Document:

Document

Exhibit 10.21

F&G Annuities & Life Inc.
801 Grand St., Ste 2600, Des Moines, IA 50309
September 24, 2021
						
	Blackstone ISG-I Advisors L.L.C.
345 Park Avenue
New York, New York 10154
Email: robert.young@blackstone.com 
Attention: Robert Young, Esq.
	Fidelity National Financial, Inc. 
601 Riverside Avenue 
Jacksonville, Florida 32204 
Email: mgravelle@fnf.com 
Attention: General Counsel

Amended and Restated Amendment to Investment Management Agreements; IMA Omnibus Termination Side Letter; SMA Fee Agreement and Participation Fee Agreement (this “Restated Amendment”)
Ladies and Gentlemen: 
Reference is made to:
(a)    the Investment Management Agreements set forth on Exhibit A (as such agreements may be amended or modified from time to time, the “Investment Management Agreements”) between F&G Annuities & Life Inc., a Delaware corporation (as assignee of CF Bermuda Holdings Limited, a Bermuda exempted company (as successor by merger to FGL Holdings)) (“FGAL”), and/or certain of its current or future subsidiaries that are party to such Investment Management Agreements, and Blackstone ISG-I Advisors L.L.C., a Delaware limited liability company (the “Investment Manager”);
(b)    the Investment Management Agreements Omnibus Letter Agreement, dated June 1, 2020 (as amended, the “IMA Omnibus Termination Side Letter”), by and between the Investment Manager and FGAL (as assignee of CF Bermuda Holdings Limited, a Bermuda exempted company (as successor by merger to FGL Holdings)), and, solely for the purposes of Section 5 thereof, Fidelity National Financial, Inc., a Delaware corporation (“FNF”);
(c)    the Amended and Restated Sub-Manager Fee Agreement, dated June 1, 2020 (the “SMA Fee Agreement”), by and between the Investment Manager, FGAL (as assignee of CF Bermuda Holdings Limited, a Bermuda exempted company (as successor by merger to FGL Holdings)) and, solely for the purposes of Section 3 thereof, FNF;
(d)    the Participation Fee Agreement, dated as of June 1, 2020 (the “Participation Fee Agreement”), by and between the Investment Manager, MVB Management LLC (“MVB”), Chinh E. Chu (“CEC”) and William P. Foley, II (“WPF”); and
(e)    the Amendment to Investment Management Agreements; IMA Omnibus Termination Side Letter; SMA Fee Agreement and Participation Fee Agreement dated August 20, 2021 (the “Prior Amendment”).
This Restated Amendment amends and restates the Prior Amendment in its entirety.
Pursuant to Section 26 of the Investment Management Agreements, Section 11 of the IMA Omnibus Termination Side Letter and Section 9 of the SMA Fee Agreement, this letter amends applicable portions of the Investment Management Agreements, the IMA Omnibus Termination Side Letter and the SMA Fee Agreement as set forth herein. Capitalized terms not otherwise defined in this Amendment shall have the meanings set forth in the Investment 

Management Agreements, the IMA Omnibus Termination Side Letter and the SMA Fee Agreement, as applicable.
1.    Extension of Initial Term. The parties hereto acknowledge and agree that as a condition to the effectiveness of the amendments under Section 3:
(a)    Section 2(a) of the IMA Omnibus Termination Side Letter shall be amended and restated as follows:
The “Term” with respect to each Investment Management Agreement will commence on the date first written above, and will (i) initially end on June 1, 2027 (the “Initial Term”) and thereafter (ii) automatically renew on each anniversary (beginning on June 1, 2027) for an additional one (1) year period unless terminated in accordance with Section 2(b) or Section 2(c).
(b)    Section 2(b)(iii) of the IMA Omnibus Termination Side Letter shall be amended and restated as follows:
Beginning on June 1, 2027, and on each anniversary thereafter, to the extent no Valid IMA Termination Notice has been delivered in accordance with this Section 2(b) prior to such date, the Term with respect to each Investment Management Agreement for which no Valid IMA Termination Notice has been delivered shall be extended automatically without any further action or obligation by any persons (including, without limitation, the parties thereto or hereto) for one (1) additional year.
2.    Reduction in Fees Under the Participation Fee Agreement. The parties hereto acknowledge and agree that as a condition to the effectiveness of certain amendments under Section 3, the Participation Fee Agreement shall be amended or the terms thereunder otherwise waived or modified such that, on and after October 1, 2021, the Investment Manager’s obligation to pay the Participation Fee (and any other amounts owed by the Investment Manager under Section 2 of the Participation Fee Agreement) in respect of Aggregate FGAL AUM (as defined below) over $34 billion shall be reduced by fifty percent (50%) (the “Participation Fee Amendment”).
3.    Management Fee. 
(a)    Subject to the effectiveness of the extension of the Initial Term as set forth in Section 1 above, and notwithstanding anything to the contrary in the Investment Management Agreements or the IMA Omnibus Termination Side Letter, the “Management Fee” for the services provided pursuant to the Investment Management Agreements, shall be calculated and paid in accordance with Schedule 1 attached hereto effective as of October 1, 2021 (the “Third Amendment Effective Date”). For the avoidance of doubt, Schedule 1 attached hereto shall be deemed to replace Schedule 2 (or such other applicable “management fee schedule”) in each Investment Management Agreement, effective as of the Third Amendment Effective Date.
(b)    Notwithstanding anything to the contrary in this Amendment, FGAL shall continue to pay, or cause to be paid, the fees and other amounts required to be paid under the SMA Fee Agreement. For the avoidance of doubt, nothing herein shall affect the applicable Sub-Manager Fee rates set forth in the SMA Fee Agreement.
4.    Reaffirmation. The parties hereto hereby acknowledge and agree that notwithstanding the execution and delivery of this Amendment, the Investment Management Agreements, the IMA Omnibus Termination Side Letter, the SMA Fee Agreement and the other 
2

documents referenced therein and herein shall remain in full force and effect and shall not be affected, impaired or discharged hereby except as otherwise expressly set forth herein.
If the above correctly reflects our understanding and agreement with respect to the foregoing matters, please so confirm by signing a copy of this letter, and returning it to us, in the space provided below.
[Remainder of page intentionally left blank; signature pages follow]
3

									
	Sincerely,

			
			
	F&G ANNUITIES & LIFE INC.

			
			
	By:
	/s/ Christopher Blunt
		Name:	Christopher Blunt

		Title:	CEO & President

[Signature Page to Amended and Restated Amendment  to
the Amended and Restated Investment Management Agreement Omnibus Termination Side Letter, and
the Amended and Restated Sub-Manager Fee Agreement]

ACCEPTED AND AGREED
												
	BLACKSTONE ISG-I ADVISORS L.L.C.

				
				
	By:		/s/ Jeffrey Iverson	
		Name:	Jeffrey Iverson
		Title:	Managing Director & Chief Operating Officer
				
				
	FIDELITY NATIONAL FINANCIAL, INC.
				
				
	By:		/s/ Peter T. Sadowski	
		Name:	Peter T. Sadowski
		Title:	Executive Vice President, Chief Legal Officer

[Signature Page to Amended and Restated Amendment  to
the Amended and Restated Investment Management Agreement Omnibus Termination Side Letter, and
the Amended and Restated Sub-Manager Fee Agreement]

Exhibit A
Investment Management Agreements
•Second Amended and Restated Investment Management Agreement, dated as of June 1, 2020, by and between FGL US Holdings Inc. and Blackstone ISG-I Advisors L.L.C.
•Second Amended and Restated Investment Management Agreement, dated as of June 1, 2020 by and between Fidelity & Guaranty Life Holdings, Inc. and Blackstone ISG-I Advisors L.L.C.
•Second Amended and Restated Investment Management Agreement, dated as of June 1, 2020 by and between F&G Life Re Ltd (f/k/a F&G Re Ltd) and Blackstone ISG-I Advisors L.L.C.
•Second Amended and Restated Investment Management Agreement, dated as of June 1, 2020 by and between CF Bermuda Holdings Limited and Blackstone ISG-I Advisors L.L.C.
•Second Amended and Restated Investment Management Agreement, dated as of June 1, 2020 by and between Fidelity & Guaranty Life Insurance Company and Blackstone ISG-I Advisors L.L.C.
•Investment Management Agreement, dated as of September 30, 2020 by and between Freestone Re Ltd. and Blackstone ISG-I Advisors L.L.C.
•Investment Management Agreement, dated as of December 16, 2020 by and between F&G Cayman Re Ltd. and Blackstone ISG-I Advisors L.L.C.
•Investment Management Agreement, dated as of January 4, 2021, by and between F&G Annuities & Life, Inc. and Blackstone ISG-I Advisors L.L.C.
•Investment Management Agreement, dated as of July 29, 2021, by and between Fidelity & Guaranty Life Insurance Company, solely with respect to the Company’s separate account relating to the Company’s pension risk transfer business, and Blackstone ISG-I Advisors L.L.C.
•Any New Investment Management Agreements entered into between the Investment Manager and a Subject Company pursuant to Section 5(b) of the Amended and Restated Omnibus Investment Management Agreement Termination Side Letter, dated as of June 1, 2020, by and among F&G Annuities & Life, Inc. (as assignee of CF Bermuda Holdings Limited, a Bermuda exempted company (as successor by merger to FGL Holdings)), Blackstone ISG-I Advisors L.L.C. and Fidelity National Financial, Inc. (solely for purposes of Section 5 thereof).
Ex. A-1

Schedule 1
Management Fee Schedule
Capitalized terms used but not otherwise defined in this Schedule 1 have the meanings ascribed to such terms in the applicable Investment Management Agreement.
1.    Management Fee: In consideration of the services performed under the Agreement, the Company shall pay the Investment Manager a “Management Fee” for each calendar quarter equal to the per annum Average Month-End Management Fee Rate for such quarter of the Average Month-End Net Asset Value.
Effective as of the Third Amendment Effective Date, the Management Fee Rate will be calculated based on the aggregate assets under management of the Company and other subsidiaries of F&G Annuities & Life Inc., a Delaware corporation (as assignee of CF Bermuda Holdings Limited, a Bermuda exempted company (as successor by merger to FGL Holdings)) (“FGAL”) by the Investment Manager, such that the Investment Manager’s per annum Management Fee will be 0.26% of such aggregate assets under management up to $25 billion, 0.24% of such aggregate assets under management above $25 billion and up to $34 billion, and 0.12% in respect of 80% of the aggregate assets under management above $34 billion and 0.24% of the remaining 20% of the aggregate assets under management above $34 billion; provided that, effective immediately upon the effectiveness of the Participation Fee Amendment, the Investment Manager’s per annum Management Fee will be 0.12% of all of the aggregate assets under management above $34 billion. Accordingly, the “Management Fee Rate” for the Account shall, for any calendar month, be equal to:
•if the aggregate month-end net asset values of the Account and each other account of FGAL and its subsidiaries managed by the Investment Manager (in each case) with adjustments for contributions to, or withdrawals from, the Account during such month (“Aggregate FGAL AUM”) are less than or equal to $25 billion, 0.26%;
•if Aggregate FGAL AUM exceeds $25 billion, but is less than or equal to $34 billion, the result of (x) divided by (y), where (x) is equal to the sum of (i) 0.26% multiplied by $25 billion and (ii) 0.24% multiplied by the excess of Aggregate FGAL AUM for such month over $25 billion and where (y) is equal to Aggregate FGAL AUM for such month; 
•prior to the execution and delivery of the Participation Fee Amendment in a form reasonably acceptable to the parties hereto in accordance with Section 2, if Aggregate FGAL AUM exceeds $34 billion, the result of (x) divided by (y), where (x) is equal to the sum of (i) 0.26% multiplied by $25 billion, (ii) 0.24% multiplied by $9 billion, (iii) 0.12% multiplied by 80% of the excess of Aggregate FGAL AUM for such month over $34 billion and (iv) 0.24% multiplied by 20% of the excess of Aggregate FGAL AUM for such month over $34 billion and where (y) is equal to Aggregate FGAL AUM for such month; and
•on and after the execution and delivery of the Participation Fee Amendment in a form reasonably acceptable to the parties hereto in accordance with Section 2, if Aggregate FGAL AUM exceeds $34 billion, the result of (x) divided by (y), where (x) is equal to the sum of (i) 0.26% multiplied by $25 billion, (ii) 0.24% multiplied by $9 billion and (iii) 0.12% multiplied by the excess of Aggregate 
Sch. 1-1

FGAL AUM for such month over $34 billion and where (y) is equal to Aggregate FGAL AUM for such month.
The “Average Month-End Management Fee Rate” for each calendar quarter shall be the average of the Management Fee Rates for each calendar month end during such calendar quarter.
The “Average Month-End Net Asset Value” for a calendar quarter shall be the average of the month-end net asset values of the Account during such calendar quarter with adjustments for contributions to, or withdrawals from, the Account during such period.
If the period in respect of which a Management Fee is payable is less than a
calendar quarter, then the Management Fee shall be pro-rated accordingly.
2.    Valuation. The Custodian shall be responsible for determining the value of the Account and shall submit a proposed valuation of the Account as of each month-end to the Investment Manager. The parties agree to negotiate in good faith as to any objections raised by the Investment Manager about the valuation of assets in the Account for purposes of determining the Management Fee.
3.    Payment of Fees: The Management Fee will be calculated, billed, and paid quarterly in arrears, based on the Average Month-End Management Fee Rate and the Average Month-End Net Asset Value of the Account as of the last business day of each and all of the three calendar months during the relevant quarter, or in the case of any partial quarterly period, the last day of each calendar month during the relevant period and the last business day of such period. Any fee payable by the Company hereunder will be paid by Company within 10 Business Days following receipt by the Company of an invoice for such fee, detailing the calculation of such fee. Upon termination of the Agreement, any outstanding Management Fee shall become immediately payable by the Company.
Sch. 1-2Exhibit 10.1

 

THIRD LOAN MODIFICATION
AGREEMENT

 

THIS THIRD LOAN MODIFICATION
AGREEMENT (this “Agreement”) is made and entered into effective as of the 30th day of September, 2022 (the
 “Effective Date”), by and between DAWSON GEOPHYSICAL COMPANY, a Texas corporation (“Borrower”), and DOMINION
BANK, a Texas state bank (“Lender”).

 

RECITALS:

 

On or about September 30,
2019, Lender made a revolving line of credit loan to Borrower in the original stated principal amount of Fifteen Million and No/100 Dollars
($15,000,000.00) (the “Loan”). The Loan is evidenced and secured by, among other things, the following documents and instruments:
(i) that certain Loan and Security Agreement dated as of September 30, 2019, executed by Borrower and Lender, as amended by that certain
Loan Modification Agreement dated effective as of September 30, 2020, executed by Borrower and Lender (the “First Modification”),
and as further amended by that certain Second Loan Modification Agreement dated effective as of September 30, 2021, executed by Borrower
and Lender (the “Second Modification”; together with the First Modification collectively referred to herein as the “Modification”)
(as amended, the “Loan Agreement”) and (ii) that certain Promissory Note dated as of September 30, 2019, in the stated principal
amount of Fifteen Million and No/100 Dollars ($15,000,000.00), made by Borrower and payable to the order of Lender, as amended by the
Modification (as amended, the “Note”). The Loan Agreement, the Note, the First Modification and the Second Modification, together
with any and all other documents and instruments evidencing, securing or in any manner relating to the Loan (including, without limitation,
this Agreement) are hereinafter sometimes collectively referred to as the “Loan Documents.”

 

Borrower has requested that
Lender renew the Loan, extend the maturity date and make certain other modifications to the terms of the Loan Documents and Lender is
willing to so renew the Loan, extend the maturity date, and make such other modifications, on and subject to the terms and conditions
contained in this Agreement.

 

Borrower and Lender hereby
mutually agree to modify the terms of the Loan on and subject to the terms and conditions contained in this Agreement.

 

AGREEMENT:

 

NOW, THEREFORE, for
and in consideration of the foregoing recitals, the sum of Ten and No/100 Dollars ($10.00) in hand paid, and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound hereby, do covenant and
agree as follows:

 

1.              Recitals.
The foregoing Recitals are agreed to be true and correct and are hereby incorporated by reference and made a part hereof for all
purposes.

 

     

     

    

  

2.            
Definitions. Capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in
the Note or the Loan Agreement, as applicable.

 

3.             
Conditions to this Agreement. Borrower hereby acknowledges and agrees that it shall be condition to Lender’s
willingness to execute this Agreement that Borrower and all other parties thereto, execute and deliver all necessary consents and approvals
thereof, all in form and substance satisfactory to Lender, in Lender’s sole and absolute discretion.

 

4.             
Current Note Balance; Commitment to Lend. Notwithstanding anything contained herein or in the Loan Documents, Borrower
and Lender hereby acknowledge and agree that (a) as of the Effective Date, the outstanding principal balance of the Note is Zero Dollars
($0), (b) payments or prepayments of advances made under the Note may be reborrowed strictly in accordance with the terms of the Note
and the other Loan Documents, each as modified by this Agreement, (c) Lender’s commitment under the Loan is hereby decreased to
Ten Million and No/100 Dollars ($10,000,000.00), and (d) Lender has no obligation to make any further advances under the Note unless the
terms and conditions of the Loan Documents are met for each advance.

 

5.             
Renewal of the Loan and Extension of Maturity. The Loan is hereby renewed and the maturity date of the Note and the
other Loan Documents is hereby extended from September 30, 2022 to September 30, 2023 (the “Maturity Date”), when the unpaid
principal balance of the Note, together with all accrued and unpaid interest thereon, shall be due and payable. Borrower hereby renews,
but does not extinguish, the Note and the liens, security interests and assignments created and evidenced by the Loan Documents, and in
this regard all of the Loan Documents are hereby modified and renewed by extending the Maturity Date for the Note as set forth above.
Borrower covenants to observe, comply with and perform each of the terms and provisions of the Loan Documents, as modified hereby. Borrower
acknowledges that Lender is under no obligation whatsoever to extend the Maturity Date of the Loan beyond September 30, 2023.

 

6.            
Modification of Loan Documents. From and after the Effective Date of this Agreement, the Loan Documents are hereby
modified and amended in the following respects:

 

(a)                
All references in the Loan Documents to the notice address for Lender are hereby modified and amended to show the following as
Lender’s notice address:

 

“If to
Lender:             
         Dominion Bank

17304 Preston Road, Suite 1100

Dallas, Texas 75252

Attention: Loan Operations

Facsimile No.: 972/587-7765

 

with a copy
to:       
            Dominion Bank

6071 Sherry Lane

Dallas, Texas 75225

  Attention: Stephanie Baird Velasquez

  Email: svelasquez@dominionbanking.com

 

    	 	2	 

     

    

 

with a copy
to:          
          Liechty, McGinnis, Berryman & Bowen, LLP

11910 Greenville Avenue, Suite 400

Dallas, Texas 75243

Attention: Kristy K. Bowen, Esq.

Facsimile No.: 214/265-0615

Email: kbowen@lmlawyers.com”

 

(b)        
          All references in the Loan Documents to the stated principal amount
of the Loan and the Note as “Fifteen Million and No/100 Dollars ($15,000,000.00)” or “$15,000,000.00” are
hereby modified and amended to read in their entireties as “Ten Million and No/100 Dollars ($10,000,000.00)” or
 “$10,000,000.00”, as applicable.

 

(c)          
        The introductory paragraph of the Note is hereby deleted in its entirety and
replaced with the following:

 

“FOR VALUE
RECEIVED, DAWSON GEOPHYSICAL COMPANY, a Texas corporation ("Debtor"), unconditionally promises to pay to the
order of DOMINION BANK, a Texas state bank (together with its successors and assigns, “Lender”) without
setoff, at its offices at 17304 Preston Road, Suite 1100, Dallas, TX 75252, Attention: Stephanie Velasquez, or at such other place as
may be designated by Lender, the principal amount of TEN MILLION AND NO/100 DOLLARS ($10,000,000.00), or so much thereof as may
be advanced from time to time in immediately available funds, together with interest computed daily on the outstanding principal balance
hereunder, at an annual interest rate (the "Rate"), and in accordance with the payment schedule indicated below.
This PROMISSORY NOTE (as amended, this "Note"), is executed pursuant to and evidences the Loans funded
and to be funded by Lender under the Revolving Credit Facility pursuant to that certain LOAN AND SECURITY AGREEMENT between Debtor
and Lender dated as of SEPTEMBER 30, 2019, as amended by that certain Loan Modification Agreement dated effective as of September
30, 2020 (the “First Modification”), as further amended by that certain Second Loan Modification Agreement dated
effective as of September 30, 2021 (the “Second Modification”), and as further amended by that certain Third
Loan Modification Agreement dated effective as of September 30, 2022 (the “Third Modification”) (as amended
by the First Modification, the Second Modification and the Third Modification, and as the same may be further amended, supplemented, renewed
or extended from time to time, the “Loan Agreement”) to which reference is made for a statement of the collateral,
rights and obligations of Debtor and Lender in relation thereto; but neither this reference to the Loan Agreement nor any provision thereof
shall affect or impair the absolute and unconditional obligation of Debtor to pay unpaid principal of and interest on this Note when due.
Capitalized terms not otherwise defined herein shall have the same meanings as in the Loan Agreement.”

 

    	 	3	 

     

    

 

(d)                
The first sentence of Paragraph numbered 1 of the Note is hereby deleted in its entirety and replaced with the following:

 

“Prior to the
Maturity Date or an Event of Default, the Rate shall be the LESSER of (a) the MAXIMUM RATE, (b) from the Date of
this Note until September 29, 2022, SIX PERCENT (6.00%) and thereafter SEVEN AND SEVENTY-FIVE ONE HUNDREDTHS PERCENT
(7.75%), and (c) the GREATER of (ii) the PRIME RATE, or (ii) from the Date of this Note until September 29,
2022, THREE AND ONE-HALF PERCENT (3.50%) and thereafter FOUR AND SEVENTY-FIVE ONE HUNDREDTHS PERCENT (4.75%).”

 

(e)                 
The reference to September 30, 2022 in clause (ii) of the fourth sentence of Paragraph numbered 4 of the Note is hereby modified
and amended to show September 30, 2023.

 

(f)                  
Section 1(l) of the Loan Agreement is hereby deleted in its entirety and replaced with the following:

 

““Loan
Documents” means this Agreement, the Note and the other agreements, documents and instruments now or hereafter evidencing,
securing, governing, guaranteeing, or pertaining to the Loans, all as modified and amended by that certain Loan Modification Agreement
dated effective as of September 30, 2020, executed by Lender and Debtor, as further modified and amended by that certain Second Loan Modification
Agreement dated effective as of September 30, 2021, and as further modified and amended by that certain Third Loan Modification Agreement
dated effective as of September 30, 2022.”

 

(g)                
The first sentence of Section 2(a) of the Loan Agreement is hereby deleted in its entirety and replaced with the following:

 

“Subject
to the terms and conditions set forth in this Agreement and the other Loan Documents, Lender hereby agrees to make loans to Debtor under
a credit facility (the "Revolving Credit Facility" or “Credit Facility”) in an aggregate
sum not to exceed the lesser of (i) an amount equal to the Borrowing Base, or (ii) TEN MILLION AND NO/100 DOLLARS ($10,000,000.00)
(subject to reduction as provided herein, the “Maximum Amount”), on a revolving basis from time to time during
the period commencing on the Closing Date and continuing until the earlier of: (x) the acceleration of the Indebtedness pursuant to the
terms of the Loan Documents; or (ii) SEPTEMBER 30, 2023 (the earlier of such dates being the “Revolving Credit Maturity
Date").”

 

(h)              
   Section 8(c) of the Loan Agreement is hereby deleted in its entirety and replaced with the following:

 

    	 	4	 

     

    

 

“Tangible
Net Worth. Debtor will maintain, as of the end of each calendar quarter, a Tangible Net Worth of not less than THIRTY-EIGHT
MILLION AND NO/100 DOLLARS ($38,000,000.00).”

 

(i)         
            The following is hereby added as Section 8(d) of the Loan Agreement:

 

“(d)      Minimum
Liquidity Requirement. Debtor’s Unencumbered Liquid Assets (as hereinafter defined) shall not, at any time, be less than Five
Million and No/100 Dollars ($5,000,000.00) (the “Minimum Liquidity Requirement”), to be tested as of the end
of each calendar quarter. As used herein “Unencumbered Liquid Assets” shall mean cash on deposit in an insured financial institution,
brokerage balances and/or instruments immediately convertible into cash, held but only to the extent such cash, brokerage balances and/or
instruments are not encumbered by any indebtedness, any lien and are not subject to any negative pledge or other agreement not to place
a lien on such liquid assets; provided, however, assets that are protected, either at law or otherwise, from attachment by creditors are
expressly deemed excluded from liquid assets.”

 

7.             
Payment of Lender’s Fees and Expenses. Contemporaneously with the execution and delivery of this Agreement,
Borrower shall pay, or cause to be paid, all costs and expenses incident to the preparation, negotiation, and execution of this Agreement
and the consummation of the transaction contemplated hereby, including, but not limited to reasonable fees and expenses of legal counsel
to Lender.

 

8.             
Incorporation into the Note. This Agreement is hereby made a part of, and is incorporated by reference in the Note.
The Note, as modified by this Agreement, shall be deemed to be one and the same instrument, evidencing a single indebtedness owed by Borrower
to Lender.

 

9.             
Reaffirmation. Borrower hereby represents and agrees that there are no oral agreements which modify any of the Loan
Documents, and that the Loan Documents, as expressly modified herein, constitute the entire agreement between Borrower and Lender with
respect to the Loan. Borrower hereby reaffirms and restates, as of the Effective Date, all covenants, representations, and warranties
set forth in any of the Loan Documents to which it is a party or by which it is otherwise bound. Nothing herein shall constitute, and
there has not otherwise occurred, any extinguishment or release of or substitution for the obligations and agreements of Borrower under
the Note or any of the other Loan Documents, and nothing herein shall constitute, and there has not otherwise occurred, any novation with
respect to the Note or any other Loan Document. Except as expressly modified herein, all terms, covenants and provisions of the Note and
the other Loan Documents shall remain unaltered and in full force and effect and Borrower does hereby expressly ratify and confirm the
Note and the other Loan Documents as modified hereby.

 

10.          
Representations. Borrower hereby warrants, represents, and certifies to Lender the following facts knowing that Lender
requires, and is relying upon, the warranties, representations, and certifications contained in this paragraph as a condition to entering
into this Agreement:

 

    	 	5	 

     

    

 

(a)                 
No Defenses. As of the Effective Date, Borrower does not have any defense, right of setoff, counterclaim, claim,
or cause of action of any kind or description against Lender related to (i) payment of the principal sum described in the Note, (ii) payment
of interest under the Note, (iii) payment of any other sums due and payable under the Note or any of the other Loan Documents, (iv) performance
of any obligations under the Loan Documents, or (v) any of Lender’s acts or omissions with respect to the Loan Documents or Lender’s
performance under the Loan Documents. To the extent Borrower now has, or in the future possesses, any defenses, rights of setoff, counterclaims,
claims or causes of action against Lender or the repayment of all or a portion of the Loan, whether known or unknown, fixed or contingent,
the same are hereby forever irrevocably waived and released in their entireties.

 

(b)               
Enforceable Obligations. The Note and the other Loan Documents are valid obligations of Borrower, enforceable against
Borrower in accordance with their respective terms, except as limited by bankruptcy, insolvency or similar laws of general application
relating to the enforcement of creditors’ rights and except to the extent specific remedies may generally be limited by equitable
principles. Lender is not in default and no event has occurred which, with the passage of time, giving of notice, or both, would constitute
a default by Lender of Lender’s obligations under the terms and provisions of the Loan Documents.

 

(c)                
Strict Performance. Lender’s agreement to modify the Note, as set forth herein, is without prejudice to Lender’s
right at any time hereafter to exercise any right or remedy conferred upon Lender in the Note or any of the other Loan Documents or otherwise
available at law or in equity, and shall not constitute a waiver of Lender’s right to insist upon strict performance by Borrower
of its obligations under the Note and the other Loan Documents.

 

11.          
No Waiver or Implication. This Agreement modifies the Loan Documents, and in no way acts as a release or relinquishment
of any lien, security interest, right, title, privilege, or remedy created by any of the Loan Documents or now or hereafter existing at
law or in equity. The liens and security interests of the Loan Documents securing payment of the Note (as the Note has been herein modified)
are hereby renewed and confirmed by Borrower in all respects, and shall continue to be enforceable and shall remain in full force and
effect until the entire principal amount of the Note, as modified by this Agreement, all accrued but unpaid interest, and all extensions,
renewals and rearrangements thereof, and all other sums secured by the Loan Documents have been fully and finally paid. Borrower hereby
agrees that nothing herein shall constitute a waiver by Lender of any default, whether known or unknown, which may now or hereafter exist
under the Note or any other Loan Document. Borrower hereby further agrees that no action, inaction or agreement by Lender, including,
without limitation, any extension, indulgence, waiver, consent, or agreement of modification which may have occurred or been granted or
entered into (or which may be occurring or be granted or entered into hereunder or otherwise) with respect to nonpayment of the Loan or
any portion thereof, or with respect to matters involving security for the Loan, or with respect to any other matter relating to the Loan,
shall require or imply any future extension, indulgence, waiver, consent, or agreement by Lender. Borrower hereby acknowledges and agrees
that Lender has made no agreement, and is in no way obligated, to grant any future extension, indulgence, waiver, or consent or enter
into any further agreement or modification with respect to the Loan or any matter relating to the Loan.

 

    	 	6	 

     

    

 

12.            
Additional Documentation. From time to time, Borrower shall execute or procure and deliver to Lender such other and
further documentation evidencing, securing or pertaining to the Loan or the Loan Documents as reasonably requested by Lender so as to
evidence or effect the terms and provisions hereof. Upon Lender’s request, Borrower shall cause to be delivered to Lender an opinion
of counsel, satisfactory to lender as to form, substance and rendering attorney, opining as to (i) the validity and enforceability of
this Agreement and the terms and provisions hereof, and any other agreement executed in connection with the transaction contemplated thereby;
(ii) the authority of Borrower, and any constituents of Borrower, to execute, deliver and perform its or their respective obligations
under the Loan Documents, as hereby modified; and (iii) such other matters reasonably requested by Lender.

 

13.            
Successors and Assigns. The terms and provisions of this Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective successors, heirs, and assigns forever; however, the foregoing shall not be deemed or construed
to confer any right, title, benefit, cause of action or remedy upon any person or entity not a party hereto, which such party would not
or did not otherwise possess.

 

14.            
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Texas
(without giving effect to the conflict of law principles thereof).

 

15.           
Miscellaneous. All personal pronouns used herein whether used in the masculine, feminine or neuter gender, shall
include all other genders; the singular shall include the plural, and vice versa. Titles of articles and paragraphs as set forth herein
are for convenience only and in no way define, limit, amplify, or describe the scope or intent of any provisions hereof.

 

16.           
Authority. Each party hereto has the full legal authority to execute and deliver this Agreement. In addition, the
individual who executes this Agreement on behalf of each party hereto is authorized to act for and on behalf of such party and to bind
such party to the terms and provisions hereof.

 

    	 	7	 

     

    

 

17.          
FINAL AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO
AND THERETO AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING
TO THE SUBJECT MATTER HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO OR THERETO. THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES HERETO OR THERETO. THE PROVISIONS
OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS MAY BE AMENDED OR WAIVED ONLY BY AN INSTRUMENT IN WRITING SIGNED BY THE RESPECTIVE PARTIES
TO SUCH DOCUMENTS.

 

18.          
Telecopied Facsimiles; Counterparts. A telecopied facsimile or other electronically transmitted copy of a duly executed
counterpart to this Agreement shall be sufficient to evidence the binding agreement of each party to the terms herein. However, the parties
each agree to promptly return an original, duly executed counterpart of this Agreement following the delivery of a telecopied facsimile
or other electronically transmitted copy hereof. This Agreement may be executed in several counterparts by one or more of the undersigned
and all such counterparts so executed shall together be deemed and constitute one final agreement, as if one document had been signed
by all parties hereto; and each such counterpart shall be deemed an original, binding the parties subscribed hereto and multiple signature
pages affixed to a single copy of this Agreement shall be deemed to be a fully executed original Agreement.

 

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IS INTENTIONALLY LEFT BLANK]

 

    	 	8	 

     

    

  

IN WITNESS WHEREOF,
Borrower and Lender have caused this Agreement to be duly executed as of the day and year first above written.

  

	 	BORROWER:
	 	 	 
	 	DAWSON GEOPHYSICAL COMPANY,
	 	a Texas corporation
	 	 	 
	 	 	 
	 	By:	/s/ James K. Brata
	 	Name:	James K. Brata
	 	Title:	Executive Vice President – Chief Financial Officer
	 	 	 
	 	 	 
	 	LENDER:
	 	 	 
	 	DOMINION BANK
	 	 	 
	 	 	 
	 	By:	/s/ Brad North
	 	Name:	Brad North
	 	Title:	Senior Vice President 

 

    	 	9

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