Document:

Exhibit 4.1

 

TRANSGENOMIC, INC.

WARRANT TO PURCHASE COMMON STOCK

 

Original Issue Date: March 4, 2015

 

Transgenomic, Inc.,
a Delaware corporation (the “Company”), hereby certifies that, for value received, ______________ or
its permitted registered assigns (the “Holder”), is entitled to purchase from the Company up to a total
of __________ shares of common stock, $0.01 par value per share (the “Common Stock”), of the Company
(each such share, a “Warrant Share” and all such shares, the “Warrant Shares”)
at an exercise price per share equal to $2.24 per share (as adjusted from time to time as provided in Section 8 herein,
the “Exercise Price”), at any time and from time to time beginning on the Original Issue Date set forth
above (the “Original Exercise Date”) and through and including 5:30 p.m., New York City time, on March
4, 2020 (the “Expiration Date”), and subject to the following terms and conditions:

 

This Warrant (this
“Warrant”) is one of a series of similar warrants issued pursuant to that certain prospectus supplement
of the Company dated February 27, 2015. All such warrants are referred to herein, collectively, as the “Warrants.”

 

1.Registration of Warrants.
The Company shall register this Warrant, upon records to be maintained by the Company for that purpose, which may be a third-party
transfer agent (the “Warrant Register”), in the name of the record Holder (which shall include the initial
Holder or, as the case may be, any registered assignee to which this Warrant is permissibly assigned hereunder) from time to time.
The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise
hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

2.Registration of Transfers.
The Company shall register the transfer of all or any portion of this Warrant in the Warrant Register, upon surrender of this Warrant,
with an assignment, in the form attached as Schedule 2 hereto, duly completed and signed, to the Company’s transfer
agent or to the Company at 12325 Emmet Street, Omaha, Nebraska 68164, Attention: Chief Executive Officer. Upon any such registration
or transfer, a new warrant to purchase Common Stock in substantially the form of this Warrant (any such new warrant, a “New
Warrant”) evidencing the portion of this Warrant so transferred shall be issued to the transferee, and a New Warrant
evidencing the remaining portion of this Warrant not so transferred, if any, shall be issued to the transferring Holder. The acceptance
of the New Warrant by the transferee thereof shall be deemed the acceptance by such transferee of all of the rights and obligations
in respect of the New Warrant that the Holder has in respect of this Warrant. The Company shall prepare, issue and deliver at its
own expense any New Warrant under this Section 2.

 

3.Exercise and Duration of Warrant.

 

(a)All or any part
of this Warrant shall be exercisable by the registered Holder in any manner permitted by Section 9 of this Warrant at any
time and from time to time on or after the Original Issue Date and through and including 5:30 p.m., New York City time, on the
Expiration Date. After 5:30 p.m., New York City time, on the Expiration Date, the portion (or all) of this Warrant not exercised
prior thereto shall be and become void and of no value and this Warrant shall be automatically terminated and no longer outstanding.

 

(b)The Holder may
exercise this Warrant by delivering to the Company (i) an exercise notice, in the form attached as Schedule 1 hereto (the
“Exercise Notice”), completed and duly signed, and (ii) payment of the Exercise Price for the number
of Warrant Shares as to which this Warrant is being exercised (which may take the form of a “cashless exercise” if
so indicated in the Exercise Notice) within one (1) Business Day (as defined below) following the Exercise Date (as defined herein).
The date on which the Exercise Notice is delivered to the Company (as determined in accordance with the notice provisions hereof)
is an “Exercise Date.” “Business Day” as used herein means any day, other than
a Saturday or Sunday and other than a day that banks in the New York, New York are generally authorized or required by applicable
law to be closed. No ink-original Exercise Notice shall be required, nor shall any medallion guarantee (or other type of guarantee
or notarization) of any Exercise Notice form be required. Notwithstanding anything herein to the contrary, Holder shall not be
required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available
hereunder and the Warrant has been exercised in full, in which case, Holder shall surrender this Warrant to the Company for cancellation
within three (3) Trading Days of the date the final Exercise Notice is delivered to the Company. The Holder shall not be required
to deliver the original Warrant in order to effect an exercise hereunder, but if it is not so delivered then such exercise shall
constitute an agreement by the Holder to deliver the original Warrant to the Company as soon as practicable thereafter, subject
to the other provisions hereof. Execution and delivery of the Exercise Notice shall have the same effect as cancellation of the
original Warrant and issuance of a New Warrant evidencing the right to purchase the remaining number of Warrant Shares.

 

    	 

    	 

    

 

4.Delivery of Warrant Shares.

 

Upon exercise of this
Warrant, the Company shall promptly (but in no event later than three Trading Days after the Exercise Date) issue or cause to be
issued and cause to be delivered to or upon the written order of the Holder and in such name or names as the Holder may designate
(i) a certificate for the Warrant Shares issuable upon such exercise, free of restrictive legends, or (ii) an electronic delivery
of the Warrant Shares to the Holder’s account at the Depository Trust Company (“DTC”) or a similar
organization. If the Company fails for any reason to deliver to the Holder certificates evidencing the Warrant Shares or an electronic
delivery of the Warrant Shares by the foregoing deadline, the Company shall pay to the Holder, in cash, as liquidated damages and
not as a penalty, $1,000 per Trading Day for each Trading Day after such delivery deadline until such Warrant Shares are delivered
or Holder rescinds such exercise. The Holder, or any person permissibly so designated by the Holder to receive Warrant Shares,
shall be deemed to have become the holder of record of such Warrant Shares as of the Exercise Date. The Company shall, upon the
written request of the Holder, use its reasonable best efforts to deliver, or cause to be delivered, the Warrant Shares hereunder
electronically through DTC or another established clearing corporation performing similar functions; provided, that the
Company may, but will not be required to, change its transfer agent if its current transfer agent cannot deliver the Warrant Shares
electronically through such a clearing corporation. “Trading Day” means (a) a day on which the Common
Stock is listed or quoted and traded on its Principal Trading Market (other than the OTCMarkets), or (b) if the Common Stock is
not listed on a Trading Market (other than the OTCMarkets), a day on which the Common Stock is traded in the over-the-counter market,
as reported by the OTCMarkets (or any similar organization or agency succeeding to its functions of reporting prices); provided,
that in the event that the Common Stock is not listed or quoted as set forth in (a) or (b) hereof, then Trading Day shall mean
a Business Day; provided further, that “Trading Day” shall not include any day on which the Common Stock is
scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading
during the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing
time of trading on such exchange or market, then during the hour ending at 4:00 p.m., New York time). “Principal Trading
Market” means whichever of the New York Stock Exchange, the NYSE MKT LLC, the NASDAQ Global Select Market, the NASDAQ
Global Market, the NASDAQ Capital Market or the OTCMarkets on which the Common Stock is primarily listed and quoted for trading.
“Trading Market” means whichever of the New York Stock Exchange, the NYSE MKT LLC, the NASDAQ Global
Select Market, the NASDAQ Global Market, the NASDAQ Capital Market or the OTCMarkets on which the Common Stock is listed or quoted
for trading on the date in question.

 

(a)If by the close
of the third Trading Day after delivery of a properly completed Exercise Notice and the payment of the aggregate Exercise Price
in any manner permitted by Section 9 of this Warrant, the Company fails to deliver to the Holder the required number of
Warrant Shares in the manner required pursuant to this Section 4, and if after such third Trading Day and prior to
the receipt of such Warrant Shares, the Holder is required to purchase (in an open market transaction or otherwise) shares of Common
Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such
exercise (a “Buy-In”), then the Company shall, in its sole discretion, within three Trading Days after
the Holder’s request for payment, either (i) pay in cash to the Holder an amount equal to the Holder’s total purchase
price (including brokerage commissions, if any) for the shares of Common Stock so purchased, at which point the number of Warrant
Shares underlying this Warrant equal to the number of shares of Common Stock so purchased shall be forfeited and the Company’s
obligation to deliver such certificate (and to issue such Warrant Shares) shall terminate, or (ii) promptly honor its obligation
to deliver to the Holder a certificate or certificates representing such Warrant Shares and pay cash to the Holder in an amount
equal to the excess (if any) of the Holder’s total purchase price (including brokerage commissions, if any) for the shares
of Common Stock so purchased in the Buy-In over the product of (A) the number of shares of Common Stock purchased in the Buy-In,
multiplied by (B) the closing bid price of a share of Common Stock on the Exercise Date. The Holder shall provide the Company with
written notice indicating the amounts payable to the Holder in respect of the Buy-In, together with applicable confirmations and
other evidence reasonably requested by the Company.

 

    	 

    	 

    

 

(b)To the extent
permitted by law, the Company’s obligations to issue and deliver Warrant Shares in accordance with and subject to the terms
hereof are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver or
consent with respect to any provision hereof, the recovery of any judgment against any person or any action to enforce the same,
or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder or any other
person of any obligation to the Company (other than breaches related to this Warrant) or any violation or alleged violation of
law by the Holder or any other person, and irrespective of any other circumstance that might otherwise limit such obligation of
the Company to the Holder in connection with the issuance of Warrant Shares. Nothing herein shall limit the Holder’s right
to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing shares
of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

 

5.Charges, Taxes and Expenses.
Issuance and delivery of certificates for shares of Common Stock upon exercise of this Warrant shall be made without charge to
the Holder for any issue or transfer tax, transfer agent fee or other incidental tax or expense in respect of the issuance of such
certificates, all of which taxes and expenses shall be paid by the Company. The Holder shall be responsible for all other tax liability
that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise hereof.

 

6.Replacement of Warrant. If
this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution
for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon receipt of evidence
reasonably satisfactory to the Company of such loss, theft or destruction (in such case) and, in each case, a customary and reasonable
indemnity and surety bond, if requested by the Company. Applicants for a New Warrant under such circumstances shall also comply
with such other reasonable regulations and procedures and pay such other reasonable third-party costs as the Company may prescribe.
If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant
to the Company as a condition precedent to the Company’s obligation to issue the New Warrant.

 

7.Reservation of Warrant Shares.
The Company represents and warrants that on the date hereof, it has duly authorized and reserved, and covenants that it will at
all times during the period this Warrant is outstanding reserve and keep available out of the aggregate of its authorized but unissued
and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise of this Warrant
as herein provided, the number of Warrant Shares that are initially issuable and deliverable upon the exercise of this entire Warrant,
free from preemptive rights or any other contingent purchase rights of persons other than the Holder (taking into account the adjustments
and restrictions of Section 8). The Company covenants that all Warrant Shares so issuable and deliverable shall, upon issuance
and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and validly authorized, issued and
fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the original issuance
thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). The Company further covenants
that its issuance of this Warrant 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 the Warrant Shares upon the exercise of the purchase rights under
this Warrant. The Company represents and warrants that the Warrant Shares, when issued and paid for in accordance with the terms
of the Warrants and the underwriting agreement pursuant to which the Warrants originally were issued, will be issued free and clear
of all security interests, claims, liens and other encumbrances. The Company will take all such action as may be reasonably 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 any securities exchange or automated quotation system upon which the Common Stock may be listed.

 

8.Certain Adjustments. The Exercise
Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment from time to time as set forth
in this Section 8.

 

(a)Stock Dividends
and Splits. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on its Common Stock or
otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides its outstanding
shares of Common Stock into a larger number of shares, (iii) combines (by combination, reverse stock split or otherwise) its outstanding
shares of Common Stock into a smaller number of shares (a “Stock Combination Event”), or (iv) issues
by reclassification of shares of Common Stock any shares of capital stock of the Company, then in each such case the Exercise Price
shall be adjusted to a price determined by multiplying the Exercise Price in effect immediately prior to the effective date of
such event by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding on such effective date
immediately before giving effect to such event and the denominator of which shall be the number of shares of Common Stock outstanding
immediately after giving effect to such event. Any adjustment made pursuant to clause (i) of this paragraph shall become effective
immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution, and
any adjustment pursuant to clause (ii), (iii) or (iv) of this paragraph shall become effective immediately after the effective
date of such subdivision, combination or reclassification.

 

    	 

    	 

    

 

(b)Pro Rata
Distributions. If the Company, at any time while this Warrant is outstanding, distributes to all holders of Common Stock for
no consideration (i) evidences of its indebtedness, (ii) any security (other than a distribution of Common Stock covered by the
preceding paragraph), (iii) rights or warrants to subscribe for or purchase any security, or (iv) any other asset, including cash
(in each case, “Distributed Property”), except for any distributions pursuant to a shareholders’
rights plan or similar takeover defense agreement or plan adopted by the Company, then, upon any exercise of this Warrant that
occurs after the record date fixed for determination of stockholders entitled to receive such distribution, the Holder shall be
entitled to receive, in addition to the Warrant Shares otherwise issuable upon such exercise (if applicable), the Distributed Property
that such Holder would have been entitled to receive in respect of such number of Warrant Shares had the Holder been the record
holder of such Warrant Shares immediately prior to such record date.

 

(c)Fundamental
Transactions. If, at any time while this Warrant is outstanding (i) the Company effects (A) any merger of the Company with
(but not into) another person, in which stockholders of the Company immediately prior to such transaction own less than a majority
of the outstanding stock of the surviving entity, or (B) any merger or consolidation of the Company into another person, (ii) the
Company effects any sale of all or substantially all of its assets in one or a series of related transactions, (iii) any tender
offer or exchange offer approved or authorized by the Company’s Board of Directors is completed pursuant to which holders
of at least a majority of the outstanding Common Stock tender or exchange their shares for other securities, cash or property,
or (iv) the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common
Stock is effectively converted into or exchanged for other securities, cash or property (other than as a result of a subdivision
or combination of shares of Common Stock covered by Section 8(a) above) (in any such case, a “Fundamental Transaction”),
then the Holder shall have the right thereafter to receive, upon exercise of this Warrant, the same amount and kind of securities,
cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been,
immediately prior to such Fundamental Transaction, the holder of the number of Warrant Shares then issuable upon exercise in full
of this Warrant without regard to any limitations on exercise contained herein (the “Alternate Consideration”),
and the Holder shall no longer have the right to receive Warrant Shares upon exercise of this Warrant. The Company shall not effect
any such Fundamental Transaction unless prior to or simultaneously with the consummation thereof, any successor to the Company,
surviving entity or the corporation purchasing or otherwise acquiring such assets or other appropriate corporation or person shall
assume the obligation to deliver to the Holder, such Alternate Consideration as, in accordance with the foregoing provisions, the
Holder may be entitled to receive, and the other obligations under this Warrant. The provisions of this paragraph (c) shall similarly
apply to subsequent transactions of an analogous type to any Fundamental Transaction.

 

(d)Number of
Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to paragraph (a) of this Section 8,
the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately,
so that after such adjustment the aggregate Exercise Price payable hereunder for the increased or decreased number of Warrant Shares
shall be the same as the aggregate Exercise Price in effect immediately prior to such adjustment.

 

(e)Calculations.
All calculations under this Section 8 shall be made to the nearest cent or the nearest share, as applicable. The number
of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for the account of the Company.

 

    	 

    	 

    

 

(f)Notice of
Adjustments. Upon the occurrence of each adjustment pursuant to this Section 8, the Company at its expense will, at
the written request of the Holder, promptly compute such adjustment, in good faith, in accordance with the terms of this Warrant
and prepare a certificate setting forth such adjustment, including a statement of the adjusted Exercise Price and adjusted number
or type of Warrant Shares or other securities issuable upon exercise of this Warrant (as applicable), describing the transactions
giving rise to such adjustments and showing in reasonable detail the facts upon which such adjustment is based. Upon written request,
the Company will promptly deliver a copy of each such certificate to the Holder and to the Company’s transfer agent.

 

(g)Notice of
Corporate Events. If, while this Warrant is outstanding, the Company (i) declares a dividend or any other distribution of cash,
securities or other property in respect of its Common Stock, including, without limitation, any granting of rights or warrants
to subscribe for or purchase any capital stock of the Company, (ii) authorizes or approves, enters into any agreement contemplating
or solicits stockholder approval for any Fundamental Transaction, or (iii) authorizes the voluntary dissolution, liquidation or
winding up of the affairs of the Company, then, except if such notice and the contents thereof shall be deemed to constitute material
non-public information, the Company shall deliver to the Holder a notice of such transaction at least ten (10) Business Days prior
to the applicable record or effective date on which a person would need to hold Common Stock in order to participate in or vote
with respect to such transaction; provided, however, that the failure to deliver such notice or any defect therein shall
not affect the validity of the corporate action required to be described in such notice.

 

9.Payment of Exercise Price.
The Holder shall pay the Exercise Price in immediately available funds; provided, however, that, at the Holder’s option,
the Holder may, in its sole discretion, satisfy its obligation to pay the Exercise Price through a “cashless exercise”,
in which event the Company shall issue to the Holder the number of Warrant Shares determined as follows:

 

X = Y[(A-B)/A]

 

where:

 

X = the number of Warrant
Shares to be issued to the Holder.

Y = the total number
of Warrant Shares with respect to which this Warrant is being exercised.

A = the average of
the Closing Bid Price of the shares of Common Stock (as reported by Bloomberg Financial Markets) for the five consecutive Trading
Days ending on the date immediately preceding the Exercise Date.

B = the Exercise Price
then in effect for the applicable Warrant Shares at the time of such exercise.

 

For purposes of this
Warrant, “Closing Bid Price” means, for any security as of any date, the last reported closing bid price
for such security on the Principal Trading Market for such security, as reported by Bloomberg Financial Markets, or, if such Principal
Trading Market begins to operate on an extended hours basis and does not designate the closing bid price, then the last bid price
of such security prior to 4:00 p.m., New York City time, as reported by Bloomberg Financial Markets, or if the foregoing do not
apply, the last closing price of such security in the over-the-counter market on the electronic bulletin board for such security
as reported by Bloomberg Financial Markets, or, if no closing bid price is reported for such security by Bloomberg Financial Markets,
the average of the bid prices of any market makers for such security as reported on OTC Pink (also known as the “pink sheets”)
by the OTCMarkets. If the Closing Bid Price cannot be calculated for a security on a particular date on any of the foregoing bases,
the Closing Bid Price of such security on such date shall be the fair market value as mutually determined by the Company and the
Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then the Board of Directors
of the Company shall use its good faith judgment to determine the fair market value. The Board of Directors’ determination
shall be binding upon all parties absent demonstrable error. All such determinations shall be appropriately adjusted for any stock
dividend, stock split, stock combination or other similar transaction during the applicable calculation period.

 

For purposes of Rule
144, it is intended, understood and acknowledged that the provisions above permitting “cashless exercise” are intended,
in part, to ensure that a full or partial exchange of this Warrant pursuant to such provisions will qualify as a conversion, within
the meaning of paragraph (d)(3)(ii) of Rule 144, and the holding period for the Warrant Shares shall be deemed to have commenced
as to such original Holder, on the Original Issue Date.

 

    	 

    	 

    

 

10.No Fractional Shares. No
fractional Warrant Shares will be issued in connection with any exercise of this Warrant. In lieu of any fractional shares that
would otherwise be issuable, the number of Warrant Shares to be issued shall be rounded down to the next whole number and the Company
shall pay the Holder in cash the fair market value (based on the Closing Bid Price) for any such fractional shares.

 

11.Notices. Any notice or other
document required or permitted to be given or delivered to the Holder shall be in writing and sent (a) by fax if the sender on
the same day sends a confirming copy of such notice by an internationally recognized overnight delivery service (charges prepaid)
or (b) by an internationally recognized overnight delivery service (with charges prepaid). The address and facsimile number of
a person for such notices or communications shall be as set forth in the Warrant Register unless changed by such person by two
Trading Days’ prior notice to the other person(s) in accordance with this Section 11.

 

12.Warrant Agent. The Company
shall serve as warrant agent under this Warrant. Upon 15 days’ notice to the Holder, the Company may appoint a new warrant
agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting from any consolidation
to which the Company or any new warrant agent shall be a party or any corporation to which the Company or any new warrant agent
transfers substantially all of its corporate trust or shareholders services business shall be a successor warrant agent under this
Warrant without any further act. Any such successor warrant agent shall promptly cause notice of its succession as warrant agent
to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last address as shown on the Warrant Register.

 

13.Miscellaneous.

 

(a)No Rights
as a Stockholder. The Holder, solely in such person’s capacity as a holder of this Warrant, shall not be entitled to
vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained
in this Warrant be construed to confer upon the Holder, solely in such person’s capacity as the Holder of this Warrant, any
of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any
reorganization, issue of stock, reclassification of stock, consolidation, merger, amalgamation, conveyance or otherwise), receive
notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant
Shares which such person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this
Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities, whether such liabilities are asserted
by the Company or by creditors of the Company.

 

(b)Authorized
Shares.

 

(i)The Company will
take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without
violation of any applicable law or regulation or of any requirements of the Principal Trading Market upon which the Common Stock
may be listed.

 

(ii)Except and to
the extent waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its
certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issuance 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
Warrant, 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 the Holder as set forth in this Warrant against impairment. Without
limiting the generality of the foregoing, the Company will (1) not increase the par value of any Warrant Shares above the amount
payable therefor upon such exercise immediately prior to such increase in par value, (2) take all such action as may be necessary
or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise
of this Warrant, and (3) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any
public regulatory body having jurisdiction thereof as may be necessary to enable the Company to perform its obligations under this
Warrant.

 

    	 

    	 

    

 

(iii)Before taking
any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company 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.

 

(c)Successors
and Assigns. This Warrant may be assigned by the Holder. This Warrant may not be assigned by the Company without the written
consent of the Holder except to a successor in the event of a Fundamental Transaction. This Warrant shall be binding upon and inure
to the benefit of the Company and the Holder and their respective heirs, estate, legal representatives, successors and assigns.
Subject to the preceding sentence, nothing in this Warrant shall be construed to give to any person other than the Company and
the Holder any legal or equitable right, remedy or cause of action under this Warrant.

 

(d)Amendment
and Waiver. Except as otherwise provided herein, the provisions of this Warrant may be amended and the Company may take any
action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the
written consent of the Holder.

 

(e)Acceptance.
Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and conditions contained
herein.

 

(f)Governing
Law. This Warrant shall be enforced, governed and construed in all respects in accordance with the laws of the State of New
York, as such laws are applied by the New York courts to agreements entered into and to be performed in New York by and between
residents of New York.

 

(g)Headings.
The headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect
any of the provisions hereof.

 

(h)Severability.
If any provision of this Warrant is held to be invalid or unenforceable under any applicable statute or rule of law, then such
provision shall be deemed modified to conform with such statute or rule of law. Any provision hereof that may prove invalid or
unenforceable under any law shall not affect the validity or enforceability of any other provisions hereof.

 

 

 

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IN WITNESS WHEREOF,
the Company has caused this Warrant to be duly executed by its authorized officer as of the date first indicated above.

 

	 	TRANSGENOMIC, INC.	 
	 	 	 	 
	 	By:	 	 
	 	Name:	Paul Kinnon	 
	 	Title: 	President and Chief Executive Officer	 

 

	
         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

        [Signature Page to Warrant]

    	 

    	 

    

 

SCHEDULE 1

TRANSGENOMIC, INC.

FORM OF EXERCISE NOTICE

[To be executed by the Holder to purchase shares of Common Stock under the Warrant]

 

Ladies and Gentlemen:

 

(1) The undersigned is the Holder of Warrant
No. __________ (the “Warrant”) issued by Transgenomic, Inc., a Delaware corporation (the “Company”).
Capitalized terms used herein and not otherwise defined herein have the respective meanings set forth in the Warrant.

 

(2) The undersigned hereby exercises its
right to purchase __________ Warrant Shares pursuant to the Warrant.

 

(3) The Holder intends that payment of
the Exercise Price shall be made as (check one):

	 	 ̈	Cash Exercise
	 	 	 
	 	 ̈	“Cashless Exercise” under Section 9 of the Warrant
	 	 	 

(4) If the Holder has elected a Cash Exercise,
the Holder shall pay the sum of $_______ in immediately available funds to the Company in accordance with the terms of the Warrant.

 

(5) Pursuant to this Exercise Notice, the
Company shall deliver to the Holder’s Warrant Shares determined in accordance with the terms of the Warrant. Please issue
(check applicable box):

 

	 	 ̈	A certificate of certificates representing the Holder’s Warrant Shares in the name of the undersigned or in such other name as is specified below:
	 	 
	.	 ̈	The Holder’s Warrant Shares in electronic form to the following account:
	 	 
	 	Name and Contact for Broker:
	 	Broker no:
	 	Account no:
	 	Account holder: 

 

	 
	 

Dated: _______________, _____

Name of Holder: ____________________________

By: ______________________________________

Name:

Title:

(Signature must conform in all respects
to name of Holder as specified on the face of the Warrant)

 

    	 

    	 

    

 

SCHEDULE 2

TRANSGENOMIC, INC.

FORM OF ASSIGNMENT

[To be completed and executed by the Holder only upon transfer of the Warrant]

FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers unto ______________ (the “Transferee”) the right
represented by the within Warrant to purchase _____________ shares of Common Stock of Transgenomic, Inc., a Delaware corporation
(the “Company”) to which the within Warrant relates and appoints ___________ attorney to transfer said
right on the books of the Company with full power of substitution in the premises.

 

Dated: ___________, _____

__________________________________________________

(Signature must conform in all respects to name of holder as specified on the face of the Warrant)

In the presence of: Address of Transferee:Exhibit 10.35 First Amendment to Credit Agreement

EXHIBIT 10.35

FIRST AMENDMENT

TO

CREDIT AGREEMENT
 
DATED AS OF FEBRUARY 25, 2015 
 
AMONG 
 
CALIFORNIA RESOURCES CORPORATION, 
AS THE BORROWER, 
 
JPMORGAN CHASE BANK, N.A., 
AS ADMINISTRATIVE AGENT, SWINGLINE LENDER 
AND A LETTER OF CREDIT ISSUER, 
 
BANK OF AMERICA, N.A., 
AS SYNDICATION AGENT, SWINGLINE LENDER 
AND A LETTER OF CREDIT ISSUER, 
 
AND

THE LENDERS 
PARTY HERETO

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FIRST AMENDMENT TO CREDIT AGREEMENT
This First Amendment to the Credit Agreement (this “Amendment”) dated as of February 25, 2015, is among California Resources Corporation, a Delaware corporation (the “Borrower”), each of the undersigned guarantors (the “Guarantors”), each Lender (as defined below) party hereto, and JPMorgan Chase Bank, N.A., as administrative agent for the Lenders (in such capacity, together with its successors and assigns, the “Administrative Agent”).
RECITALS
A.The Borrower, the Administrative Agent and the banks and other financial institutions from time to time party thereto (together with their respective successors and assigns in such capacity, each a “Lender”) have entered into that certain Credit Agreement dated as of September 24, 2014 (as amended, restated, modified or supplemented from time to time, the “Credit Agreement”).
B.The Borrower has requested and the Majority Lenders have agreed to amend certain provisions of the Credit Agreement on the terms and conditions set forth herein.
C.NOW, THEREFORE, to induce the Administrative Agent and the Lenders to enter into this Amendment and 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.Definitions.  Unless otherwise defined in this Amendment, each capitalized term used in this Amendment has the meaning assigned to such term in the Credit Agreement. Unless otherwise indicated, all section references in this Amendment refer to sections of the Credit Agreement.
Section 2.    Amendments to Credit Agreement.
2.1    Section 1.1.  The following defined terms are hereby amended or added in their entirety to read as follows:
“Borrowing Base Trigger Event” shall mean (a) during an Interim Covenant Period, the public announcement by Moody’s or S&P that the Borrower’s Credit Rating is Ba3 or lower from (or is unrated by) Moody’s or BB- or lower (or is unrated by) from S&P and (b) during a Regular Covenant Period, the public announcement by Moody’s or S&P that the Borrower’s Credit Rating is B1 or lower from (or is unrated by) Moody’s or B+ or lower (or is unrated by) from S&P; provided, however, that with respect to a Regular Covenant Period, if one of the Credit Ratings is B1 or B+, as applicable (but not lower than B1 or B+), and the other Credit Rating is BB or Ba2 or higher, as applicable, a Borrowing Base Trigger Event shall not have occurred.  
“Borrowing Base Trigger Period” shall mean (a)(i) to the extent a Borrowing Base Trigger Event occurs during an Interim Covenant Period, the first business 

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day following such Borrowing Base Trigger Event until the first business day on which the Borrower’s Credit Rating is Ba2 or higher from Moody’s and is BB or higher from S&P and (ii) to the extent a Borrowing Base Trigger Event occurs during a Regular Covenant Period, the first business day following such Borrowing Base Trigger Event until the first business day on which the Borrower’s Credit Rating is Ba3 or higher from Moody’s and is BB- or higher from S&P; or (b) the period commencing with the date on which the Borrower elects under Section 14.18 to have the Facility governed by a Borrowing Base and ending on any date on which the Borrower has elected to cease to have the Facility governed by a Borrowing Base, provided that on such date, no Borrowing Base Trigger Event is in effect.
“Consolidated Cash Balance” shall have the meaning set forth in the definition of “Liquidity”. 
“Existing Financial Covenants” means, collectively, the following covenants:
(a)    Leverage Ratio.  The Borrower will not permit the Leverage Ratio as of the last day of each fiscal quarter of the Borrower to be greater than 4.50 to 1.00.
(b)    Interest Expense Ratio.  The Borrower will not permit the Interest Expense Ratio as of the last day of each fiscal quarter of the Borrower to be less than 2.50 to 1.00.
(c)    Asset Coverage Ratio.  As of the last day of each fiscal quarter of the Borrower (other than during a Borrowing Base Trigger Period when a Borrowing Base has been established) when the Borrower’s Credit Rating is equal to or less than Ba3 by Moody’s or BB- by S&P, the Borrower will not permit the Asset Coverage Ratio to be less than 1.50 to 1.00. 
“First Amendment” shall mean that certain First Amendment to Credit Agreement, dated as of February 25, 2015, between the Borrower, the Administrative Agent and the Lenders party thereto. 
“First Amendment Effective Date” means the Effective Date as defined in the First Amendment. 
“Interim Covenant Period” means the period commencing on the First Amendment Effective Date and ending with the first date on which the Borrower delivers (a) a quarterly compliance certificate under Section 10.1(c) demonstrating its compliance with the Existing Financial Covenants for two consecutive fiscal quarters, (b) a notice to the Administrative Agent of its election to exit such Interim Covenant Period and enter into a Regular Covenant Period and (c) a certificate of an Authorized Officer of the Borrower confirming that no 

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Default of Event of Default has occurred or is continuing as of the date of such notice after giving effect to the terms of such notice.
“Liquidity” shall mean, as of any date of determination, the positive difference, if any, between (a) the sum of (i) the Available Revolving Commitment and (ii) the aggregate amount of unrestricted cash and cash equivalents of the Borrower and its Restricted Subsidiaries as set forth on the most recent consolidated balance sheet of the Borrower and its Restricted Subsidiaries (it being understood that (1) cash or cash equivalents subject to a control agreement in favor of any Person other than the Administrative Agent or any Lender shall be deemed “restricted” and (2) cash or cash equivalents upon which a Lien in favor of the Administrative Agent or any Lender has been granted (excluding cash that is Cash Collateralizing outstanding L/C Obligations under Section 3.8) shall be deemed not “restricted”) (the amount in this clause (ii), the “Consolidated Cash Balance”) and (b) the amount, if any, of the Borrowing Base Deficiency existing on such date of determination. 
“PV-9” shall mean, with respect to any Proved Reserves expected to be produced from any Borrowing Base Properties, the net present value, discounted at 9% per annum, of the future net revenues expected to accrue to the Credit Parties’ collective interests in such reserves during the remaining expected economic lives of such reserves, calculated using (i) during an Interim Covenant Period, the Bank Price Deck (provided to the Borrower by the Administrative Agent pursuant to Section 2.14(j)) and (ii) during a Regular Covenant Period, the Bank Price Deck or the Strip Price, at the Borrower’s election.  The PV-9 attributable to Proved Non-Producing Reserves and Proved Undeveloped Reserves (in the aggregate) shall not exceed 35% of aggregate PV-9. The PV-9 shall be adjusted to give effect to the Hedge Agreements (or term physical sales contracts) permitted by this Agreement as in effect on the date of such determination.
“Regular Covenant Period” shall mean any period other than an Interim Covenant Period. 
2.2    Amendment to Section 5.2.  Section 5.2 of the Credit Agreement is hereby amended by adding the following Subsection 5.2(d) after the current Subsection 5.2(c) and renumbering the current Subsections 5.2(d) and 5.2(e) as, respectively, Subsections 5.2(e) and 5.2(f):
(d)     Application of Excess Cash.  If, as of any date of determination during the Interim Covenant Period, commencing with the First Amendment Effective Date, the Consolidated Cash Balance exceeds $250,000,000, the Borrower shall on the next succeeding Business Day prepay (i) any then-outstanding Swingline Loans and (ii) after all Swingline Loans have been paid in full, any then-outstanding Revolving Loans, in an aggregate principal amount equal to the lesser of (A) such excess and (B) the sum of the then-outstanding Swingline Loans plus Revolving Loans.

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2.3    Amendment to Section 11.1(c).  Section 11.1(c) of the Credit Agreement is hereby amended in its entirety to read as follows:
(c)    Intercompany loans and advances made by the Borrower to any Restricted Subsidiary or made by any Restricted Subsidiary to the Borrower or its Restricted Subsidiaries; provided that if such Indebtedness is owing to a Restricted Subsidiary that is not a Guarantor, such Indebtedness is subject to subordination terms acceptable to the Administrative Agent, to the extent permitted by Requirements of Law and not giving rise to material adverse tax consequences.
2.4    Amendment to Section 11.2(y).  Section 11.2(y) of the Credit Agreement is hereby amended in its entirety to read as follows:
(y)     additional Liens so long as the aggregate principal amount of the obligations secured thereby at the time of the incurrence thereof and after giving pro forma effect thereto and the use of proceeds thereof, does not exceed (i) during an Investment Grade Period (1) if such Investment Grade Period is an Interim Covenant Period, 5% of Consolidated Total Assets and (2) if such Investment Grade Period is a Regular Covenant Period, 15% of Consolidated Total Assets and (ii) during a Borrowing Base Trigger Period, and only with respect to Liens on property not constituting Borrowing Base Properties, the greater of $200,000,000 and 1.50% of Consolidated Total Assets (measured, in each case, as of the date such Lien or the obligations secured is incurred based upon the financial statements most recently available prior to such date).
2.5    Amendment to Section 11.11. Section 11.11 of the Credit Agreement is hereby amended in its entirety to read as follows:
Section 11.11    Financial Performance Covenants.  During a Regular Covenant Period, the Borrower shall comply with the Existing Financial Covenants. During an Interim Covenant Period:
		
	(a)
	Leverage Ratio.  The Borrower will not permit the Leverage Ratio as of the last day of each fiscal quarter of the Borrower to be greater than the ratio applicable to such fiscal quarter set forth below: 

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	Fiscal Quarter Ending
	Leverage Ratio

	March 31, 2015
	4:50 to 1.00

	June 30, 2015
	4:75 to 1.00

	September 30, 2015
	6.25 to 1.00

	December 31, 2015
	8.25 to 1.00

	March 31, 2016
	8.00 to 1.00

	June 30, 2016
	7.25 to 1.00

	September 30, 2016
	6.75 to 1.00

	December 31, 2016
	6.25 to 1.00

	Thereafter
	4.50 to 1.00

  
		
	(b)
	Interest Expense Ratio.  Other than for the fiscal quarter ending December 31, 2015, the Borrower will not permit the Interest Expense Ratio as of the last day of each fiscal quarter of the Borrower to be less than 2.50 to 1.00.  As of December 31, 2015, the Borrower will not permit the Interest Expense Ratio to be less than 2.25 to 1.00.

		
	(c)
	Asset Coverage Ratio.  As of the last day of each fiscal quarter of the Borrower (other than during a Borrowing Base Trigger Period when a Borrowing Base has been established), the Borrower will not permit the Asset Coverage Ratio to be less than the ratio applicable to such fiscal quarter set forth below:

	
		
	Fiscal Quarter Ending
	Asset Coverage Ratio

	March 31, 2015 through December 31, 2016
	1.05 to 1.00

	Thereafter
	1.50 to 1.00

		
	(d)
	Liquidity. As of any date of determination, the Borrower will not permit Liquidity to be less than $750,000,000. 

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Section 3.    Effectiveness.  This Amendment shall become effective on the first date on which each of the conditions set forth in this Section 3 is satisfied (the “Effective Date”):
3.1    The Administrative Agent shall have received duly executed counterparts (in such number as may be requested by the Administrative Agent) of this Amendment from the Borrower, each Guarantor and the Majority Lenders.
3.2    The Borrower shall have paid all fees and other amounts due and payable on or prior to the Effective Date to the extent invoiced, including all reasonable out-of-pocket expenses required to be reimbursed or paid by the Borrower under the Credit Agreement.
3.3    No Default or Event of Default shall have occurred and be continuing as of the date hereof, after giving effect to the terms of this Amendment.
Section 4.    Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
Section 5.    Miscellaneous.  
5.1    (a) On and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in each other Credit Document to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as amended or otherwise modified by this Amendment; (b) the execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any default of the Borrower or any right, power or remedy of the Administrative Agent or the Lenders under any of the Credit Documents, nor constitute a waiver of any provision of any of the Credit Documents; (c) this Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and any of the parties hereto may execute this Agreement by signing any such counterpart; and (d) delivery of an executed counterpart of a signature page to this Amendment by telecopier or electronic mail shall be effective as delivery of a manually executed counterpart of this Amendment.
5.2    Neither the execution by the Administrative Agent or the Lenders of this Amendment, nor any other act or omission by the Administrative Agent or the Lenders or their officers in connection herewith, shall be deemed a waiver by the Administrative Agent or the Lenders of any defaults which may exist or which may occur in the future under the Credit Agreement and/or the other Credit Documents, or any future defaults of the same provision waived hereunder (collectively “Violations”).  Similarly, nothing contained in this Amendment shall directly or indirectly in any way whatsoever either: (a) impair, prejudice or otherwise adversely affect the Administrative Agent’s or the Lenders’ right at any time to exercise any right, privilege or remedy in connection with the Credit Documents with respect to any Violations; (b) amend or alter any provision of the Credit Agreement, the other Credit Documents, or any other contract or instrument; or (c) constitute any course of dealing or other basis for altering any obligation of the Borrower or any right, privilege or remedy of the Administrative Agent or the Lenders under the Credit Agreement, the other Credit 

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Documents, or any other contract or instrument.  Nothing in this letter shall be construed to be a consent by the Administrative Agent or the Lenders to any Violations.
5.3    The Borrower and each Guarantor hereby (a) acknowledges the terms of this Amendment; (b) ratifies and affirms its obligations under, and acknowledges, renews and extends its continued liability under, each Credit Document to which it is a party and agrees that each Credit Document to which it is a party remains in full force and effect, except as expressly amended or modified hereby; and (c) represents and warrants to the Lenders that as of the Effective Date, after giving effect to the terms of this Amendment:  (i) all of the representations and warranties contained in each Credit Document to which it is a party are true and correct in all material respects (unless already qualified by materiality in which case such applicable representation and warranty shall be true and correct), except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct in all material respects (unless already qualified by materiality in which case such applicable representation and warranty shall be true and correct) as of such specified earlier date, and (ii) no Default or Event of Default has occurred and is continuing.
5.4    This Amendment is a Credit Document as defined and described in the Credit Agreement and all of the terms and provisions of the Credit Agreement relating to Credit Documents shall apply hereto.
5.5      THE CREDIT AGREEMENT AND THE OTHER CREDIT DOCUMENTS, INCLUDING THIS AMENDMENT, embody the entire agreement and understanding between the parties and supersede all other agreements and understandings between such parties relating to the subject matter hereof and thereof AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.
[Signature Pages Follow]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their officers thereunto duly authorized as of the date first above written.
	
			
	BORROWER:
	 
	CALIFORNIA RESOURCES CORPORATION

	 
	 
	 

	 
	 
	 

	 
	 
	By:   /s/ Marshall D. Smith

	 
	 
	Name:   Marshall D. Smith

	 
	 
	Title:   Senior Executive Vice President and Chief Financial Officer

	 
	 
	 

Signature Page
CALIFORNIA RESOURCES CORPORATION – First Amendment
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	GUARANTORS:
	 
	 

	 
	 
	California Heavy Oil, Inc.

	 
	 
	California Resources Long Beach, Inc.

	 
	 
	California Resources Petroleum Corporation

	 
	 
	California Resources Production Corporation

	 
	 
	California Resources Tidelands, Inc.

	 
	 
	Southern San Joaquin Production, Inc.

	 
	 
	Thums Long Beach Company

	 
	 
	 

	 
	 
	By:      /s/ Michael L. Preston

	 
	 
	Name: Michael L. Preston

	 
	 
	Title:   Executive Vice President, General Counsel and Corporate Secretary

	 
	 
	 

	 
	 
	California Resources Wilmington, LLC

	 
	 
	 

	 
	 
	By:      /s/ Michael L. Preston

	 
	 
	Name: Michael L. Preston

	 
	 
	Title:   Executive Vice President, General Counsel and Corporate Secretary of California Resources Tidelands, Inc., its Sole Member

	 
	 
	 

	 
	 
	CRC Marketing, Inc.

	 
	 
	 

	 
	 
	By:      /s/ D. Adam Smith

	 
	 
	Name: D. Adam Smith

	 
	 
	Title:   Assistant Secretary

	 
	 
	 

	 
	 
	Elk Hills Power, LLC

	 
	 
	 

	 
	 
	By:      /s/ Michael L. Preston

	 
	 
	Name: Michael L. Preston

	 
	 
	Title:   Executive Vice President, General Counsel and Corporate Secretary of California Resources Corporation, the Sole Member of California Resources Elk Hills, LLC, its Sole Member

	 
	 
	 

	 
	 
	 

Signature Page
CALIFORNIA RESOURCES CORPORATION – First Amendment
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	Tidelands Oil Production Company 

	 
	 
	 

	 
	 
	By:      /s/ Michael L. Preston

	 
	 
	Name: Michael L. Preston

	 
	 
	Title:   Executive Vice President, General Counsel and Corporate Secretary of California Resources Tidelands, Inc., its Managing Partner

	 
	 
	 

	 
	 
	California Resources Elk Hills, LLC

	 
	 
	CRC Services, LLC

	 
	 
	Socal Holding, LLC

	 
	 
	 

	 
	 
	By:      /s/ Michael L. Preston

	 
	 
	Name: Michael L. Preston

	 
	 
	Title:   Executive Vice President, General Counsel and Corporate Secretary of California Resources Corporation, its Sole Member

	 
	 
	 

	 
	 
	 

Signature Page
CALIFORNIA RESOURCES CORPORATION – First Amendment
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	JPMORGAN CHASE BANK, N.A., as Administrative Agent, Letter of Credit Issuer, Swingline Lender, Revolving Lender and Term Loan Lender

	 
	 

	 
	 

	 
	By:   /s/ Dave Katz

	 
	Name:   Dave Katz

	 
	Title:   Executive Director

Signature Page
CALIFORNIA RESOURCES CORPORATION – First Amendment
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	BANK OF AMERICA, N.A., as Syndication Agent, Letter of Credit Issuer, Swingline Lender, Revolving Lender and Term Loan Lender

	 
	 

	 
	 

	 
	By:   /s/ Bryan Heller

	 
	Name:   Bryan Heller

	 
	Title:   Director

Signature Page
CALIFORNIA RESOURCES CORPORATION – First Amendment
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	CITIBANK, N.A., as Letter of Credit Issuer, Revolving Lender and Term Loan Lender

	 
	 

	 
	 

	 
	By:   /s/ Ivan Davey

	 
	Name:  Ivan Davey

	 
	Title:   Vice President

Signature Page
CALIFORNIA RESOURCES CORPORATION – First Amendment
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	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as Revolving Lender and Term Loan Lender

	 
	 

	 
	 

	 
	By:   /s/ Kevin Sparks

	 
	Name:   Kevin Sparks

	 
	Title:   Vice President

Signature Page
CALIFORNIA RESOURCES CORPORATION – First Amendment
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	U.S. BANK NATIONAL ASSOCIATION, as Revolving Lender and Term Loan Lender

	 
	 

	 
	 

	 
	By:   /s/ John Prigge

	 
	Name:   John Prigge

	 
	Title:   Vice President

Signature Page
CALIFORNIA RESOURCES CORPORATION – First Amendment
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	MORGAN STANLEY BANK, N.A., as Revolving Lender and Term Loan Lender

	 
	 

	 
	 

	 
	By:   /s/ Dmitriy Barskiy

	 
	Name:   Dmitriy Barskiy

	 
	Title:   Authorized Signatory

Signature Page
CALIFORNIA RESOURCES CORPORATION – First Amendment
Active.16858322.9

            

	
		
	 
	HSBC BANK USA, NA, as Revolving Lender and Term Loan Lender

	 
	 

	 
	 

	 
	By:   /s/ Steven Smith

	 
	Name:   Steven Smith

	 
	Title:   Director

Signature Page
CALIFORNIA RESOURCES CORPORATION – First Amendment
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	GOLDMAN SACHS BANK USA, as Revolving Lender 

	 
	 

	 
	 

	 
	By:   /s/ Michelle Latzoni

	 
	Name:   Michelle Latzoni

	 
	Title:   Authorized Signatory

Signature Page
CALIFORNIA RESOURCES CORPORATION – First Amendment
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	BANK OF NOVA SCOTIA, as Revolving Lender and Term Loan Lender

	 
	 

	 
	 

	 
	By:   /s/ Mark Sparrow

	 
	Name:   Mark Sparrow

	 
	Title:   Director 

Signature Page
CALIFORNIA RESOURCES CORPORATION – First Amendment
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	SOCIÉTÉ GÉNÉRALE, as Revolving Lender and Term Loan Lender

	 
	 

	 
	 

	 
	By:   /s/ Alexandre Huet

	 
	              Alexandre Huet

	 
	             Managing Director

	 
	 

	 
	And

	 
	 

	 
	By:   /s/ Diego Medina

	 
	              Diego Medina

	 
	              Director

	 
	 

	 
	 

Signature Page
CALIFORNIA RESOURCES CORPORATION – First Amendment
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	PNC BANK, NATIONAL ASSOCIATION, as Revolving Lender and Term Loan Lender

	 
	 

	 
	 

	 
	By:   /s/ Sandra Aultman

	 
	Name:   Sandra Aultman

	 
	Title:   Managing Director

Signature Page
CALIFORNIA RESOURCES CORPORATION – First Amendment
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	BRANCH BANKING AND TRUST COMPANY, as Revolving Lender and Term Loan Lender

	 
	 

	 
	 

	 
	By:   /s/ James Giordano

	 
	Name:   James Giordano

	 
	Title:   Vice President

Signature Page
CALIFORNIA RESOURCES CORPORATION – First Amendment
Active.16858322.9

            

	
		
	 
	THE BANK OF NEW YORK MELLON, as Revolving Lender and Term Loan Lender

	 
	 

	 
	 

	 
	By:   /s/ Mark W. Rogers

	 
	Name:   Mark W. Rogers

	 
	Title:   Vice President

Signature Page
CALIFORNIA RESOURCES CORPORATION – First Amendment
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	SUMITOMO MITSUI BANKING CORPORATION, as Revolving Lender and Term Loan Lender

	 
	 

	 
	 

	 
	By:   /s/ Shuji Yabe

	 
	Name: Shuji Yabe

	 
	Title:   Managing Director

Signature Page
CALIFORNIA RESOURCES CORPORATION – First Amendment
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	INTESA SANPAOLO S.P.A., NEW YORK BRANCH, as Revolving Lender and Term Loan Lender

	 
	 

	 
	 

	 
	By:   /s/ Katherine Hand

	 
	Name:   Katherine Hand

	 
	Title:     Relationship Manager 

	 
	 

	 
	By:   /s/ Francesco Di Mario

	 
	Name:  Francesco Di Mario

	 
	Title:    FVP & Head of Credit

Signature Page
CALIFORNIA RESOURCES CORPORATION – First Amendment
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	KEYBANK NATIONAL ASSOCIATION, as Revolving Lender and Term Loan Lender

	 
	 

	 
	 

	 
	By:   /s/ George E. McKean

	 
	Name:   George E. McKean

	 
	Title:     Senior Vice President

Signature Page
CALIFORNIA RESOURCES CORPORATION – First Amendment
Active.16858322.9

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