Document:

Exhibit 10.1

 

Exhibit 10.1

 

THIS NOTE
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS. THE NOTE MAY NOT
BE OFFERED FOR SALE, SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT AND UNDER ANY APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY, THAT AN EXEMPTION FROM
SUCH REGISTRATION IS AVAILABLE.

 

INFINITY ENERGY
RESOURCES, INC.

 

8% PROMISSORY
NOTE

 

	December 27, 2013	$1,050,000

 

FOR
VALUE RECEIVED,Infinity Energy Resources, Inc., a Delaware corporation (the “Company”), promises to pay to SKM
Partnership, Ltd. whose address is 5621 Tupper Lake Drive, Houston, Texas, 77056 or registered assigns
(the “Holder”), the sum of One Million Fifty Thousand Dollars ($1,050,000) in lawful money of the United
States of America on or before the Maturity Date as defined herein, with all Interest thereon as defined and specified
herein.

 

In connection with and as a material inducement
to Holder to make this Note, the Company will issue Holder a warrant (the “Warrant”) exercisable to purchase shares
of its common stock (the “Common Stock”). The Warrant is attached as Exhibit A to this Note.

 

The Company will pay the Holder an origination
fee of Fifty Thousand Dollars ($50,000) on the date hereof, which shall be withheld from the initial funding by the Holder.

 

One Million Dollars ($1,000,000) shall be wired,
at the request of the Company, on behalf of the Company, directly by the Holder to the account of CGG Services (US) Inc. –
NASA (the “Vendor”) in partial payment of amounts owed by the Company to the Vendor, and such payment shall be deemed
to constitute a loan made by the Holder to the Company.

 

1. Interest
and Fees. Subject to Section 8.6, below, this Note shall bear interest (“Interest”) equal to eight percent (8%)
per annum. Interest will be calculated on a three hundred sixty-five (365) day year. The Company shall pay the Interest on or before
the Maturity Date, as defined below. In no event shall the rate of Interest payable on this Note exceed the Maximum Rate, as set
forth in Section 12.

 

    	 

    	 

    

 

2. Payments.
All payments under this Note shall be made by the Company hereunder, whether on account of principal or Interest, without set-off
or counterclaim and shall first be credited against costs and expenses provided for in this Note, second to the payment of any
penalties, third to the payment of accrued and unpaid Interest, if any, and the remainder shall be credited against principal.
All payments due hereunder shall be payable in legal tender of the United States of America, and in same day funds delivered to
Holder by cashier’s check, certified check, or bank wire transfer to the mailing address provided below, or at such other
place as Holder shall designate in writing for such purpose from time to time made prior to noon, Kansas City, Kansas time, on
the Maturity Date. If a payment under this Note otherwise would become due and payable on a Saturday, Sunday or legal holiday (any
other day being a “Business Day”), the due date of the payment shall be extended to the next succeeding Business Day,
and Interest, if any, shall be payable thereon during such extension.

 

3. Maturity
Date. The entire amount of any Indebtedness represented by this Note shall be due and payable in full, including all accrued
Interest thereon, on March 12, 2014(the “Maturity Date”).

 

4. Pre-Payments.
At any time prior to the Maturity Date, the Company shall have the right to prepay this Note, in whole or in part without penalty,
on ten (10) days’ advance notice to Holder. On such prepayment date, the Company will pay in respect of this Note cash equal
to the face amount plus accrued Interest on the Note (or portion thereof) being prepaid.

 

5. Unsecured
Indebtedness. This Note is unsecured.

 

6. Representations
and Warranties of the Company. The Company represents and warrants as follows:

 

6.1 The Company
is duly existing and in good standing as a corporation in its jurisdiction of formation and is qualified and licensed to do business
and is in good standing in any other jurisdiction in which the conduct of its business or ownership of property requires it to
be qualified, except where the failure to do so could not reasonably be expected to have a material adverse effect on the Company’s
business.

 

6.2 The execution,
delivery and performance by the Company of this Note and the Warrant has been duly authorized, and do not (i) conflict with any
of the Company’s organizational documents; (ii) contravene, conflict with, constitute a default under or violate any law
applicable to the Company; (iii) contravene, conflict or violate any applicable order, writ, judgment, injunction, decree, determination
or award of any governmental authority by which the Company or any of its Subsidiaries or any of their property or assets may be
bound or affected; (iv) require any action by, filing, registration, or qualification with, or governmental approval from any governmental
authority (except such governmental approvals which have already been obtained and are in full force and effect); or (v) constitute
an event of default under any material agreement by which the Company is bound.

 

6.3 There
are no material actions or proceedings pending or threatened by or against the Company, except as set forth in the Company’s
annual report on Form 10-K for the year ended December 31, 2012 and its report on Form 10-Q for the quarter ended September 30,
2013 filed with the Securities and Exchange Commission (the “SEC Reports”).

 

    	 

    	 

    

 

6.4 All financial
statements of the Company contained in its SEC Reports fairly present in all material respects the Company’s financial position
and the Company’s results of operations as of the dates thereof, and for the periods indicated therein, subject in the case
of the unaudited financial statements to normal year-end audit adjustments.

 

6.5 The Company’s
SEC Reports, as of their respective dates or, if amended, as of the date of the last such amendment, did not contain any untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading.

 

6.6 As of
the Issue Date, the Company’s Nicaraguan Concessions as defined Exhibit B to this Note and incorporated herein by reference
in are in full force and effect and as of the Issue Date there exists no fact or circumstance of which the Company is aware which
would foreseeably result in the loss or forfeiture of the Nicaraguan Concessions.

 

6.7 As of
the Issue Date, no other Person or entity other than the Company has any right, title, interest, or claim, whether direct or indirect,
contingent or otherwise, to all or any part of the Nicaraguan Concessions held by the Company.

 

6.8 As of
the Issue Date, the Company has been working toward the consummation of a Financing Transaction (as defined below) and has no reason
to believe that a Financing Transaction shall not occur on or prior to the Maturity Date.

 

6.9 The Company
has no arrangement with the Vendor to directly or indirectly receive or recover any of the funds loaned by Holder pursuant to this
Note, and all proceeds of this Note shall be used solely to induce Vendor to perform services required in connection with the Nicaraguan
Concessions.

 

7. Covenants
of the Company. The Company covenants as follows:

 

7.1 The
proceeds of this Note are solely to be used for payment to the account of the Vendor in connection with work to be performed by
the Vendor in support of the Company’s Nicaraguan Concessions, and Company shall make no effort to directly or indirectly
receive or recover any sums paid by Holder to the Vendor without the Holder’s prior written consent, and if any amounts attributable
the amounts paid by Holder to Vendor come into the possession or control of Company, Company will promptly notify Holder of the
same and return or caused to be returned all such amounts to Holder. In addition to the foregoing, the Company shall promptly provide
confirmation from the Vendor that the $1,000,000 loan to be wired directly by Holder to Vendor has been received by Vendor following
notification from the Holder that the wire has been transmitted.

 

7.2 The
Company shall use best efforts to promptly and expeditiously consummate a third party financing (a “Financing Transaction”)
which will provide sufficient proceeds to the Company to pay off this Note in full and will promptly notify Holder of the consummation
of any Financing Transaction and the use of proceeds received in connection therewith.

 

    	 

    	 

    

 

7.3 The
Company shall use its best efforts to do any and all things to preserve and maintain in full its rights to the Nicaraguan Concessions
and shall not make any disposition or transfer, direct or indirect, of all or any part of the Nicaraguan Concessions to any other
Person or entity.

 

7.4 The
Company shall comply with, and shall cause all Affiliates (including, without limitation, its subsidiaries) to comply with, all
laws, except in such instances in which any such law is being contested in good faith by appropriate proceedings.

 

7.5 The
Company shall keep adequate and proper records and books of account, in which complete and correct entries will be made consistent
with the Company’s past practice, reflecting all financial transactions of the Company.

 

7.6 The
Company shall maintain its and its Affiliates’ and subsidiaries’ existence, rights, and privileges, and obtain, maintain,
and preserve any permits, consents, and authorizations that are necessary in the proper conduct of its or its Affiliates’
or subsidiaries’ business.

 

7.7 The
Company shall promptly cure any and all defects in the execution and delivery of this Note and immediately execute and deliver
to Holder all such other and further instruments as may be reasonably required by Holder from time to time in order to satisfy
or comply with the covenants and agreements, and the spirit and intent of the covenants and agreements, of Company made in this
Note.

 

7.8 The
Company shall not incur any Indebtedness senior to or ranking in priority to the Indebtedness represented by this Note, including,
without limitation secured indebtedness, without the prior written consent of Holder, so long as there exists any amount unpaid
to Holder pursuant to this Note.

 

8. Default.
The Company shall perform its obligations and covenants hereunder and in each and every other agreement between the Company and
Holder pertaining to the Indebtedness evidenced hereby. The following provisions shall apply upon failure of the Company so to
perform.

 

8.1 Event
of Default. Any of the following events shall constitute an “Event of Default” hereunder:

 

8.1.1 Failure
by the Company to pay principal of the Note when due and payable on the Maturity Date;

 

8.1.2 Failure
of the Company to pay Interest when due hereunder;

 

8.1.3 Forfeiture,
loss, impairment of, transfer, decrease, or reduction of all or any part of the Company’s Nicaraguan Concessions;

 

    	 

    	 

    

 

8.1.4 The
entry of an order for relief under Federal Bankruptcy Code as to the Company or entry of any order appointing a receiver or trustee
for the Company or approving a petition in reorganization or other similar relief under bankruptcy or similar laws in the United
States of America or any other competent jurisdiction; or the filing of a petition by the Company seeking any of the foregoing,
or consenting thereto; or the filing of a petition to take advantage of any debtor’s act; or making a general assignment
for the benefit of creditors; or admitting in writing inability to pay debts as they mature; or generally failing to pay its debts
as they become due;

 

8.1.5 If
the Company should challenge the enforceability of any terms and conditions of this Note or the Warrant, or of the Note itself
or the Warrant itself; or any of the terms and conditions of this Note or the Warrant shall for any reason be of no further force
and effect;

 

8.1.6 If
the Company should default in respect of any other Indebtedness of the Company; or

 

8.1.7 If
the Company should breach any term or condition of this Note or the Warrant or any of the representations and warranties of the
Company set forth herein or in the Warrant shall be untrue or inaccurate.

 

8.2 Acceleration.
Upon any Event of Default (in addition to any other rights or remedies provided for under this Note and any other remedies available
at law and equity which are expressly not disclaimed by Holder in this Note), at the option of Holder, all sums evidenced hereby,
including all principal, Interest, fees and all other amounts due hereunder, shall become immediately due and payable. If an Event
of Default in the payment of principal or Interest should occur and be continuing with respect to the Note, Holder may declare
the principal, Interest, fees and all other amounts due hereunder to be immediately due and payable.

 

8.3 Notice
by Company. Upon the happening of any Event of Default specified in this paragraph that is not cured within the respective
periods prescribed above, the Company will give prompt written notice thereof to Holder of this Note.

 

8.4 No
Waiver. Failure of Holder to exercise any option hereunder shall not constitute a waiver of the right to exercise the same
in the event of any subsequent Event of Default, or in the event of continuance of any existing Event of Default after demand or
performance thereof

 

8.5 No
Impairment. The Company shall not intentionally take or omit to take any action which would impair the rights and privileges
of this Note set forth herein or the rights and privileges of the Holder of this Note.

 

8.6 Default
Interest and Fees. Default Interest will accrue on an unpaid principal or Interest due hereunder at the rate of sixteen percent
(16%) per annum upon the occurrence of any Event of Default until the repayment in full of all outstanding Indebtedness. From and
after the occurrence of such date, “Interest” as used in this Note shall refer to the default interest rate of 16%
per annum and not the non-default interest rate of 8%. Default Interest shall be payable monthly basis commencing thirty (30) days
after the Default Interest has begun accruing. Default Interest will be computed on a three hundred sixty-five (365) day year.

 

    	 

    	 

    

 

9. Assignment,
Transfer or Loss of the Note.

 

9.1 Holder
may assign, transfer, hypothecate or sell all or any part of this Note upon written notice to the Company, subject to compliance
with the Act and applicable laws and regulations of any state. The Company has not registered this Note under the Act or the applicable
securities laws of any state in reliance on exemptions from registration. Such exemptions depend upon the investment intent of
Holder at the time it acquires this Note. Holder is acquiring this Note for its own account for investment purposes only and not
with a view toward distribution or resale of such Note within the meaning of the Act and the applicable securities laws of any
state. The Company shall be under no duty to register the Note or to comply with an exemption in connection with the sale, transfer
or other disposition under the applicable laws and regulations of the Act or the applicable securities laws of any state. The Company
may require Holder to provide, at its expense, an opinion of counsel satisfactory to the Company to the effect that any proposed
transfer or other assignment of the Note will not result in a violation of the applicable federal or state securities laws or any
other applicable federal or state laws or regulations.

 

9.2 Upon
receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of any Note and, in the
case of any such loss, theft or destruction of any Note, upon delivery of an indemnity bond in such reasonable amount as the Company
may determine (or, in the case of any Note held by the original Holder, of an indemnity agreement reasonably satisfactory to the
Company), or, in the case of any such mutilation, upon the surrender of such Note to the Company at is principal office for cancellation,
the Company at its expense will execute and deliver, in lieu thereof, a new Note of like tenor, dated the date to which interest
hereunder shall have been paid on such lost, stolen, destroyed or mutilated Note.

 

9.3 Subject
to Subparagraph 9.1 above, Holder may, at its option, either in person or by duly authorized attorney, surrender this Note for
registration of transfer at the principal office of the Company and, upon payment of any expenses associated with the transfer,
receive in exchange therefor a Note or Notes, dated as of the date to which interest has been paid on the Note so surrendered,
each in the principal amount of $1,000 or any multiple thereof, for the same aggregate unpaid principal amount as the Note so surrendered
and registered as payable to such Person or Persons as may be designated by Holder. Every Note surrendered for registration of
transfer shall be duly endorsed or shall be accompanied by a written instrument of transfer duly executed by Holder or its attorney
duly authorized in writing. Every Note, so made and delivered by the Company in exchange for any Note surrendered, shall in all
other respects be in the same form and have the same terms as the Note surrendered. No transfer of any Note shall be valid unless
made in such manner at the principal office of the Company.

 

9.4 The
Company may treat the Person in whose name this Note is registered as the owner and Holder of this Note for the purpose of receiving
payment of all principal of and all Interest on this Note, and for all other purposes whatsoever, whether or not such Note shall
be overdue and, except for transfers effected in accordance with this subparagraph, the Company shall not be affected by notice
to the contrary.

 

    	 

    	 

    

 

10. Indemnification.
The Company hereby agrees to indemnify, defend, hold harmless and reimburse Holder from, for, and against any and all losses, disbursements,
charges, penalties, fees, fines, claims, damages and liabilities and other costs and expenses to which Holder may become subject,
and will reimburse Holder for any legal and other expenses, including, without limitation, attorney’s fees and disbursements
incurred by Holder in connection with investigating, preparing or defending any actions commenced or threatened or claimed whatsoever
based upon or incurred in connection with this Note or the Warrant or the other agreements entered into by and between the Company
and the Holder in connection therewith, and the transactions contemplated thereby.

 

11. Notices.
All notices provided for herein shall be validly given if in writing and delivered personally or sent by certified mail, postage
prepaid, or sent via an express delivery service, such as Federal Express or United Parcel Service, to the office of the Company
or such other address as the Company may from time to time designate in writing sent by certified mail, postage prepaid, to Holder
at its address set forth below or such other address as Holder may from time to time designate in writing to the Company by certified
mail, postage prepaid or otherwise as designated in writing by Holder.

 

12. Controlling
Agreement. Holder and Company intend to conform strictly to the applicable usury laws. All agreements between Holder and
Company (or any other party liable with respect to any Indebtedness under this Note) are hereby limited to by the provisions
of this section which shall override and control all such agreements, whether now existing or hereafter arising and whether
written or oral. In no way, nor in any event or contingency (including but not limited to prepayment, default, demand for
payment, or acceleration of the maturity of any obligation), shall the interest contracted for, charged, or received under
the Note or otherwise exceed the Maximum Rate (as defined below). If, from any possible construction of any document,
interest would otherwise be payable to Holder in excess of the Maximum Rate, any such construction shall be subject to the
provisions of this section and such document shall be automatically reformed and the interest payable to Holder shall be
automatically reduced to the Maximum Rate, without the necessity of execution of any amendment or new document. If Holder
shall ever receive anything of value which is characterized as interest under applicable law and which would apart from this
provision be in excess of the Maximum Rate, an amount equal to the amount which would have been excessive interest shall at
the option of Holder, be refunded to Company or applied to the reduction of the principal amount owing hereunder in the
inverse order of its maturity and not to the payment of interest. The right to accelerate maturity of the Note or any other
Indebtedness does not include the right to accelerate any interest which has not otherwise accrued on the date of such
acceleration, and Holder does not intend to charge or receive any unearned interest in the event of acceleration. All
interest paid or agreed to be paid to Holder shall, to the extent permitted by applicable law, be amortized, prorated,
allocated and spread throughout the full stated term (including any renewal or extension) of such Indebtedness so that the
amount of interest on account of such indebtedness does not exceed the Maximum Rate.

 

13. Binding
Effect. This Note shall be binding upon the parties hereto and their respective heirs, executors, administrators, representatives,
successors and permitted assigns.

 

    	 

    	 

    

 

14. Collection
Fees. The Company shall pay all costs of collection, including, without limitation, reasonable attorneys’ fees and all
costs of suit and preparation for such suit (and whether at trial or appellate level), if Holder should have to enforce the terms
of this Agreement or in the event the unpaid principal amount of this Note, or any payment of Interest is not paid when due, or
in the event Holder is made party to any litigation because of the existence of the Indebtedness evidenced by this Note, or if
at any time Holder should incur any attorneys’ fees in any proceeding under the Federal Bankruptcy Code (or other similar
laws for the protection of debtors generally) in order to collect any Indebtedness hereunder or to preserve, protect or realize
upon any security for, or guarantee or surety of, such Indebtedness whether suit be brought or not, and whether through courts
of original jurisdiction, as well as in courts of appellate jurisdiction, or through a bankruptcy court or other legal proceedings.

 

15. Construction.
This Note shall be governed as to its validity, interpretation, construction, effect and in all other respects solely by and in
accordance with the laws and interpretations thereof of the State of Texas. Unless the context otherwise requires, the use of terms
in singular and masculine form shall include in all instances singular and plural number and masculine, feminine and neuter gender.

 

16. Severability.
In the event any one or more of the provisions contained in this Note or any future amendment hereto shall for any reason be held
to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other
provision of this Note or such other agreement, and in lieu of each such invalid, illegal or unenforceable provision there shall
be added automatically as a part of this Note a provision as similar in terms to such invalid, illegal or unenforceable provision
as may be possible and be valid, legal and enforceable.

 

17. Entire
Agreement. This Note and the Warrant represents the entire agreement and understanding between the parties concerning the subject
matter hereof and supersede all prior and contemporaneous written or oral agreements, understandings, representations and warranties
with respect thereto.

 

18. Governing
Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation of this
Note shall be governed by the internal laws of the State of Texas, without giving effect to any choice of law or conflict of law
provision or rule (whether of the State of Texas or any other jurisdictions) that would cause the application of the laws of any
jurisdictions other than the State of Texas. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and
federal courts sitting in Houston, Texas for the adjudication of any dispute hereunder or in connection herewith or therewith,
or with any transaction contemplated hereby or discussed herein, or in any manner arising in connection with or related to the
transactions contemplated hereby or involving the parties hereto whether at law or equity and under any contract, tort or any other
claim whatsoever 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 or faxing a copy thereof to such
party at the address for such notices as listed in this Note 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. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL
FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS NOTE OR ANY TRANSACTION CONTEMPLATED
HEREBY.

 

    	 

    	 

    

 

19. Representations
and Warranties to Survive Closing. All representations, warranties and covenants contained herein shall survive the execution
and delivery of this Note. The respective rights and obligations of the parties shall survive the termination of this Note to the
extent necessary for the intended preservation of such rights and obligations.

 

20. Headings.
The headings used in this Note are used for convenience only and are not to be considered in construing or interpreting this
Note

 

21. Assignment;
No Third Party Beneficiaries. This Note and the rights and obligations created by the Note shall not be assigned, delegated,
or otherwise transferred (whether by operation of law, by contract, or otherwise) by Company without the prior written consent
of Holder. Any attempted assignment, delegation or transfer in violation of this Section 21 shall be void and of no force or effect.
Nothing in this Note, express or implied, is intended or shall be construed to confer upon any Person or entity other than the
parties hereto and their permitted successors and assigns any right, remedy or claim under or by reason of this Note

 

22. Other
Remedies not Required. Company shall be required to pay the Note in full. Holder shall not be required to mitigate damages,
file suit, or take any particular action in order to enforce payment of the Note.

 

23. HOLDER
NOT IN CONTROL. NONE OF THE COVENANTS OR OTHER PROVISIONS CONTAINED IN THIS NOTE SHALL, OR SHALL BE DEEMED TO, GIVE HOLDER
THE RIGHT OR POWER TO EXERCISE CONTROL OVER, OR OTHERWISE IMPAIR, THE DAY-TO-DAY AFFAIRS, OPERATIONS, AND MANAGEMENT OF COMPANY.

 

24. Amendment.
This Note and no provision of this Note may be changed, waived, discharged or terminated orally, but only by an instrument in writing
signed by the party against whom enforcement of the change, waiver, discharge or termination is sought.

 

25. BUSINESS
LOAN. COMPANY WARRANTS AND REPRESENTS TO HOLDER AND TO ALL OTHER HOLDERS OF ANY INDEBTEDNESS EVIDENCED BY THIS NOTE, THAT THE
LOAN MADE HEREUNDER IS AND SHALL BE FOR BUSINESS, COMMERCIAL, INVESTMENT OR OTHER SIMILAR PURPOSE AND NOT PRIMARILY FOR PERSONAL,
FAMILY, HOUSEHOLD OR AGRICULTURAL USE, AS SUCH TERMS ARE USED IN CHAPTER ONE OF THE TEXAS CREDIT CODE AS MAY BE AMENDED FROM TIME
TO TIME.

 

26. USA
Patriot Act. Holder hereby notifies the Company that pursuant to the requirements of the USA Patriot Act (Title III of Pub
L. 107-56); signed into law October 26, 2001) (the “Patriot Act”), it is required to obtain, verify, and record information
that identifies the Company, which information includes the name and address of the Company and other information what will allow
Holder to identify the Company in accordance with the Patriot Act

 

    	 

    	 

    

 

27. Further
Assurances. Company agrees to perform any further acts and execute and deliver any further documents that may be reasonably
necessary to carry out the provisions of this Agreement. Company agrees that it shall use its best efforts to take all actions
necessary or appropriate to consummate the transactions contemplated by this Agreement.

 

28. Definitions.

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition, “control” when used with respect to
any specified Person means the power to direct the management and policies of such Person directly or indirectly, whether through
the ownership of Voting Stock, by contract or otherwise; and the terms “controlling” and “controlled” have
meanings correlative to the foregoing.

 

“Board of Directors”
means, with respect to any Person, the Board of Directors of such Person or any committee of the Board of Directors of such Person
duly authorized to act on behalf of the Board of Directors of such Person.

 

“Capital Stock”
means, with respect to any Person, any and all shares, interests, equity participations or other equivalents (however designated)
of corporate stock or partnership interests and any and all warrants, options and rights with respect thereto (whether or not currently
exercisable), including each class of common stock and preferred stock of such Person.

 

“GAAP”
means generally accepted accounting principles as in effect in the United States of America as of the Issue Date.

 

“Holder”
means a Person in whose name a Note is registered on the Company’s books, which shall initially be SKM Partnership, Ltd.

 

“Indebtedness”
means, without duplication, with respect to any Person, (a) all obligations of such Person (i) in respect of borrowed money (whether
or not the recourse of the lender is to the whole of the assets of such Person or only to a portion thereof, or whether or not
the lender has any resource to any assets of such Person); (ii) evidenced by bonds, notes, debentures or similar instruments; (iii)
representing the balance deferred and unpaid of the purchase price of any property or services (other than accounts payable or
other obligations arising in the ordinary course of business); (iv) evidenced by bankers’ acceptances or similar instruments
issued or accepted by banks, (v) for the payment of money relating to a capitalized lease obligation under GAAP; or (vi) evidenced
by a letter of credit or a reimbursement obligation of such Person with respect to any letter of credit; (b) all net obligations
of such Person under interest rate swap obligations and foreign currency hedges; (c) all liabilities of others of the kind described
in the preceding clauses (a) or (b) that such Person has guaranteed or that are otherwise its legal liability; (d) Indebtedness
(as otherwise defined in this definition) of another Person secured by lien on any asset of such Person, whether or not such Indebtedness
is assumed by such Person, the amount of such obligations being deemed to be the lesser of (1) the full amount of such obligations
so secured, and (2) the fair market value of such asset, as determined in good faith by the Board of Directors of such Person,
which determination shall be evidenced by a board resolution; and (e) any and all deferrals, renewals, extensions, refinancings
and refundings (whether direct or indirect) of, or amendments, modifications or supplements to, any liability of the kind described
in any of the preceding clauses (a), (b), (c), (d) or this clause (e), whether or not between or among the same parties. “Indebtedness”
shall also mean the loan and other obligations for repayment of borrowed money contemplated by this Note.

 

    	 

    	 

    

 

“Insolvency Proceeding”
is any proceeding by or against any Person under the United States Bankruptcy Code, or any other bankruptcy or insolvency law,
including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking
reorganization, arrangement, or other relief.

 

“Issue Date”
means the date on which the Note is originally issued, i.e. December 27, 2013.

 

“Maturity Date”
means March 12, 2014.

 

“Person”
means any individual, corporation, partnership, joint venture, trust, estate, unincorporated organization or government or any
agency or political subdivision thereof.

 

A “subsidiary”
of any Person means (i) a corporation a majority of whose Voting Stock is at the time, directly or indirectly, owned by such Person,
by one or more subsidiaries of such Person or by such Person and one or more subsidiaries of such Person, (ii) a partnership in
which such Person or a subsidiary of such Person is, at the date of determination, a general or limited partner of such partnership,
but only if such Person or its subsidiary is entitled to receive more than fifty percent (50%) of the assets of such partnership
upon its dissolution, or (iii) any other Person (other than a corporation or partnership) in which such Person, directly or indirectly,
at the date of determination thereof, has (x) at least a majority ownership interest or (y) the power to elect or direct the election
of a majority of directors or other governing body of such Person.

 

“Subsidiary”
means any subsidiary of the Company and any other Person substantially owned or controlled by a member of executive management
of the Company.

 

“Voting Stock”
means, with respect to any Person, securities of any class or classes of Capital Stock in such Person entitling the holders thereof,
whether at all times or only so long as no senior class of stock has voting power by reason of any contingency to vote in the election
of members of the Board of Directors or other governing body of such Person.

 

29. Miscellaneous.
Except as otherwise provided herein, the Company waives demand, diligence, presentment for payment and protest, notice of extension,
dishonor, maturity and protest. Time is of the essence with respect to the performance of each and every covenant, condition, term
and provision hereof. This Note may be executed by facsimile signature, which signature shall be deemed to be binding upon the
Company. Each party has had an opportunity to consult with counsel and has been represented by counsel with respect to this Note.
Neither party shall be considered the draftsman of this Note. The Company represents and warrants that it is not executing this
Note under duress, economic or otherwise.

 

    	 

    	 

    

 

IN WITNESS WHEREOF, this Note has been
issued on December 27, 2013.

 

	 	INFINITY ENERGY RESOURCES, INC.
	 	 	 
	 	By	/s/ Stanton
    E. Ross
	 	 	Stanton E. Ross
	 	Its	President and Chief Executive Officer

 

Mailing Address of Holder:

SKM Partnership, Ltd.

5621 Tupper Lake Drive

Houston, TX 77056

 

Mailing Address of Company:

Infinity Energy Resources, Inc.

11900 College Blvd.

Suite 310

Overland Park, Kansas 66210Exhibit
10.2

 

This
warrant and the securities issuable upon the exercise hereof have not been registered under the Securities Act of 1933, as amended.
They may not be sold, offered for sale, pledged, hypothecated, or otherwise transferred except pursuant to an effective registration
statement under the Securities Act of 1933, as amended, or an opinion of counsel satisfactory to the Company the registration
is not required.

 

	No.
    of Shares: 	1,000,000	Issue
    Date:	December
    27, 2013
	Exercise
    Price: 	$1.50	 	 

 

INFINITY
ENERGY RESOURCES, INC.

 

Common
Stock Purchase Warrant

 

INFINITY
ENERGY RESOURCES, INC. (the “Company”), a Delaware corporation,
hereby certifies that, for value received of $0.001 per Warrant, SKM Partnership, Ltd. (the “Holder”),
whose address is 5621 Tupper Lake Drive, Houston, Texas 77056, is entitled, subject to the terms set forth below, at any time,
or from time to time, after the date hereof and before the Expiration Date (as defined below), to purchase from the Company One
Million (1,000,000) shares or such other number of shares as may be provided in this Warrant (the “Shares”)
of common stock, $0.0001 par value (the “Common Stock”), of the Company at a price of One Dollar and Fifty
Cents ($1.50) per Share (the “Initial Exercise Price”) or such other price as may be provided in this Warrant.
The purchase price per Share, as adjusted from time to time pursuant to the provisions of this Warrant, is referred to as the
“Exercise Price.” The Company is issuing this Warrant in connection with an 8% Promissory Note (the “Note”)
issued to the Holder by the Company as of even date herewith.

 

1. Term
of the Warrant.

 

1.1 Time
of Exercise. Subject to compliance with applicable securities laws described in the provisions of Sections 1.5,
“Transfer and Assignment,” and 3.1, “Registration and Legends,” this Warrant may be exercised at any time
and from time to time after 9:00 a.m., local time, on or following the earliest of: (a) seventy-five (75) days from the issuance
of this Warrant (i.e., March 12, 2014); (b) the Maturity Date of the Note; or (c) the occurrence of an Event of Default, as such
terms are defined in the Note (the “Exercise Commencement Date”), but no later than 5:00 p.m., local time,
on the third anniversary of the date upon which the Warrant may first be exercised (the “Expiration Date”),
at which point it shall become void and all rights under this Warrant shall cease.

 

1.2 Manner
of Exercise. Subject to the provisions of Section 1.4, “Holder as Owner,” the Holder may exercise this
Warrant in whole or in part on the date hereof or by presentation and surrender thereof to the Company at its principal executive
office or at the office of its stock transfer agent, if any, the subscription form annexed hereto (the “Subscription
Form”) duly executed and accompanied by payment as follows:

 

1.2.1 in
cash or by certified or official bank check, payable to the order of the Company, in the amount equal to the Exercise Price multiplied
by the number of Shares specified in such form, together with all taxes applicable upon such exercise;

 

    	 

    	 

    

  

1.2.2 by
cancelling or forgiving of all or any part of the indebtedness (including, without limitation accrued but unpaid principal and
interest) represented by the Note or Constructive Indebtedness (as defined in Section 8 of this Warrant) and crediting and applying
an amount equal to such cancelled or forgiven amount, or Constructive Indebtedness, as the case may be, toward the Exercise Price.
For the avoidance of doubt, in the event that any provision of the Note or all or any part of the indebtedness represented thereby
shall be deemed to be invalid or unenforceable for any reason, such invalidity or unenforceability shall not affect or impair
the Holder’s right to credit and apply such purported indebtedness toward the Exercise Price as contemplated hereunder;

 

1.2.3 by
surrendering to the Company that number of Shares owned by the Holder whose value is equal to the Exercise Price multiplied by
the number of Shares specified in the Subscription Form;

 

1.2.4 by
surrendering the right to acquire a number of Shares having an aggregate value such that the amount by which the aggregate value
of such Shares exceeds the aggregate Exercise Price is equal to the Exercise Price;

 

1.2.5 any
combination of the foregoing; or

 

1.2.6 any
other manner acceptable to the Company.

 

For
purposes of surrendering Shares to satisfy the Exercise Price, the value of the Shares shall be equal to the current market price
for Common Stock (the “Market Price”) on the relevant date of such exercise of this Warrant from time to time
(the “Exercise Date”).

 

	 	X
= 	Y (A - B)	 
	 	A	 

 

	 	Where	 
	 	 	 	 	 	 
	 	X	—	 	 The number of
Shares to be issued to the Holder.	 
	 	 	 	 	 	 
	 	Y	—	 	 The number of
Shares purchasable under this Warrant.	 
	 	 	 	 	 	 
	 	A	—	 	The Market Price
of one Share.	 
	 	 	 	 	 	 
	 	B	—	 	 The Exercise
Price (as adjusted to the date of such calculations).	 

 

For
purposes of this Section 1, the Market Price of a Share shall mean the average of the closing bid and asked prices of Shares quoted
on the Nasdaq Capital Market or in the over-the-counter market in which the Shares are traded or the closing sale price quoted
on any exchange on which the Shares are listed, whichever is applicable, for the ten (10) trading days prior to the date of determination
of Market Price (or such shorter period of time during which such stock was traded over-the-counter or on such exchange). If the
Shares are not traded on the over-the-counter market or on an exchange, the Market Price shall be the price per Share at which
the Company sold Common Stock previous to the date of exercise.

 

1.2.7 Upon
receipt of this Warrant, with the Subscription Form duly executed and accompanied by payment of the aggregate Exercise Price for
the Shares for which this Warrant is then being exercised, the Company shall cause to be issued certificates or other evidence
of ownership for the total number of whole Shares for which this Warrant is being exercised in such denominations as are required
for delivery to the Holder, and the Company shall thereupon deliver such documents to the Holder or its nominee.

 

    	 

    	 

    

  

1.2.8 If
the Holder exercises this Warrant with respect to fewer than all of the Shares that may be purchased under this Warrant, the Company
shall execute a new Warrant for the balance of the Shares that may be purchased upon exercise of this Warrant and deliver such
new Warrant to the Holder.

 

1.2.9 The
Company covenants and agrees that it will pay when due and payable any and all transfer taxes which may be payable in respect
of the issue of this Warrant, or the issue of any Shares upon the exercise of this Warrant. The Company shall not, however, be
required to pay any transfer or other tax which may be payable in respect of any transfer involved in the issuance or delivery
of this Warrant or of the Shares in a name other than that of the Holder at the time of surrender, and until the payment of such
tax, the Company shall not be required to issue such Shares.

 

1.2.10 The
Company shall, at the time of any exercise of all or part of this Warrant, upon the request of the Holder hereof, acknowledge
in writing its continuing obligation to afford to such Holder any rights to which such Holder shall continue to be entitled after
such exercise in accordance with the provisions of this Warrant, provided that if the Holder of this Warrant shall fail to make
any such request, such failure shall not affect the continuing obligations of the Company to afford to such Holder any such rights.

 

1.3 Exchange
of Warrant. This Warrant may be split-up, combined or exchanged for another Warrant or Warrants of like tenor to
purchase a like aggregate number of Shares. If the Holder desires to split-up, combine or exchange this Warrant, it shall make
such request in writing delivered to the Company at its corporate office and shall surrender this Warrant and any other Warrants
to be so split-up, combined or exchanged, and the Company shall execute and deliver to the person entitled thereto a Warrant or
Warrants, as the case may be, as so requested. The Company shall not be required to effect any split-up, combination or exchange
that will result in the issuance of a Warrant entitling the Holder to purchase upon exercise a fraction of a Share. The Company
may require the Holder to pay a sum sufficient to cover any tax or governmental charge that may be imposed in connection with
any split-up, combination or exchange of Warrants. The term “Warrant” as used herein includes any Warrants issued
in substitution for or replacement of this Warrant, or into which this Warrant may be divided or exchanged.

 

1.4 Holder
as Owner. Prior to due presentment for registration of transfer of this Warrant, the Company may deem and treat
the Holder as the absolute owner of this Warrant (notwithstanding any notation of ownership or other writing hereon) for the purpose
of any exercise hereof and for all other purposes, and the Company shall not be affected by any notice to the contrary. Irrespective
of the date of issue and delivery of certificates for any Shares issuable upon the exercise of the Warrant, each person in whose
name any such certificate is issued shall be deemed to have become the holder of record of the Shares represented thereby on the
date on which all or a portion of the Warrant surrendered in connection with the subscription therefor was surrendered and payment
of the Exercise Price was tendered. No surrender of all or a portion of the Warrant on any date when the stock transfer books
of the Company are closed, however, shall be effective to constitute the person or persons entitled to receive Shares upon such
surrender as the record holder of such Shares on such date, but such person or persons shall be constituted the record holder
or holders of such Shares at the close of business on the next succeeding date on which the stock transfer books are opened. Each
person holding any Shares received upon exercise of the Warrant shall be entitled to receive only dividends or distributions payable
to holders of record on or after the date on which such person shall be deemed to have become the holder of record of such Shares.

 

    	 

    	 

    

  

1.5 Transfer
and Assignment. This Warrant may not be sold, hypothecated, exercised, assigned or transferred except in accordance
with and subject to the provisions of the Securities Act of 1933, as amended (“Act”) and any applicable state securities
laws and regulations, including any applicable exemptions to such laws.

 

1.6 Method
for Assignment. Any assignment permitted under this Warrant shall be made by surrender of this Warrant to the Company
at its principal office with the form of assignment attached hereto duly executed and funds sufficient to pay any transfer tax.
In such event, the Company shall, without charge, execute and deliver a new Warrant in the name of the assignee designated in
such instrument of assignment and this Warrant shall promptly be canceled. This Warrant may be divided or combined with other
Warrants that carry the same rights upon presentation thereof at the corporate office of the Company together with a written notice
signed by the Holder, specifying the names and denominations in which such new Warrants are to be issued.

 

1.7 Rights
of Holder. Nothing contained in this Warrant shall be construed as conferring upon the Holder the right to vote
or consent or receive notice as a stockholder in respect of any meetings of stockholders for the election of directors or any
other matter, or as having any rights whatsoever as a stockholder of the Company. Likewise, nothing contained in this Warrant
shall be construed as imposing any obligations or liabilities of a stockholder of the Company upon the Holder. If, however, at
any time prior to the expiration of this Warrant and prior to its exercise, any of the following shall occur:

 

1.7.1 The
Company shall take a record of the holders of its shares of Common Stock or of rights directly or indirectly, or immediately or
contingently, exercisable or convertible into Common Stock for the purpose of entitling them to receive a dividend or distribution
payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of current or retained earnings,
as indicated by the accounting treatment of such dividend or distribution on the books of the Company; or

 

1.7.2 The
Company shall offer to the holders of its Common Stock or of rights directly or indirectly, immediately or contingently, exercisable
or convertible into Common Stock any additional shares of capital stock of the Company or securities convertible into or exchangeable
for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor; or

 

1.7.3 There
shall be proposed any capital reorganization or reclassification of the Common Stock or of rights directly or indirectly, immediately
or contingently, exercisable or convertible into Common Stock, or a sale of all or substantially all of the assets of the Company,
or a consolidation or merger of the Company with another entity; or

 

1.7.4 There
shall be proposed a voluntary or involuntary dissolution, liquidation or winding up of the Company; then, in any one or more of
said cases, the Company shall cause to be mailed to the Holder, at the earliest practicable time (and, in any event, not less
than thirty (30) days before any record date or other date set for definitive action), written notice of the date on which the
books of the Company shall close or a record shall be taken to determine the stockholders entitled to such dividend, distribution,
convertible or exchangeable securities or subscription rights, or entitled to vote on such reorganization, reclassification, sale,
consolidation, merger, dissolution, liquidation or winding up, as the case may be. Such notice shall also set forth such facts
as shall indicate the effect of such action (to the extent such effect may be known at the date of such notice) on the Exercise
Price and the kind and amount of the Common Stock and other securities and property deliverable upon exercise of this Warrant.
Such notice shall also specify the date as of which the holders of the Common Stock of record shall participate in said distribution
or subscription rights or shall be entitled to exchange their Common Stock for securities or other property deliverable upon such
reorganization, reclassification, sale, consolidation, merger, dissolution, liquidation or winding up, as the case may be (on
which date, in the event of voluntary or involuntary dissolution, liquidation or winding up of the Company, the right to exercise
this Warrant shall terminate).

 

    	 

    	 

    

  

1.8 Lost
Warrant Certificate(s). Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction
or mutilation of this Warrant, and, in the case of loss, theft or destruction of reasonably satisfactory indemnification, including
a surety bond if required by the Company, and upon surrender and cancellation of this Warrant, if mutilated, the Company will
cause to be executed and delivered a new Warrant of like tenor and date. Any such new Warrant executed and delivered shall constitute
an additional contractual obligation on the part of the Company, whether or not this Warrant so lost, stolen, destroyed, or mutilated
shall be at any time enforceable by anyone.

 

1.9 Covenants
of the Company. The Company covenants and agrees as follows:

 

1.9.1 At
all times it shall reserve and keep available for the exercise of this Warrant into Common Stock such number of authorized shares
of Common Stock as are sufficient to permit the exercise in full of this Warrant into Common Stock;

 

1.9.2 All
Shares issued upon exercise of the Warrant shall be duly authorized, validly issued and outstanding, fully-paid and non-assessable;

 

1.9.3 The
Company shall not, by amendment to its certificate of incorporation (whether by way of merger, operation of law, or otherwise)
or other reorganization, transfer of assets, consolidation, merger, dissolution, issuance or sale of securities, agreement or
any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed
hereunder by the Company and shall at all times in good faith assist in the carrying out of the provisions of this Warrant and
in the taking of all such actions as may be necessary or appropriate in order to protect the rights of Holder against impairment;
and

 

1.9.4 The
Company shall observe and perform all of the covenants set forth in Article 7 of the Note, which are hereby incorporated into
this Warrant by reference, even if the indebtedness represented by the Note shall have been repaid in full, at all times that
this Warrant is in effect; and

 

1.9.5 The
Company shall give prompt notice to the Holder upon the occurrence of each event described in Section 8.1 of the Note at all times
that this Warrant is in effect, even if the indebtedness represented by the Note shall have been repaid in full.

 

 2. Adjustment of the Exercise Price and Number of Shares Purchasable Upon Exercise 

 

2.1 Default
in Payment of the Note, and Certain Other Events. If: (a) the entire indebtedness (including, without limitation, accrued
but unpaid principal and interest) represented by the Note shall not have been repaid in full on or before the seventy-fifth (75th)
day of the issuance of this Warrant; (b) for any reason the Note or any provision thereof shall be challenged or be found to be
unenforceable; (c) the Company fails to pay the Note in full when due whether on the Maturity Date or earlier acceleration thereof
upon the occurrence of an Event of Default, as such terms are defined in the Note; or (d) an Event of Default under the Note shall
otherwise have occurred, then, notwithstanding anything to the contrary contained herein or in the Note, without any action on
the part of the Company or the Holder, the Exercise Price shall automatically be reduced to Seven and One-half Cents ($0.075)
per Share (the “Default Exercise Price”) and the number of Shares that the Holder may purchase from
the Company under this Warrant shall automatically increase to Thirteen Million Three Hundred Thirty-Three Thousand Three Hundred
Thirty-Three (13,333,333) Shares or such greater number of Shares as may be represented by the quotient of the fraction,
the numerator of which shall be the aggregate amount of indebtedness represented by the Note (or Constructive Indebtedness, as
defined in Section 8 of this Warrant), in the event that the Holder elects to pay the Exercise Price in the manner described in
Section 1.2.2 of this Warrant, and the denominator of which shall be the lower of: (a) Seven and One-half Cents ($0.075);
or (b) the Exercise Price as adjusted in accordance with Section 2.8.

 

    	 

    	 

    

  

2.2 Recapitalization.
The number of Shares purchasable on exercise of this Warrant and the Exercise Price therefor shall be subject to adjustment
from time to time in the event that the Company shall directly or indirectly: (i) pay a dividend in, or make a distribution of,
shares of Common Stock, (ii) subdivide its outstanding shares of Common Stock into a greater number of shares, (iii) combine its
outstanding shares of Common Stock into a smaller number of shares, or (iv) spin-off a subsidiary by distributing, as a dividend
or otherwise, shares of the subsidiary to its stockholders. In any such case, the total number of shares purchasable on exercise
of this Warrant immediately prior thereto shall be adjusted so that the Holder shall be entitled to receive, at the same aggregate
purchase price, the number of shares of Common Stock that the Holder would have owned or would have been entitled to receive immediately
following the occurrence of any of the events described above had this Warrant been exercised in full immediately prior to the
occurrence (or applicable record date) of such event. An adjustment made pursuant to this Section 2 shall, in the case of a stock
dividend or distribution, be made as of the record date and, in the case of a subdivision or combination, be made as of the effective
date thereof. If, as a result of any adjustment pursuant to this Section 2, the Holder shall become entitled to receive shares
of two or more classes of series of securities of the Company, the Board of Directors of the Company shall equitably determine
the allocation of the adjusted purchase price between or among shares or other units of such classes or series and shall notify
the Holder of such allocation.

 

2.3 Merger
or Consolidation. In the event of any reorganization or recapitalization of the Company or in the event the Company
consolidates with or merges into another entity or transfers all or substantially all of its assets to another entity, then and
in each such event, the Holder, on exercise of this Warrant as provided herein, at any time after the consummation of such reorganization,
recapitalization, consolidation, merger or transfer, shall be entitled, and the documents executed to effectuate such event shall
so provide, to receive the stock or other securities or property to which the Holder would have been entitled upon such consummation
if the Holder had exercised this Warrant immediately prior thereto. In such case, the terms of this Warrant shall survive the
consummation of any such reorganization, recapitalization, consolidation, merger or transfer and shall be applicable to the shares
of stock or other securities or property receivable on the exercise of this Warrant after such consummation and as an exchange
for a larger or smaller number of shares, as the case may be.

 

2.4 Notice
of Dissolution or Liquidation. Except as otherwise provided in Section 2.2, “Merger or Consolidation,”
in the case of any sale or conveyance of all or substantially all of the assets of the Company in connection with a plan of complete
liquidation of the Company, or in the case of the dissolution, liquidation or winding-up of the Company, all rights under this
Warrant shall terminate on a date fixed by the Company, such date so fixed to be not earlier than the date of the commencement
of the proceedings for such dissolution, liquidation or winding-up and not later than thirty (30) days after such commencement
date. Notice of such termination of purchase rights shall be given to the Holder at least thirty (30) days prior to such termination
date.

 

2.5 Statement
of Adjustment. Any adjustment pursuant to the provisions of this Section 2 shall be made on the basis of the number
of Shares which the Holder would have been entitled to acquire by exercise of this Warrant immediately prior to the event giving
rise to such adjustment and, as to the Exercise Price in effect immediately prior to the rise to such adjustment. Whenever any
such adjustment is required to be made, the Company shall forthwith determine the new number of Shares that the Holder hereof
shall be entitled to purchase hereunder and/or such new Exercise Price and shall prepare, retain on file and transmit to the Holder
within ten (10) days after such preparation a statement describing in reasonable detail the method used in calculating such adjustment.

 

    	 

    	 

    

  

2.6 No
Fractional Shares. The Company shall not issue any fraction of a Share in connection with the exercise of this
Warrant, and in any case where the Holder would, except for the provisions of this Section 2.6, be entitled under the terms of
this Warrant to receive a fraction of a Share upon such exercise, the Company shall upon the exercise and receipt of the Exercise
Price, issue the largest number of whole Shares purchasable upon exercise of this Warrant. The Company shall not be required to
make any cash or other adjustment in respect of such fraction of a Share to which the Holder would otherwise be entitled. The
Holder, by the acceptance of this Warrant, expressly waives its right to receive a certificate for any fraction of a Share upon
exercise hereof.

 

2.7 No
Change in Form Required. The form of Warrant need not be changed because of any change pursuant to this Section
2 in the Exercise Price or in the number of Shares purchasable upon the exercise of a Warrant, may state the same Exercise Price
and the same number of shares of Common Stock as are stated in the Warrants initially issued pursuant to the Agreement

 

2.8 Other
Rights Granted to Holder. Without limiting the foregoing rights granted to the Holder in this Article 2, at any time that
any amounts owed in respect of the Note remain unpaid, the Company shall not take or permit any of the foregoing actions described
in this Article 2 (or those actions described in Appendix A) without first obtaining the prior written consent of the Holder (unless
such action is taken in connection with a Financing Transaction (as defined in the Note, and which results in the full repayment
and satisfaction of the Note on or prior to the Maturity Date specified therein), which such consent shall not be reasonably withheld
or delayed. In addition to the foregoing, if the Note is timely paid in accordance with its terms and the Default Exercise Price
is not in effect, then the number of Shares that the Holder shall be entitled to receive upon exercise of the Warrant and the
Exercise Price shall be required to pay upon exercise of the Warrant shall be adjusted from time to time in accordance with the
provisions set forth in Appendix A, attached hereto and incorporated herein by reference. Notwithstanding the foregoing,
if the Company at any time issues shares or other securities or other rights convertible into shares or securities at a price
per share less than the Exercise Price at any time during which the Default Exercise Price is in effect, then the Exercise Price
required to be paid by the Holder for each Share of Common Stock upon exercise of the Warrant shall automatically be reduced to
the lowest such price per share at which such shares or securities or other rights were issued or are convertible. In no event
shall the Exercise Price be greater than the Initial Exercise Price, or if any event set forth in Section 2.1 has occurred, then
the Default Exercise Price.

 

3. Registration
under the Securities Act of 1933.

 

3.1 Registration
and Legends. The Holder understands that (i) the Company has not registered the Warrant or the Shares under the
Act, or the applicable securities laws of any state in reliance on exemptions from registration and (ii) such exemptions depend
upon the Holder’s investment intent at the time the Holder acquires the Warrant or the Shares. The Holder therefore represents
and warrants that it is acquiring the Warrant, and will acquire the Shares, for the Holder’s own account for investment
and not with a view to distribution, assignment, resale or other transfer of the Warrant or the Shares. Because the Warrant and
the Shares are not registered, the Holder is aware that the Holder must hold the Warrant or, if exercised for Shares, then such
Shares, indefinitely unless they are registered under the Act and any applicable securities laws or the Holder must obtain exemptions
from such registration. Upon exercise, in part or in whole, of this Warrant, the Shares shall bear the following legend:

 

 A. The shares of Common Stock represented by this certificate have not been registered under the Securities Act of 1933, as amended (“Act”) or any applicable state securities laws, and they may not be offered for sale, sold, transferred, pledged or hypothecated without an effective registration statement under the Securities Act and under any applicable state securities laws, or an opinion of counsel, satisfactory to the Company, that an exemption from such registration is available.

 

    	 

    	 

    

 

3.2 No-Action
Letter. The Company agrees that it will be satisfied that no post-effective amendment or new registration is required
for the public sale of the Shares if it shall be presented with a letter from the Staff of the Securities and Exchange Commission
(the “Commission”), stating in effect that, based upon stated facts which the Company shall have no reason to believe
are not true in any material respect, the Staff will not recommend any action to the Commission if such Shares are offered and
sold without delivery of a prospectus, and that, therefore, no Registration Statement under which such shares are to be registered
is required to be filed.

 

3.3 Agreements.
The agreements in this Section shall continue in effect regardless of the exercise and surrender of this Warrant. 

 

4. Reservation
of Shares. The Company shall at all times reserve, for the purpose of issuance on exercise of this Warrant such number of
shares of Common Stock or such class or classes of capital stock or other securities as shall from time to time be sufficient
to comply with this Warrant and the Company shall take such corporate action as may, in the opinion of its counsel, be necessary
to increase its authorized and unissued Common Stock or such other class or classes of capital stock or other securities to such
number as shall be sufficient for that purpose.

 

5. Survival.
All agreements, covenants, representations and warranties herein shall survive the execution and delivery of this Warrant
and any investigation at any time made by or on behalf of any parties hereto and the exercise, sale and purchase of this Warrant
(and any other securities or property) issuable on exercise hereof. The respective rights and obligations of the parties hereto
shall survive the termination of this Warrant to the extent necessary for the intended preservation of such rights and obligations.

 

6. Remedies.
The Company agrees that the remedies at law of the Holder, in the event of any default or threatened default by the Company
in the performance or compliance with any of the terms of this Warrant, may not be adequate and such terms may, in addition to
and not in lieu of any other remedy, be specifically enforced by a decree of specific performance of any agreement contained herein
or by an injunction against a violation of any of the terms hereof or otherwise

 

7. Amendment.
This Warrant and no provision of this Warrant may be changed, waived, discharged or terminated orally, but only by an instrument
in writing signed by the party against whom enforcement of the change, waiver, discharge or termination is sought

 

8. Existence,
Exercise of Warrant Not Dependent Upon Note; Constructive Indebtedness. Once the loan amounts contemplated to be made under
the Note have been accepted by the Company or paid by Holder to the Vendor (as defined in the Note) on behalf of the Company,
the validity of this Warrant and the Holder’s rights hereunder do not depend upon the continued existence or enforceability
of the Note so long as any amounts advanced by the Holder thereunder shall not have been repaid in accordance with the terms thereof.
In the event that the Note or any part thereof shall be deemed to be unenforceable, for purposes of this Warrant, the parties
hereto hereby nevertheless agree that the Holder shall be entitled to pay the Exercise Price in the manner contemplated pursuant
to Section 1.2.2. of this Warrant by crediting and applying an amount equal to any amounts not repaid to the Holder in accordance
with the terms of the Note, together with all interest that would have accrued in respect of such unpaid amount in accordance
with the terms of the Note, assuming the Note were enforceable in its entirety in accordance with its terms (“Constructive
Indebtedness”).

 

    	 

    	 

    

 

9. Further
Assurances. The Company agrees to perform any further acts and execute and deliver any further documents that may be reasonably
necessary to carry out the spirit, intent, and provisions of this Agreement. Company agrees that it shall use its best efforts
to take all actions necessary or appropriate to consummate the transactions contemplated by this Agreement.

 

10. Entire
Agreement. The Note and the Warrant represents the entire agreement and understanding between the parties concerning the subject
matter hereof and supersede all prior and contemporaneous written or oral agreements, understandings, representations and warranties
with respect thereto

 

11. Governing
Law; Jurisdiction; Waiver of Jury Trial. All questions concerning the construction, validity, enforcement and interpretation
of this Warrant shall be governed exclusively by the internal laws of the State of Delaware, without giving effect to any choice
of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdictions) that would cause the
application of the laws of any jurisdictions other than the State of Delaware. Each party hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in Houston, Texas for the adjudication of any dispute hereunder or in connection
herewith or therewith, or with any transaction contemplated hereby or discussed herein, or in any manner arising in connection
with or related to the transactions contemplated hereby or involving the parties hereto whether at law or equity and under any
contract, tort or any other claim whatsoever 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 or faxing a
copy thereof to such party at the address for such notices as listed in this Warrant 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. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS NOTE OR ANY
TRANSACTION CONTEMPLATED HEREBY.

 

12. Representations
and Warranties by the Holder. The Holder, by its acceptance of this Warrant, represents and warrants to the Company as of
the date of issuance as follows:

 

12.1 This
Warrant and the Shares issuable upon exercise thereof are being acquired for its own account, for investment and not with a view
to, or for resale in connection with, any distribution or public offering thereof within the meaning of the Act. Upon exercise
of this Warrant, the Holder shall, if so requested by the Company, confirm in writing, in a form satisfactory to the Company,
that the securities issuable upon exercise of this Warrant are being acquired for investment and not with a view toward distribution
or resale;

 

12.2 The
Holder understands that the Warrant and the Shares have not been registered under the Act or any applicable state securities laws
by reason of their issuance in a transaction exempt from the registration and prospectus delivery requirements of the Act pursuant
to Section 4(2) thereof, and that they must be held by the Holder indefinitely, and that the Holder must therefore bear the economic
risk of such investment indefinitely, unless a subsequent disposition thereof is registered under the Act or any applicable state
securities laws or is exempted from such registration;

 

    	 

    	 

    

 

12.3 The
Holder has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks
of the purchase of this Warrant and the Shares purchasable pursuant to the terms of this Warrant and of protecting its interests
in connection therewith;

 

12.4 The
Holder is able to bear the economic risk of the purchase of the Shares pursuant to the terms of this Warrant; and

 

12.5 The
Holder is an “accredited investor” as such term is defined in Rule 501 of Regulation D promulgated under the Act.

 

    	 

    	 

    

 

13.
Representations and Warranties of the Company. The Company hereby represents, warrants and covenants to the Holder as follows:
(a) the Company has full corporate authority and power to enter into this Agreement and perform its obligations hereunder; (b)
this Agreement constitutes the valid and binding obligation of the Company enforceable against it in accordance with its terms,
(c) the execution, delivery and performance by the Company of this Agreement: (i) does not and will not violate any laws, rules
or regulations of the United States or any state or other jurisdiction applicable to the Company, or require the Company to obtain
any approval, consent or waiver of, or to make any filing with, any Person that has not been obtained or made; (ii) does not violate
or result in a violation of, conflict with or constitute or result in a violation of or default (whether after the giving of notice,
lapse of time or both) under any provision of the Company’s certificate or articles of incorporation, or bylaws, or other
governing documents, as such documents may at any time be in effect; and (iii) does not and will not result in a breach of, constitute
a default under, accelerate any obligation under or give rise to a right of termination of any indenture or loan or credit agreement
or any other material agreement, contract, instrument, mortgage, lien, lease, permit, authorization, order, writ, judgment, injunction,
decree, determination or arbitration award to which the Company is a party or by which the property of the Company is bound or
affected, or result in the creation or imposition of any mortgage, pledge, lien, security interest or other charge or encumbrance
on any of the assets or properties of the Company; and (d) will take all necessary actions and make all necessary preparations
to enable the parties to consummate the transactions contemplated herein, including, without limitation, the authorization and
reservation of sufficient number of shares upon exercise of the warrant, and obtaining any necessary waivers or consents.

 

14. Other
Matters.

 

14.1 Binding
Effect. All the covenants and provisions of this Warrant by or for the benefit of the Company shall bind and inure
to the benefit of its successors and assigns hereunder.

 

14.2 Notices.
All notices or demands provided for in this Warrant shall be validly given if in writing and delivered personally, sent by
certified mail, postage prepaid, or sent via an express delivery service, such as Federal Express or United Parcel Service, to
one party by the other party to the address set forth in this Warrant or to such other address as each party may from time to
time designate in writing. The Company’s address is:

 

	 	Infinity
    Energy Resources, Inc.
	 	11900 College
    Blvd., Suite 310
	 	Overland Park,
    KS 66210
	 	Attn: President

 

15. Holder’s
address is set forth in the first paragraph of this Warrant.

 

15.1 Governing
Law. The validity, interpretation and performance of this Warrant shall be governed by the laws of the State of
Delaware.

 

15.2 Parties
Bound and Benefitted. Nothing in this Warrant expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the Company and the
Holder any right, remedy or claim under promise or agreement hereof, and all covenants, conditions, stipulations, promises and
agreements contained in this Warrant shall be for the sole and exclusive benefit of the Company and its successors and of the
Holder, its successors and, if permitted, its assignees.

 

    	 

    	 

    

  

15.3 Headings.
The Article headings herein are for convenience only and are not part of this Warrant and shall not affect the interpretation
thereof.

 

15.4 No
Draftman, No Duress. The parties agree that neither party shall be regarded as the draftsman of this Agreement. The parties
agree that neither one of them is executing this Agreement under duress, economic or otherwise, and each party has consulted and
been represented by counsel with respect to this Agreement.

 

IN
WITNESS WHEREOF, this Warrant has been duly executed by the Company under its corporate seal as of December 27, 2013.

  

	 	INFINITY
    ENERGY RESOURCES, INC.
	 	 	 
	 	By:	/s/
    Stanton E. Ross
	 	 	Stanton
    E. Ross
	 	Its:	President
    and Chief Executive Officer

 

    	 

    	 

    

 

INFINITY
ENERGY RESOURCES, INC.

 

Assignment

 

FOR
VALUE RECEIVED, _____________________________________ hereby sells, assigns and transfers unto ___________________________________________________________________________the within Warrant and the rights represented thereby, and does hereby
irrevocably constitute and appoint ____________________________Attorney, to transfer said Warrant on the books of the
Company, with full power of substitution.

 

	Dated:	 	 	 	 
	 	 	 	 	 
	 	 	 	Signed:	 
	 	 	 	 	 
	 	 	 	Print
    Name:	 

 

    	 

    	 

    

 

Subscription
Form

 

Infinity
Energy Resources, Inc. 

11900
College Blvd., Suite 310

Overland
Park, KS 66210

 

The
undersigned hereby irrevocably subscribes for the purchase of ________________ shares of Common Stock (the “Shares”),
pursuant to and in accordance with the terms and conditions of this Warrant, and herewith makes payment, covering the purchase
of the Shares, which should be delivered to the undersigned at the address stated below, and, if such number of Shares shall not
be all of the Shares purchasable hereunder, then a new Warrant of like tenor for the balance of the remaining Shares purchasable
under this Warrant be delivered to the undersigned at the address stated below.

 

The
undersigned agrees that: (1) the undersigned will not offer, sell, transfer or otherwise dispose of any such Shares, unless either
(a) a registration statement, or post-effective amendment thereto, covering such Shares have been filed with the Securities and
Exchange Commission pursuant to the Securities Act of 1933, as amended (the “Act”), and such sale, transfer
or other disposition is accompanied by a prospectus meeting the requirements of Section 10 of the Act forming a part of such registration
statement, or post-effective amendment thereto, which is in effect under the Act covering the Shares to be so sold, transferred
or otherwise disposed of, or (b) counsel to the Company satisfactory to the undersigned has rendered an opinion in writing and
addressed to the Company that such proposed offer, sale, transfer or other disposition of the Shares is exempt from the provisions
of Section 5 of the Act in view of the circumstances of such proposed offer, sale, transfer or other disposition; (2) the Company
may notify the transfer agent for its Common Stock that the certificates for the Common Stock acquired by the undersigned are
not to be transferred unless the transfer agent receives advice from the Company that one or both of the conditions referred to
in (1)(a) and (1)(b) above have been satisfied; and (3) the Company may affix the legend set forth in Section 3.1 of this Warrant
to the certificates for Shares hereby subscribed for, if such legend is applicable.

 

	Dated:
    	 	 	Signed:	
		 	 	 	 
	 	 	 	Address:	
	 	 	 		 
	 	 	 	 	 

 

    	 

    	 

    

 

Appendix
A

Adjustments
to Warrant Exercise Price

 

1.1. General.
In the event that the Default Exercise Price (as may be adjusted) has not been triggered and is not in effect, the number of Shares
that the Holder shall be entitled to receive upon exercise of this Warrant and the Warrant Price that the Holder shall be required
to pay upon exercise of this Warrant shall be adjusted from time to time in accordance with the provisions of this Appendix A.
The number of Shares that the Holder shall be entitled to receive upon exercise of this Warrant shall be determined by multiplying
the number of Shares which would otherwise (but for the provisions of this Appendix A) be issuable upon such exercise, as designated
by the Holder in the Exercise Notice, by a fraction, (i) the numerator of which shall be the Initial Exercise Price, and (ii)
the denominator of which shall be Exercise Price in effect on the date of such exercise as adjusted in accordance with the provisions
of this Appendix A. All section references contained in this Appendix A are to sections of this Appendix A. For the avoidance
of doubt, the provisions of Appendix A shall only apply in the event that the Default Exercise Price is not in effect, and in
such event, in the event of any conflict between the terms of the Appendix and the provisions of this Agreement, this Appendix
shall control.

 

1.2. Adjustments
to Exercise Price. 

 

(a) Subdivision
or Combination of Common Stock. If the Company shall at any time after the date hereof subdivide its outstanding shares of
Common Stock into a greater number of shares (by any stock split, stock dividend or otherwise), then the Exercise Price in effect
immediately prior to such subdivision shall be proportionately reduced, and, conversely, if the Company shall at any time after
the date hereof combine its outstanding shares of Common Stock into a smaller number of shares (by any reverse stock split or
otherwise), then the Exercise Price in effect immediately prior to such combination shall be proportionately increased. In the
case of any such subdivision, no further adjustment shall be made pursuant to Section 1.2(c)(i).

 

(b) Reorganization
or Reclassification. If any capital reorganization or reclassification of the capital stock of the Company shall be effected
in such a way that Holders of Common Stock shall be entitled to receive stock, securities or assets with respect to or in exchange
for Common Stock, then, as a condition of such reorganization or reclassification, lawful and adequate provisions shall be made
whereby the Holder shall thereupon have the right to receive, upon the basis and upon the terms and conditions specified herein
and in lieu of the Shares immediately theretofore receivable upon the exercise of this Warrant in full, as the case may be, such
shares of stock, securities or assets as may be issued or payable with respect to or in exchange for a number of outstanding shares
of such Common Stock equal to the number of shares of such Common Stock immediately theretofore receivable upon such exercise
of this Warrant in full had such reorganization or reclassification not taken place, and in any such case appropriate provisions
shall be made with respect to the rights and interests of the Holder to the end that the provisions hereof (including, without
limitation, provisions for adjustments of the Exercise Price) shall thereafter be applicable, as nearly as may be, in relation
to any shares of stock, securities or assets thereafter deliverable upon the exercise of such conversion rights. 

 

(c) Dividends
and Distributions. 

 

(i) Stock
Dividends. If the Company at any time or from time to time after the date hereof declares a dividend or makes any other distribution
upon any stock of the Company other than Common Stock payable in Common Stock, Options or Convertible Securities, any Common Stock,
Options or Convertible Securities, as the case may be, issuable in payment of such dividend or distribution shall be deemed to
have been issued or sold without consideration, and the Exercise Price shall be adjusted pursuant to Section 1.2(d); provided,
however, that no adjustment shall be made to the Exercise Price as a result of such dividend or distribution if the Holder is
entitled to, and actually receives such dividend or distribution in accordance with Section 1.2(c)(ii)(B); provided,
further, that if any adjustment is made to the Exercise Price as a result of the declaration of a dividend and such dividend
is not effected, the Exercise Price shall be appropriately readjusted.

 

    	 

    	 

    

 

(ii) Other
Dividends and Distributions. If the Company at any time or from time to time after the date hereof makes or issues, or fixes
a record date for the determination of Holders of Common Stock entitled to receive, a dividend or other distribution payable in:

 

(A) securities
or other property of the Company other than shares of Common Stock, Options or Convertible Securities then the Holder shall receive
such dividend or distribution as if the Holder had exercised the Warrant in full on the date such record is taken; and

 

(B) Common
Stock, Options or Convertible Securities, then the Holder shall be entitled to elect to receive such dividend or distribution
as if the Holder had exercised the Warrant in full on the date such record is taken; provided, however, that in the event the
Holder so elects and the Holder actually receives such dividend or distribution, the Exercise Price shall not be adjusted pursuant
to the provisions of Section 1.2 with respect to such dividend or distribution.

 

(d) Issuances.
Except as provided in Section 1.2(d)(vii) and except in the case of an event described in Section 1.2(a), if at
any time after the date hereof the Company issues or sells, or is, in accordance with this Section 1.2(d), deemed to have
issued or sold, any shares of Common Stock for a consideration per share less than the Exercise Price in effect immediately prior
to such issuance or sale, then, upon such issuance or sale (or deemed issuance or sale), the Exercise Price shall be reduced to
the price determined by dividing (x) the sum of (A) the Common Stock Deemed Outstanding (as defined below) immediately prior to
such issuance or sale (or deemed issuance or sale) multiplied by the Exercise Price then in effect and (B) the consideration,
if any, received by the Company upon such issuance or sale (or deemed issuance or sale) by (y) the Common Stock Deemed Outstanding
immediately after such issuance or sale (or deemed issuance or sale). 

 

For
purposes of this Section 1.2(d), the following shall also be applicable:

 

(i) Issuance
of Rights or Options. If the Company, at any time after the date hereof, in any manner, grants (whether directly or by assumption
in a merger or otherwise) any warrants or other rights to subscribe for or to purchase, or any options to purchase, shares of
Common Stock or any stock or security convertible into or exercisable or exchangeable for Common Stock (such warrants, rights
or options being called “Options” and such convertible or of exercisable or exchangeable stock
or securities being called “Convertible Securities”), in each case for consideration per share
(determined as provided in this paragraph and in Section 1.2(d)(iv)) less than the Exercise Price then in effect, whether
or not such Options or Convertible Securities are immediately exercisable, convertible, or exchangeable, then the total maximum
number of shares of Common Stock issuable upon the exercise of such Options, or upon conversion or exchange of the total maximum
amount of such Convertible Securities issuable upon exercise of such Options, shall be deemed to have been issued as of the date
of granting of such Options, at a price per share equal to the amount determined by dividing (A) the total amount, if any, received
or receivable by the Company as consideration for the issuance of such Options, plus the minimum aggregate amount of additional
consideration payable to the Company upon the exercise of all such Options, plus, in the case of such Options that relate to Convertible
Securities, the minimum aggregate amount of additional consideration, if any, payable upon the issuance or sale of such Convertible
Securities and upon the conversion or exchange of Convertible Securities, by (B) the total maximum number of shares of Common
Stock deemed to have been so issued. Except as otherwise provided in Section 1.2(d)(iii), no adjustment of the Exercise
Price shall be made upon the actual issuance of such Common Stock or of such Convertible Securities upon exercise of such Options
or upon the actual issuance of such Common Stock upon conversion or exchange of such Convertible Securities. 

 

    	 

    	 

    

 

(ii) Issuance
of Convertible Securities. If the Company, at any time after the date hereof, in any manner, issues or sells any Convertible
Securities for consideration per share (determined as provided in this paragraph and in Section 1.2(d)(iv)) less than the
Exercise Price then in effect, whether or not the right to exchange or convert any such Convertible Securities is immediately
exercisable, then the total maximum number of shares of Common Stock issuable upon conversion or exchange of all such Convertible
Securities shall be deemed to have been issued as of the date of the issuance or sale of such Convertible Securities, at a price
per share equal to the amount determined by dividing (A) the total amount, if any, received or receivable by the Company as consideration
for the issuance or sale of such Convertible Securities, plus the minimum aggregate amount of additional consideration, if any,
payable to the Company upon the conversion or exchange thereof, by (B) the total maximum number of shares of Common Stock deemed
to have been so issued; provided, however, that (1) except as otherwise provided in Section 1.2(d)(iii),
no adjustment of the Exercise Price shall be made upon the actual issuance of such Common Stock upon conversion or exchange of
such Convertible Securities and (2) if any such issuance or sale of such Convertible Securities is made upon exercise of any Options
to purchase any such Convertible Securities, no further adjustment of the Exercise Price shall be made by reason of such issuance
or sale. 

 

(iii) Change
in Option Price or Conversion Rate; Termination of Options or Convertible Securities (A) . If a change occurs in
(A) the maximum number of shares of Common Stock issuable in connection with any Option referred to in Section
1.2(d)(i) or any Convertible Securities referred to in Section 1.2(d)(i) or (ii), (B) the purchase price provided
for in any Option referred to in Section 1.2(d)(i), (C) the additional consideration, if any, payable upon the
conversion or exchange of any Convertible Securities referred to in Section 1.2(d)(i) or (ii), or (D) the rate at
which Convertible Securities referred to in Section 1.2(d)(i) or (ii) are convertible into or exchangeable for Common
Stock (in each case, other than in connection with an event described in Section 1.2(a)(vii)), then the Exercise Price
in effect at the time of such event shall be readjusted to the Exercise Price that would have been in effect at such time had
such Options or Convertible Securities that remain outstanding on the date of such change provided for such changed maximum
number of shares, purchase price, additional consideration or conversion rate, as the case may be, at the time initially
granted, issued or sold. Upon the termination of any such Option or any such right to convert or exchange such Convertible
Securities, the Exercise Price then in effect hereunder shall be increased to the Exercise Price that would have been in
effect at the time of such termination had such Option or Convertible Securities, to the extent outstanding immediately prior
to such termination (i.e., to the extent that fewer than the number of shares of Common Stock deemed to have been issued in
connection with such Option or Convertible Securities were actually issued), never been issued or been issued at such higher
price, as the case may be. Notwithstanding any provision of this Section 1.2(d)(iii) to the contrary, no adjustment of
the Exercise Price under this Section 1.2 shall cause the Exercise Price to exceed the Initial Exercise
Price.

 

    	 

    	 

    

 

(iv) Consideration
for Stock. In case any shares of Common Stock are issued or sold, or deemed issued or sold, for cash, the consideration received
therefor shall be deemed to be the amount received or to be received by the Company therefor (determined with respect to deemed
issuances and sales in connection with Options and Convertible Securities in accordance with clause (A) of Section 1.2(d)(i)
or Section 1.2(d)(ii), as appropriate) determined in the manner set forth below in this Section 1.2(d)(iv).
If any shares of Common Stock are issued or sold, or deemed issued or sold, for a consideration other than cash, the amount of
the consideration other than cash received by the Company shall be deemed to be the fair value of such consideration received
or to be received by the Company (determined with respect to deemed issuances and sales in connection with Options and Convertible
Securities in accordance with clause (A) of Section 1.2(d)(i) or Section 1.2(d)(ii), as appropriate) as determined
in good faith by the Board of Directors of the Company (the “Board of Directors”) and the Holder.
If any Options are issued in connection with the issuance and sale of other securities of the Company, together comprising one
integral transaction in which no specific consideration is allocated to such Options by the parties thereto, such Options shall
be deemed to have been issued for such consideration as determined in good faith by the Board of Directors and the Holder. Anything
herein to the contrary notwithstanding, if in any case described in this Section 1.2(d)(iv) the Company and the Holder
are unable to reach agreement as to the value of such consideration, then the value thereof will be determined by an independent
appraisal by a mutually agreed to investment banker, one-half of the fees of which shall be paid by the Company and one-half of
the fees of which shall be paid by the Holder.

 

(v) Other
Issuances or Sales; Indeterminable Amounts. In calculating any adjustment to the Exercise Price pursuant to this Section
1.2(d), any Options or Convertible Securities that provide, as of the effective date of such adjustment, for the issuance
upon exercise or conversion thereof of an indeterminable number of shares of Common Stock shall (together with the shares of Common
Stock issuable upon exercise or conversion thereof) be disregarded for purposes of the calculation of Common Stock Deemed Outstanding;
provided, that at such time as a number of shares of Common Stock issuable upon exercise or conversion of such Options
or Convertible Securities becomes determinable, then the Exercise Price shall be adjusted as provided in Section 1.2(d)(iii).

 

(vi) Common
Stock Deemed Outstanding. The term “Common Stock Deemed Outstanding” shall mean the sum of (A) the number
of shares of Common Stock outstanding immediately prior to the date hereof (including for this purpose all shares of Common Stock
issuable upon exercise or conversion of all outstanding Options or Convertible Securities), plus (B) the number of shares of Common
Stock issued or sold (or deemed issued or sold) after the date hereof, the issuance or sale of which resulted in an adjustment
to the Exercise Price pursuant to Section 1.2(d), plus (C) the number of shares of Common Stock deemed issued or sold pursuant
to Section 1.2(d)(v)(A); provided, that Common Stock Deemed Outstanding shall not include (I) the Preferred Stock,
(II) any shares of Common Stock issuable upon exercise of the Preferred Stock or (III) shares of capital stock owned or held by
or for the account of the Company.

 

(vii) Minimum
Adjustment. No adjustment of the Exercise Price shall be made in an amount less than one-hundredth of one cent ($.0001) per
share, provided that any adjustments that are not required to be made by reason of this sentence shall be carried forward and
shall be either taken into account on the earlier of (i) the next subsequent adjustment (to the extent the aggregate amount of
such subsequent adjustment plus the carry forward exceeds ($.0001), (ii) the third anniversary of the date of the event giving
rise to the adjustment being carried forward, (iii) the exercise of the Warrant.

 

(viii) Waiver
of Adjustments. Notwithstanding anything herein to the contrary, any downward adjustment of the Exercise Price may be waived,
either prospectively or retroactively and either generally or in a particular instance, by the consent of the Holder. Any such
waiver shall bind all future holders of shares of the Warrant.

 

    	 

    	 

    

  

(e) Adjustment
for Merger or Consolidation, etc.

 

(i) If
prior to the Expiration Date, (A) the Company is liquidated or finally dissolved; (B) the Company sells, leases, licenses or otherwise
disposes of all or substantially all of its assets or (C) the Company merges or consolidates with another entity, this Warrant
shall thereafter be exercisable (or shall be converted into a security that shall be exercisable) for the kind and amount of shares
of stock or other securities or property to which a Holder of the number of shares of Common Stock of the Company deliverable
upon the exercise of this Warrant in full would have been entitled upon such merger, consolidation, or asset sale (and any distribution
of assets to stockholders following such asset sale); and, in such case, appropriate adjustment (as determined in good faith by
the Board of Directors) shall be made in the application of the provisions in Section 1.2 set forth with respect to the
rights and interests thereafter of the Holder, to the end that the provisions set forth in Section 1.2 (including provisions
with respect to changes in and other adjustments of the Exercise Price) shall thereafter be applicable, as nearly as possible,
in relation to any shares of stock or other securities or property thereafter deliverable upon the exercise of this Warrant.

 

(ii) The
Company shall not effect any such liquidation, dissolution, sale, lease, license, merger or consolidation, unless prior to or
simultaneously with the consummation thereof the successor (if other than the Company) resulting from such consolidation or merger
or the person purchasing such assets shall assume by written instrument executed and delivered to the Holder, the obligation to
deliver to the Holder such shares, securities or assets as, in accordance with the foregoing provisions, the Holder may be entitled
to receive upon the exercise of this Warrant (or the security into which such Warrant is to be converted in connection with the
consummation of such transaction).

 

(f) Record
Date If the Company takes a record of the Holders of its Common Stock for the purpose of entitling them (A)
to receive a dividend or other distribution payable in Common Stock, Options or Convertible Securities, or (B) to
subscribe for or purchase Common Stock, Options or Convertible Securities, then such record date shall be deemed to be the
date of the issuance or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such
dividend or the making of such other distribution or the date of the granting of such right of subscription or purchase, as
the case may be.

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