Note shall only
be transferable in whole subject to the restrictions contained in the restrictive legend on the first page of this Note.

 

Section
5.4. Governing Law. This Note shall be governed by the internal laws of the State of New York, without regard to conflicts
of laws principles.

 

Section
5.5. Replacement of Note. The Maker covenants that upon receipt by the Maker of evidence reasonably satisfactory to it of
the loss, theft, destruction or mutilation of this Note, and in case of loss, theft or destruction, of indemnity or security reasonably
satisfactory to it (which shall not include the posting of any bond), and upon surrender and cancellation of such Note, if mutilated,
the Maker will make and deliver a new Note of like tenor.

 

    	9

     

    

 

Section
5.6. This Note shall not entitle the Holder to any of the rights of a stockholder of the Maker, including without limitation, the
right to vote, to receive dividends and other distributions, or to receive any notice of, or to attend, meetings of stockholder or any
other proceedings of the Maker, unless and to the extent converted into shares of Common Stock in accordance with the terms hereof.

 

Section
5.7. Severability. In case any provision of this Note is held by a court of competent jurisdiction to be excessive in scope
or otherwise invalid or unenforceable, such provision shall be adjusted rather than voided, if possible, so that it is enforceable to
the maximum extent possible, and the validity and enforceability of the remaining provisions of this Note will not in any way be affected
or impaired thereby.

 

Section
5.8. Low-Priced Security. The Conversion Price Discount is subject to Low-Priced Security adjustments (the “Low-Priced
Security Adjustment”) due to, but not limited to, the increased volatility, potential lack of liquidity, and increased transaction
costs that arise if and when the Trading Price of the Maker’s common stock falls or is below certain levels, in addition to other
Conditions. If the Trading Price at any point during the 20 Trading Days prior to Conversion is:

 

(i)
below $0.01, then the Conversion Price shall be $0.001. The Low-Priced Security Adjustment is cumulative and in addition to any other
adjustments or Conditions specified within this Note or available under applicable law, but not subject to reverse stock splits.

 

Section
5.9. Headings. The headings of the sections of this Note are inserted for convenience only and do not affect the meaning of
such section.

 

Section
5.10. Counterparts. This Note may be executed in multiple counterparts, each of which shall be an original, but all of which
shall be deemed to constitute one instrument.

 

    	10

     

    

 

IN
WITNESS WHEREOF, with the intent to be legally bound hereby, the Maker as executed this Note as of the date first written above.

 

	Deep
    Green Waste & Recycling, Inc.	 
	 	 	 
		 
	By:	Lloyd
    Spencer	 
	Its:	CEO	 

 

	Acknowledged
and Agreed:	 
	 	 
	GPL Ventures LLC.	 
	 	 
		 
	By:	Alexander
    Dillon	 
	Its:	Partner	 

 

    	11

     

    

 

EXHIBIT
1

 

CONVERSION
NOTICE

 

 

 

(To
be executed by the Holder in order to Convert the Note)

 

TO:

 

The
undersigned hereby irrevocably elects to convert US$ ____________ of the Principal Amount of the above Note into Shares of Common Stock
of Deep Green Waste & Recycling, Inc., according to the conditions stated therein, as of the Conversion Date written below. If shares
are to be issued in the name of a person other than the undersigned, the undersigned will pay all transfer taxes payable with respect
thereto and is delivering herewith such certificates and opinions as reasonably requested by the Maker in accordance therewith. No fee
will be charged to the Holder for any conversion, except for such transfer taxes, if any.

 

Conversion
Date: _______________________________________

 

Applicable
Conversion Price: $ ________________

 

	Signature:		 
	 	 	 
	Name:		 
	 	 	 
	Address:		 
	 	 	 
	 		 
	 		 
	Tax
    I.D. or Soc. Sec. No:		 

 

Principal
Amount to be converted:

US$
________________________________

 

Amount
of Note unconverted:

US$
________________________________

 

Number
of shares of Common Stock to be issued: ____________________________

 

    	12

     

    

 

Insert
Checks / Proof of Wire Here

 

    	13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00328-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00328-of-00352.parquet"}]]