Document:

Exhibit

Exhibit 10.01
Execution Version

EIGHTH AMENDMENT
TO
AMENDED AND RESTATED 
5-YEAR REVOLVING CREDIT AGREEMENT
dated as of
April 6, 2020
among

NUSTAR LOGISTICS, L.P.,
NUSTAR ENERGY L.P.,
JPMORGAN CHASE BANK, N.A.,
as Administrative Agent,
and
The Lenders Party Hereto

EIGHTH AMENDMENT TO AMENDED AND RESTATED 
5-YEAR REVOLVING CREDIT AGREEMENT

THIS EIGHTH AMENDMENT TO AMENDED AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT (this “Eighth Amendment”) dated as of April 6, 2020 is among NUSTAR LOGISTICS, L.P., a Delaware limited partnership (the “Borrower”); NUSTAR ENERGY L.P., a Delaware limited partnership (the “MLP”); NUSTAR PIPELINE OPERATING PARTNERSHIP L.P., a Delaware limited partnership (the “Subsidiary Guarantor” and, together with the Borrower and the MLP, the “Obligors”);  JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, together with its successors in such capacity, the “Administrative Agent”) for the lenders party to the Credit Agreement referred to below (collectively, the “Lenders”); and the undersigned Lenders.
R E C I T A L S
A.    The Borrower, the MLP, the Administrative Agent and the Lenders are parties to that certain Amended and Restated 5-Year Revolving Credit Agreement dated as of October 29, 2014 (as amended, modified or supplemented prior to the date hereof, the “Credit Agreement”), pursuant to which the Lenders have made certain extensions of credit available to the Borrower.
B.    The Subsidiary Guarantor is a party to that certain Amended and Restated Subsidiary Guaranty Agreement dated as of October 29, 2014 made by each of the Guarantors (as defined therein) in favor of the Administrative Agent (the “Subsidiary Guaranty”).
C.    The Borrower has requested and the Lenders have agreed to amend certain provisions of the Credit Agreement.
D.    NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Section 1.    Defined Terms.  Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement.  Unless otherwise indicated, all references to Sections in this Eighth Amendment refer to Sections of the Credit Agreement.

Section 2.    Amendments to Credit Agreement.  

2.1    Amendment to to Section 6.02(g).  Section 6.02(g) is hereby amended and restated in its entirety to read as follows: 

(g)    Liens on cash, cash equivalents and/or Go-Zone Bonds owned by the Borrower in favor of issuers of letters of credit to secure the Borrower’s reimbursement obligations thereunder, which letters of credit secure obligations to make payments on the Go-Zone Bonds; provided that the aggregate amount available to be drawn under all such letters of credit does not exceed an amount equal to the difference of (i) $400,000,000 minus (ii) the aggregate stated principal amount of all Go-Zone Bonds that have been repurchased, redeemed, prepaid, repaid, defeased, retired or otherwise acquired (and for the avoidance of doubt, in the case of Go-Zone Bonds that have been acquired by the Borrower, solely to the extent such Go-Zone Bonds have not been remarketed or otherwise sold at such time); and

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2.2    Amendment to Section 6.04. Section 6.04 is hereby amended by (i) deleting the word “and” at the end of clause (h); (ii) replacing the period at the end of clause (i) with “; and”; and (iii) adding a new clause (j) to read as follows:

(j)    the acquisition by the Borrower of any Go-Zone Bonds that are acquired by the Borrower after such Go-Zone Bonds have failed to be remarketed or sold pursuant to the terms of the applicable Go-Zone Bond Indenture; provided that (i) the aggregate stated principal amount of all such Go-Zone Bonds owned by the Borrower pursuant this clause (j) shall not exceed $400,000,000 at any time and (ii) if any Go-Zone Bonds acquired by the Borrower and its Subsidiaries pursuant to this clause (j) are subsequently remarketed or sold, the Borrower shall, within three Business Days after the date on which the Borrower receives cash proceeds from such remarketing or sale, prepay the Loans in an aggregate principal amount not less than 100% of the amount of such cash proceeds received.  
Section 3.    Conditions Precedent.  This Eighth Amendment shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 10.02) (the “Eighth Amendment Effective Date”):

3.1    The Administrative Agent shall have received from the Required Lenders, the Borrower, the MLP and the Subsidiary Guarantor, counterparts (in such number as may be requested by the Administrative Agent) of this Eighth Amendment signed on behalf of such Persons.

3.2    The Administrative Agent and the Lenders shall have received all fees and other amounts due and payable, if any, in connection with this Eighth Amendment on or prior to the Eighth Amendment Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower pursuant to the Credit Agreement.

3.3    The Administrative Agent shall have received such other documents as the Administrative Agent or special counsel to the Administrative Agent may reasonably request.

The Administrative Agent is hereby authorized and directed to declare this Eighth Amendment to be effective (and the Eighth Amendment Effective Date shall occur) when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section 3 or the waiver of such conditions as permitted in Section 10.02, which must occur prior to 1:00 p.m., New York City time, on April 7, 2020 (and, in the event such conditions are not so satisfied or waived prior to such time, the Administrative Agent shall no longer be authorized to declare this Eighth Amendment to be effective (and the Eighth Amendment Effective Date shall not occur)).  Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes.  
Section 4.    Miscellaneous.

4.1    Confirmation.  The provisions of the Credit Agreement, as amended by this Eighth Amendment, shall remain in full force and effect following the effectiveness of this Eighth Amendment.

4.2    Ratification and Affirmation; Representations and Warranties.  Each Obligor hereby: (a) acknowledges the terms of this Eighth Amendment; (b) ratifies and affirms its obligations under, and acknowledges, renews and extends its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect, except as expressly amended hereby, after giving effect to the amendments contained herein; (c) agrees that from and after the Eighth Amendment Effective Date each reference to the Credit Agreement in the Subsidiary Guaranty and the other Loan Documents shall be deemed to be a reference to the Credit Agreement, as amended by this Eighth Amendment; and (d) represents and warrants to the Lenders that as of the date hereof, after giving effect to the terms of this Eighth Amendment:  (i) all of the representations and warranties contained in each Loan Document to which it is a party are true and correct, unless such representations and warranties 

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are stated to relate to a specific earlier date, in which case, such representations and warranties shall continue to be true and correct as of such earlier date and (ii) no Default has occurred and is continuing.

4.3    Loan Document.  This Eighth Amendment is a “Loan Document” as defined and described in the Credit Agreement and all of the terms and provisions of the Credit Agreement relating to Loan Documents shall apply hereto.

4.4    Counterparts.  This Eighth Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of this Eighth Amendment by facsimile or email transmission shall be effective as delivery of a manually executed counterpart hereof.

4.5    NO ORAL AGREEMENT.  THIS EIGHTH AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO ORAL AGREEMENTS BETWEEN THE PARTIES.

4.6    GOVERNING LAW.  THIS EIGHTH AMENDMENT (INCLUDING, BUT NOT LIMITED TO, THE VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

[SIGNATURES BEGIN ON NEXT PAGE]

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IN WITNESS WHEREOF, the parties hereto have caused this Eighth Amendment to be duly executed as of the date first written above.

	
			
	NUSTAR LOGISTICS, L.P.

	By:
	NuStar GP, Inc., its General Partner

	 
	 
	 

	 
	By:
	/s/ Thomas R. Shoaf

	 
	Name:
	Thomas R. Shoaf

	 
	Title:
	Executive Vice President and Chief Financial Officer 

	
			
	NUSTAR ENERGY L.P.

	By:
	Riverwalk Logistics, L.P. its General Partner

	By:
	NuStar GP, LLC, its General Partner

	 
	 
	 

	 
	By:
	/s/ Thomas R. Shoaf

	 
	Name:
	Thomas R. Shoaf

	 
	Title:
	Executive Vice President and Chief Financial Officer 

	
			
	NUSTAR PIPELINE OPERATING PARTNERSHIP L.P.

	By:
	NuStar Pipeline Company, LLC, its General Partner

	 
	 
	 

	 
	By:
	/s/ Thomas R. Shoaf

	 
	Name:
	Thomas R. Shoaf

	 
	Title:
	Executive Vice President and Chief Financial Officer 

SIGNATURE PAGE TO EIGHTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	JPMORGAN CHASE BANK, N.A., as a Lender and as Administrative Agent

	 
	 
	 

	By:
	/s/ Arina Mavilian

	Name:
	Arina Mavilian

	Title:
	Authorized Signatory

SIGNATURE PAGE TO EIGHTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	MIZUHO BANK, LTD., as a Lender

	 
	 
	 

	By:
	/s/ Edward Sacks

	Name:
	Ed Sacks

	Title:
	Authorized Signatory

SIGNATURE PAGE TO EIGHTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	PNC BANK, NATIONAL ASSOCIATION, as a Lender

	 
	 
	 

	By:
	/s/ Kyle T. Helfrich

	Name:
	Kyle T. Helfrich

	Title:
	Vice President

SIGNATURE PAGE TO EIGHTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	TRUIST BANK, successor by merger to SUNTRUST BANK, as a Lender

	 
	 
	 

	By:
	/s/ Paige Scheper

	Name:
	Paige Scheper

	Title:
	Vice President

SIGNATURE PAGE TO EIGHTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender

	 
	 
	 

	By:
	/s/ Borden Tennant

	Name:
	Borden Tennant

	Title:
	Vice President

SIGNATURE PAGE TO EIGHTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	BANK OF AMERICA, N.A., as a Lender

	 
	 
	 

	By:
	/s/ Victor F. Cruz

	Name:
	Victor F. Cruz

	Title:
	Director

SIGNATURE PAGE TO EIGHTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	MUFG BANK, LTD., FORMERLY KNOWN AS THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as a Lender

	 
	 
	 

	By:
	/s/ Kevin Sparks

	Name:
	Kevin Sparks

	Title:
	Director

 

SIGNATURE PAGE TO EIGHTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	BARCLAYS BANK PLC, as a Lender

	 
	 
	 

	By:
	/s/ Jake Lam

	Name:
	Jake Lam

	Title:
	Assistant Vice President

SIGNATURE PAGE TO EIGHTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	BBVA USA, as a Lender

	 
	 
	 

	By:
	/s/ Mark H. Wolf

	Name:
	Mark H. Wolf

	Title:
	Senior Vice President

SIGNATURE PAGE TO EIGHTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	BMO HARRIS BANK N.A., as a Lender

	 
	 
	 

	By:
	/s/ Kevin Utsey

	Name:
	Kevin Utsey

	Title:
	Managing Director

SIGNATURE PAGE TO EIGHTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	ROYAL BANK OF CANADA, as a Lender

	 
	 
	 

	By:
	/s/ Michael Sharp

	Name:
	Michael Sharp

	Title:
	Authorized Signatory

SIGNATURE PAGE TO EIGHTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	SUMITOMO MITSUI BANKING CORPORATION, as a Lender

	 
	 
	 

	By:
	/s/ Michael Maguire

	Name:
	Michael Maguire

	Title:
	Managing Director

SIGNATURE PAGE TO EIGHTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	U.S. BANK NATIONAL ASSOCIATION, as a Lender

	 
	 
	 

	By:
	/s/ Ryan Hutchins

	Name:
	Ryan Hutchins

	Title:
	Senior Vice President

SIGNATURE PAGE TO EIGHTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	THE BANK OF NOVA SCOTIA — HOUSTON BRANCH, as a Lender

	 
	 
	 

	By:
	/s/ Joe Lattanzi

	Name:
	Joe Lattanzi

	Title:
	Managing Director

SIGNATURE PAGE TO EIGHTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	CITIBANK, N.A., as a Lender

	 
	 
	 

	By:
	/s/ Michael Zeller

	Name:
	Michael Zeller

	Title:
	Vice President

SIGNATURE PAGE TO EIGHTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	COMERICA BANK, as a Lender

	 
	 
	 

	By:
	/s/ L. J. Perenyi

	Name:
	L. J. Perenyi

	Title:
	Vice President

SIGNATURE PAGE TO EIGHTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	FROST BANK, as a Lender

	 
	 
	 

	By:
	 

	Name:
	 

	Title:
	 

SIGNATURE PAGE TO EIGHTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	FIRST COMMERCIAL BANK NEW YORK BRANCH, as a Lender

	 
	 
	 

	By:
	 

	Name:
	 

	Title:
	 

SIGNATURE PAGE TO EIGHTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENT

	
			
	THE TORONTO-DOMINION BANK, NEW YORK BRANCH, as a Lender

	 
	 
	 

	By:
	/s/ Peter Kuo

	Name:
	Peter Kuo

	Title:
	Authorized Signatory

SIGNATURE PAGE TO EIGHTH AMENDMENT TO AMENDED 
AND RESTATED 5-YEAR REVOLVING CREDIT AGREEMENTExhibit
10.1

 

“FORM
OF”

 

SECURITIES
SETTLEMENT AGREEMENT

 

This
SECURITIES SETTLEMENT AGREEMENT (the “Agreement”), dated as of April ___, 2020, is by and among
Taronis Technologies, Inc., a Delaware corporation, with offices located at 300 W. Clarendon Ave. #230, Phoenix, Arizona 85013
(the “Company”) and ________________________ (“__________”).

 

RECITALS

 

	 	A.	____________
    is entitled to certain monies from the Company in the aggregate amount of $______________ (the “Indebtedness”)
    arising from ________________  by and between the Company and ____________ as amended to date (“Agreement”).
	 	 	 
	 	B.	The
    Company and ____________ desire to enter into this transaction for the Company to issue at market price to ____________ $____________
    worth of registered freely tradable shares (the “Securities”) of the Company’s common stock, $0.001
    par value (“Common Stock”), in satisfaction of [Indebtedness/Fees].
	 	 	 
	 	C.	Contemporaneously
    with the execution of this Agreement, the Company shall file a prospectus supplement to its existing shelf registration statement
    on Form S-3, Registration No. 333-230854, with the United States Securities and Exchange Commission (the “SEC”),
    which includes the Securities (the “Registration Statement”).

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the recitals above incorporated herein by this reference and the mutual covenants contained herein
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and ____________
hereby agree as follows:

 

1.
ISSUANCE OF COMMON STOCK IN SATISFACTION OF INDEBTEDNESS/FEES.

 

(a)
Issuance of Common Stock. In full satisfaction and in lieu of cash payment of the Indebtedness due to ____________, the
Company shall issue to ____________ on the Closing Date (as defined below) the Securities.

 

(b)
Closing. The sale and purchase of the Securities shall take place at a closing (the “Closing”) to be
managed by the remote exchange of documents. The date and time of the Closing shall be 5:00 p.m., New York time, on the Effective
Date, or at such other time or on such other date as parties hereto may mutually agree in writing (the “Closing Date”).

 

    	 	1	 

     

    

 

2.
____________’S REPRESENTATIONS AND WARRANTIES.

 

____________
represents and warrants to the Company with respect to only itself that, as of the date hereof and the Closing Date:

 

(a)
Validity; Enforcement. This Agreement has been duly and validly authorized, executed and delivered on behalf of ____________
and shall constitute the legal, valid and binding obligation of ____________ enforceable against ____________ in accordance with
its terms, except as such enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable
creditors’ rights and remedies.

 

(b)
No Conflicts. The execution, delivery and performance by ____________ of this Agreement and the consummation by ____________
of the transactions contemplated hereby will not (i) result in a violation of the organizational documents of ____________ or
(ii) conflict with, or constitute a default (or an event which 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, any agreement, indenture or instrument
to which ____________ is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including
federal and state securities laws) applicable to ____________, except in the case of clauses (ii) and (iii) above, for such conflicts,
defaults, rights or violations which could not, individually or in the aggregate, reasonably be expected to have a material adverse
effect on the ability of ____________ to perform its obligations hereunder.

 

3.
REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

 

The
Company represents and warrants to ____________ that, as of the date hereof and the Closing Date:

 

(a)
Authorization; Enforcement; Validity. The Company has the requisite power and authority to enter into and perform its obligations
under this Agreement and to issue the Securities in accordance with the terms hereof and thereof. The execution and delivery of
this Agreement by the Company, and the consummation by the Company of the transactions contemplated hereby (including, without
limitation, the issuance of the shares of Common Stock) have been duly authorized by the Company’s board of directors and
(other than (x) the filing with the SEC of the prospectus supplement to the Registration Statement, which shall occur on the date
hereof and (y) any other filings as may be required by any state securities agencies (collectively, the “Required Filings”))
no further filing, consent or authorization is required by the Company, its subsidiaries, their respective boards of directors
or their stockholders or other governing body. This Agreement has been duly executed and delivered by the Company, and constitutes
the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as
such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium,
liquidation or similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies
and except as rights to indemnification and to contribution may be limited by federal or state securities law.

 

    	 	2	 

     

    

 

(b)
Issuance of Securities. The issuance of the Securities is duly authorized and the Securities, when issued, shall be validly
issued, fully paid and non-assessable and free from all preemptive or similar rights, mortgages, defects, claims, liens, pledges,
charges, taxes, rights of first refusal, encumbrances, security interests and other encumbrances (collectively “Liens”)
with respect to the issuance thereof.

 

(c)
Registration. As of the Closing, the Securities shall have been registered under the Securities Act of 1933, as amended
(the “1933 Act”) and will be issued pursuant to the Registration Statement. As such, the Securities will be
freely transferable and freely tradable by ____________ without restriction, whether by way of registration or some exemption
therefrom. The Registration Statement and any prospectus included therein, shall comply in all material respects with the requirements
of the 1933 Act, and the documents incorporated by reference into the Registration Statement, when filed, shall comply in all
material respects with the requirements of the 1934 Act and, in each case, with the rules and regulations of the SEC promulgated
under the 1933 Act or the 1934 Act, as the case may be. At the time the Registration Statement and any amendments thereto become
effective the Registration Statement and any amendments thereto will comply in all material respects with the requirements of
the 1933 Act and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein not misleading. The prospectus contained in the Registration Statement and
any amendments or supplements thereto, at the time the prospectus or any amendment or supplement thereto is issued, will comply
in all material respects with the requirements of the 1933 Act and will not contain any untrue statement of a material fact or
omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they
were made, not misleading.

 

(c)
No Conflicts. The execution, delivery and performance of this Agreement by the Company and the consummation by the Company
of the transactions contemplated hereby (including, without limitation, the issuance of the Securities and the registration of
the Securities pursuant to the Registration Statement) will not (i) result in a violation of the Certificate of Incorporation
(as defined below) (including, without limitation, any certificate of designation contained therein), Bylaws (as defined below),
certificate of formation, memorandum of association, articles of association, bylaws or other organizational documents of the
Company or any of its subsidiaries, or any capital stock or other securities of the Company or any of its subsidiaries, (ii) conflict
with, or constitute a default (or an event which with notice or lapse of time or both would become a default) in any respect under,
or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument
to which the Company or any of its subsidiaries is a party, or (iii) result in a violation of any law, rule, regulation, order,
judgment or decree (including, without limitation, foreign, federal and state securities laws and regulations applicable to the
Company or any of its subsidiaries or by which any property or asset of the Company or any of its subsidiaries is bound or affected.

 

4.
REGISTER; TRANSFER AGENT INSTRUCTIONS; LEGEND.

 

(a)
Register. The Company shall maintain at its principal executive offices (or such other office or agency of the Company
as it may designate by notice to each holder of Securities), a register for the Securities in which the Company shall record (x)
the name and address of the person in whose name the shares of Common Stock have been issued (including the name and address of
each transferee) and (y) the aggregate number of shares of Common Stock held by such Person. The Company shall keep the register
open and available at all times during business hours for inspection of any ____________ or its legal representatives.

 

    	 	3	 

     

    

 

(b)
Transfer Agent Instructions. From and after the Effective Date:

 

(i)
the Company shall issue irrevocable instructions to the transfer agent set forth in Section 5(f) below and to any subsequent transfer
agent (as applicable, the “Transfer Agent”) in a form acceptable to ____________ (the “Irrevocable
Transfer Agent Instructions”) to issue certificates or credit shares to the applicable balance accounts at DTC, registered
in the name of ____________ or its respective nominee(s), for the Securities;

 

(ii)
the Company represents and warrants that no instruction other than the Irrevocable Transfer Agent Instructions referred to in
this Section 5(b) will be given by the Company to its Transfer Agent with respect to the Securities, and that the Securities shall
otherwise be freely transferable on the books and records of the Company, as applicable, to the extent provided in this Agreement;
and

 

(iii)
if ____________ effects a sale, assignment or transfer of the Securities, the Company shall permit the transfer and shall promptly
instruct the Transfer Agent to issue one or more certificates or credit shares to the applicable balance accounts at DTC in such
name and in such denominations as specified by ____________ to effect such sale, transfer or assignment.

 

(c)
Legends. Certificates and any other instruments evidencing the Securities shall not bear any restrictive or other legend.

 

(d)
FAST Compliance. From and after the Effective Date, while any shares of Common Stock remain outstanding, the Company shall
maintain a transfer agent that participates in the DTC Fast Automated Securities Transfer Program (“FAST”).

 

6.
MISCELLANEOUS.

 

(a)
Governing Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be governed by the internal laws of the State of Arizona, without giving effect to any choice of law or
conflict of law provision or rule (whether of the State of Arizona or any other jurisdictions) that would cause the application
of the laws of any jurisdictions other than the State of Arizona. The Company hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in Phoenix, Arizona, for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought
in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof
to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and
sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude ____________ from bringing
suit or taking other legal action against the Company in any other jurisdiction to collect on the Company’s obligations
to ____________ or to enforce a judgment or other court ruling in favor of ____________. EACH PARTY HEREBY IRREVOCABLY WAIVES
ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION
WITH OR ARISING OUT OF THIS AGREEMENT, OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

    	 	4	 

     

    

 

(b)
Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be considered one
and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document
format (.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original
thereof.

 

(c)
Headings; Gender. The headings of this Agreement are for convenience of reference and shall not form part of, or affect
the interpretation of, this Agreement. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to
include the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,” “includes,”
“include” and words of like import shall be construed broadly as if followed by the words “without limitation.”
The terms “herein,” “hereunder,” “hereof” and words of like import refer to this entire Agreement
instead of just the provision in which they are found.

 

(d)
Severability. If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable
by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed
amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such
provision shall not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified
continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the
prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective
expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred
upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s)
with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable
provision(s).

 

(e)
Entire Agreement; Amendments. Except as set forth in Section 3(d) hereof, this Agreement supersedes all other prior oral
or written agreements between ____________ and the Company contains the entire understanding of the parties solely with respect
to the matters covered herein. For clarification purposes, the Recitals are part of this Agreement and the Engagement Agreement
remains in full force and effect. No provision of this Agreement may be amended or waived other than by an instrument in writing
signed by the Company and ____________.

 

    	 	5	 

     

    

 

(f)
Notices. Any notices, consents, waivers or other communications required or permitted to be given under the terms of this
Agreement must be in writing and will be deemed to have been given and delivered: (i) upon receipt, when delivered personally;
(ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and
kept on file by the sending party) or electronic mail; or (iii) one (1) Business Day after deposit with an overnight courier service
with next day delivery specified, in each case, properly addressed to the party to receive the same. As used herein “Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized
or required by law to remain closed. The addresses, facsimile numbers and e-mail addresses for such communications shall be:

 

If
to the Company:

 

Taronis
Technologies, Inc.

[ADDRESS]

Telephone:

Attention:

E-Mail:

 

If
to the Transfer Agent:

 

EQ

[ADDRESS]

Telephone:

Facsimile:

Attention:

E-Mail:

 

If
to ____________:

 

____________

 

[ADDRESS]

Facsimile:

Telephone:

E-mail:

Attention:

 

or
to such other address, e-mail address and/or facsimile number and/or to the attention of such other Person as the recipient party
has specified by written notice given to each other party five (5) days prior to the effectiveness of such change. Written confirmation
of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically
generated by the sender’s facsimile machine or e-mail containing the time, date, recipient facsimile number and, with respect
to each facsimile transmission, an image of the first page of such transmission or (C) provided by an overnight courier service
shall be rebuttable evidence of personal service, receipt by facsimile or receipt from an overnight courier service in accordance
with clause (i), (ii) or (iii) above, respectively.

 

    	 	6	 

     

    

 

(g)
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns, including any purchasers of any of the Securities. The Company shall not assign this Agreement or any
rights or obligations hereunder without the prior written consent of ____________. ____________ may assign some or all of its
rights hereunder in connection with any transfer of any of its Securities without the consent of the Company, in which event such
assignee shall be deemed to be ____________ hereunder with respect to such assigned rights.

 

(h)
No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted
successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

(i)
Survival. The representations, warranties, agreements and covenants contained herein shall survive the Closing. ____________
shall be responsible only for its own representations, warranties, agreements and covenants hereunder.

 

(j)
Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably
request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

(k)
Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their
mutual intent, and no rules of strict construction will be applied against any party. No specific representation or warranty shall
limit the generality or applicability of a more general representation or warranty. Each and every reference to share prices,
shares of Common Stock and any other numbers in this Agreement that relate to the Common Stock shall be automatically adjusted
for any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions that occur with respect
to the Common Stock after the date of this Agreement through the Closing Date.

 

(l)
Remedies. ____________, and in the event of assignment by ____________ of its rights and obligations hereunder, each holder
of Securities, shall have all rights and remedies set forth in this Agreement and all of the rights which such holders have under
the law. Any person having any rights under any provision of this Agreement shall be entitled to enforce such rights specifically
(without posting a bond or other security), to recover damages by reason of any breach of any provision of this Agreement and
to exercise all other rights granted by law. Furthermore, the Company recognizes that in the event that it fails to perform, observe,
or discharge any or all of its obligations under this Agreement, any remedy at law would inadequate relief to ____________. The
Company therefore agrees that ____________ shall be entitled to specific performance and/or temporary, preliminary and permanent
injunctive or other equitable relief from any court of competent jurisdiction in any such case without the necessity of proving
actual damages and without posting a bond or other security. The remedies provided in this Agreement shall be cumulative and in
addition to all other remedies available under this Agreement, at law or in equity (including a decree of specific performance
and/or other injunctive relief).

 

    	 	7	 

     

    

 

IN
WITNESS WHEREOF, ____________ and the Company have caused their respective signature page to this Agreement to be duly executed
as of the date first written above.

 

	 	____________
	 	 	 
	 	By:
    	                     
	 	Name:	 
	 	Title:	 

 

[Signature
Page to Securities Settlement Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, ____________ and the Company have caused their respective signature page to this Agreement to be duly executed
as of the date first written above.

 

	 	COMPANY:
	 	 	 
	 	TARONIS
    TECHNOLOGIES, INC.
	 	 	 
	 	By:
    	                             
	 	Name:	 
	 	Title:	 

 

[Signature
Page to Securities Settlement Agreement]

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