Document:

Exhibit 10.2

 

AMENDMENT NO. 1 

TO

LOAN AGREEMENT

 

This Amendment No.
1 to Loan Agreement (this “Amendment”) is made as of the 30th day of October, 2020, by and between Visionary
Private Equity Group I, LP, a Missouri limited partnership (the “Lender”), and Victory
Oilfield Tech, Inc. (formerly Victory Energy Corporation), a Nevada
corporation (the “Borrower”). Capitalized terms used, but not otherwise defined, herein have the meanings ascribed
to them in the Loan Agreement (as defined below).

 

RECITALS

 

A. 
On April 10, 2018, Borrower and Lender entered into a Loan Agreement (the “Loan Agreement”), pursuant
to which the Borrower may request a loan (the “Loan”) from the Lender of up to $2,000,000 (the “Loan
Amount”). The Lender has indicated that upon the request of the Borrower it may, in its sole discretion, advance amounts
to the Borrower up to the Loan Amount.

 

B. 
The Loan is secured by a first priority security interest in all of the assets of the Borrower.

 

C. 
As of December 31, 2019, the outstanding balance on the Note (as defined below) was $1,978,900, of which $78,500 is Original
Issue Discount. From January 1, 2020 to the date hereof, the Lender has advanced an additional $585,000 under the Note (the “Advance”).

 

D. 
The parties desire to amend the Loan Agreement as set forth herein, to increase the Loan Amount to $3,000,000 (the “New
Loan Amount”), to cover the Advance and Borrower’s working capital needs. The Lender has indicated that upon the
request of the Borrower it may, in its sole discretion, advance amounts to the Borrower up to the New Loan Amount.

 

AGREEMENTS

 

1. 
Agreement. Except as specifically modified
by this Amendment, the terms and conditions of the Loan Agreement and the Note, shall remain in full force and effect. In the event
of any inconsistency between the terms of this Amendment and the terms of the Loan Agreement and/or the Note, the terms of this
Amendment shall control.

 

2. 
 Amendments. (a) Section 2.1 of the Loan
Agreement is hereby deleted and replaced in its entirety as follows:

 

“2.1Loan.
On the terms and subject to the conditions hereinafter set forth, the Lender may, in its sole discretion and upon the written request
of the Borrower, loan to the Borrower up to the sum of $3,000,000.”

  

(b) Section 2.2 of
the Loan Agreement is hereby amended such that the form of Note, as attached as Exhibit A thereto, is hereby amended and restated
in its entirety as set forth in Exhibit A hereto.

 

     

     

    

 

3. 
Effective Immediately. The terms of this
Amendment shall be effectively immediately upon execution of same.

 

4. 
Entire Agreement. This Amendment and
the Loan Agreement and the Note constitute the entire agreement and understanding between the parties with regard to the subject
matter hereof and supersede any prior written or oral agreements. Any modifications to this Amendment or the Loan Agreement or
the Note must be in writing and signed by the authorized representatives of the Parties.

 

5. 
Choice of Law and Jurisdiction. The laws
of the State of Texas shall apply to and control any interpretation, construction, performance or enforcement of this Amendment.

 

6. 
Counterparts and Facsimile or Electronic Signatures.
This Amendment may be executed in two or more counterparts, each of which shall be deemed an original and all of which, taken together,
shall constitute one agreement. A facsimile or electronic signature, including through technology such as DocuSign, to this Amendment
shall be deemed an original and binding upon the party against whom enforcement is sought.

 

[SIGNATURE PAGE FOLLOWS]

 

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

 

	 	LENDER:
	 	 	 
	 	Visionary Private Equity Group I, LP,

                    By: Visionary PE GP I, LLC,

	 	its General Partner
	 	 	 
	 	By:	/s/ Ronald Zamber
	 	Name: 	Ronald Zamber
	 	Title:	Senior Managing Director

 

	 	Address: 	1520 South Fifth Street
	 	 	Suite 308
	 	 	St. Charles, MO 63303

 

	 	BORROWER:
	 	 
	 	Victory Oilfield Tech, Inc. 
	 	 	 
	 	By:	/s/ Kevin DeLeon
	 	Name: 	Kevin DeLeon
	 	Title:	Chief Executive Officer

 

	 	Address: 	3355 Bee Caves Road
	 	 	Suite 608
	 	 	Austin, TX 78746

 

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EXHIBIT A

 

FORM OF NOTE

 

(See Attached)

 

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THIS
NOTE HAS BEEN ISSUED WITH “ORIGINAL ISSUE DISCOUNT” FOR U.S. FEDERAL INCOME TAX PURPOSES. THE ISSUER WILL MAKE AVAILABLE
TO ANY HOLDER OF THIS NOTE: (1) THE ISSUE PRICE AND ISSUE DATE OF THE NOTE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE NOTE,
(3) THE YIELD TO MATURITY OF THE NOTE, AND (4) ANY OTHER INFORMATION REQUIRED TO BE MADE AVAILABLE BY U.S. TREASURY REGULATIONS
UPON RECEIVING A WRITTEN REQUEST FOR SUCH INFORMATION AT THE FOLLOWING ADDRESS: 3355 BEE CAVES ROAD, SUITE 608, AUSTIN, TX 78746.

 

THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THIS NOTE HAS
BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, OR AN OPINION
OF COUNSEL, IN A FORM ACCEPTABLE TO THE MAKER, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES
LAWS OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT.

 

SECURED
CONVERTIBLE 

ORIGINAL
ISSUE DISCOUNT PROMISSORY NOTE

 

	Principal Amount: $[*]	[Date]
	 	 
	Loan Amount: $[*]	 

 

FOR
VALUE RECEIVED, on the [*] day of [MONTH], [YEAR] (the “Funding Date”), the undersigned, Victory
Oilfield Tech, Inc. (formerly Victory Energy Corporation), a Nevada corporation (the “Maker”), promises
to pay to the order of Visionary Private Equity Group I, LP, a Missouri limited
partnership, or its assigns (collectively, the “Holder”), the principal sum of [*] ($[*]) (the “Principal
Amount”), in lawful money of the United States, together with all costs and expenses due hereunder calculated in the
manner hereinafter set forth in this Secured Convertible Original Issue Discount Promissory Note (the “Note”).

 

This
Note is being issued in connection with the entry by the Maker and the Holder into a Loan Agreement, dated April 10, 2018, as
amended by Amendment No. 1 to the Loan Agreement, dated October [*], 2020 (as amended, the “Loan Agreement”)
and is being secured by the security interest granted by the Maker to the Holder pursuant to Section 4 of this Note. Capitalized
terms used, but not otherwise defined, herein have the meanings ascribed to such terms in the Loan Agreement.

 

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1. Term;
Original Issue Discount; Payments

 

(a) The
term of this Note is from the Funding Date until [*]; provided, however, that upon written notice from the Holder to the Maker
following the closing of the Private Placement, the Holder may demand immediate full repayment of all obligations under this Note
(the “Maturity Date”). The Maturity Date may be extended by a written agreement between the Holder and the
Maker.

 

(b) This
Note is being issued at an original issue discount of ten percent (10%). No additional interest (other than Default Interest (as
defined below)) shall accrue hereon. This Note has been issued with “original issue discount” for U.S. Federal income
tax purposes. The Maker will make available to any holder of this note: (1) the issue price and issue date of the Note, (2) the
amount of original issue discount on the Note, (3) the yield to maturity of the Note, and (4) any other information required to
be made available by U.S. Treasury Regulations upon receiving a written request for such information at the following address:
3355 Bee Caves Road, Suite 608, Austin, TX 78746.

 

(c)
The Maker shall pay to the Holder the unpaid Principal Amount in full on the Maturity Date.

 

2. Acceleration
and Events of Default 

 

In
the event that any of the following (each, an “Event of Default”) shall occur:

 

(a) The
Maker shall default in the payment of the Principal Amount of this Note as and when the same shall become due and payable, whether
by acceleration or otherwise; or

 

(b) The
Maker shall default in any material manner in the observance or performance of any covenants or agreements set forth in this Note
or the Loan Agreement (all as may be amended, restated, extended, supplemented or otherwise modified from time to time, herein
collectively called, the “Loan Documents”); or

 

(c) The
Maker shall: (i) admit in writing its inability to pay its debts as they become due; (ii) apply for, consent to, or acquiesce
in, the appointment of a trustee, receiver, sequestrator or other custodian for the Maker or any of its property, or make a general
assignment for the benefit of creditors; (iii) in the absence of such application, consent or acquiesce in, permit or suffer to
exist the appointment of a trustee, receiver, sequestrator or other custodian for the Maker or for any part of its property; or
(iv) permit or suffer to exist the commencement of any bankruptcy, reorganization, debt arrangement or other case or proceeding
under any bankruptcy or insolvency law, or any dissolution, winding up or liquidation proceeding, in respect of the Maker, and,
if such case or proceeding is not commenced by the Maker or converted to a voluntary case, such case or proceeding shall be consented
to or acquiesced in by the Maker or shall result in the entry of an order for relief;

 

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then,
and so long as such Event of Default is continuing for a period of two (2) business days in the case of non-payment under Section
2(a) or 2(b) (and the event which would constitute such Event of Default, if curable, has not been cured), by written notice to
the Maker from the Holder, then the Holder shall have the right to declare all obligations of the Maker under this Note to become
immediately due and payable without presentment, demand, protest or any other action nor obligation of the Holder of any kind,
all of which are hereby expressly waived, and Holder may exercise any other remedies the Holder may have at law or in equity.
If an Event of Default specified in Section 2(c) above occurs, the principal amount of this Note shall automatically, and without
any declaration or other action on the part of any Holder, become immediately due and payable.

 

Upon
the occurrence of an Event of Default, interest upon the unpaid Principal Amount shall begin to accrue at a rate equal to the
lesser of (a) eight (8) percent per annum or (b) the maximum interest rate allowed from time to time under applicable law (“Default
Interest Rate”), and shall continue at the Default Interest Rate until the Event of Default is cured or full payment
is made of the unpaid Principal Amount. If any judgment is rendered in favor of the Holder against the Maker, said judgment shall
bear interest at the Default Interest Rate or the maximum rate permitted by applicable law from time to time, in effect as of
the date of this Note.

 

3. Prepayment
Without Penalty

 

Maker
shall have the right at any time to prepay, in whole or in part, the Principal Amount without penalty, subject to the qualification,
however, that no partial prepayment of the Principal Amount shall in any way release, discharge or affect the obligation of the
Maker to make full payment in the amount of the balance of said Principal Amount on the Maturity Date. If Maker desires to prepay
this Note, Maker shall provide the Holder with reasonable advance written notice such that Holder will have the opportunity to
convert this Note in accordance with Section 5 hereof prior to any such prepayment.

 

4. Security
Agreement

 

(a) Grant
of Security Interest. To secure the prompt repayment of each and all of the obligations of the Maker hereunder to the Holder
and its assigns, the Maker hereby pledges, grants, assigns and transfers to the Holder and its assigns a continuing lien on and
security interest in and to all of the following property of the Maker (collectively the “Collateral”): 

(i) All
accounts, accounts receivable, contract rights, general intangibles related to or arising from any account, debit balances, note,
documents, chattel paper, instruments, acceptances, drafts or other forms of obligations and receivables of the Maker arising
from the sale or lease of inventory or rendition of services by the Maker, or on behalf of the Maker, in the ordinary course of
its business or otherwise (all of the foregoing being herein collectively called “Accounts”), whether or not
the same are listed on any schedules, assignments or reports furnished to the Holder from time to time, whether such Accounts
are now existing or are created at any time hereafter, and all proceeds therefrom including without limitation, proceeds of insurance
thereon and all guaranties, securities, and liens which the Maker may hold for the payment of any Accounts, including without
limitation, all rights of stoppage in transit, replevin and reclamation and all other rights and remedies of unpaid vendor or
lienor, and any liens held by the Maker as a mechanic, contractor, subcontractor, processor, materialman, machinist, manufacturer,
artisan, or otherwise.

 

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(ii) All
documents, instruments, documents of title, policies and certificates of insurance, guaranties, securities, chattel paper, deposits,
proceeds of insurance, cash, liens or other property relating to Accounts and owned by the Maker or in which the Maker has an
interest, which are now or may hereafter be in the possession of the Maker or as to which the Maker may now or hereafter control
possession by documents of title or otherwise.

 

(iii) All
books records, customer lists, supplier lists, ledgers, evidences of shipping invoices, purchase orders, sales orders, computer
records, lists, software, programs, and all other such evidences of the Maker’s business records related to the Accounts,
including all cabinets, drawers, etc. that may hold same, all whether now existing or hereafter arising or acquired.

 

(iv) All
of the Maker’s tangible property of whatever nature or description, whether real or personal, now or hereafter used, owned,
held or leases, including without limitation all furniture, fixtures, equipment, inventory and supplies.

 

(v) All
of the Maker’s intangible property of whatever nature or description, including without limitation, all intellectual property,
trade names, trademarks, service marks, computer programs (including source code and object code), patents and copyrights now
owned or hereafter acquired and, specifically including, without limitation, the License (as defined in the Transaction Agreement).

 

(vi) All
renewals, substitutions, replacements, additions, accessions, proceeds, and products of any and all the foregoing.

 

The
Maker’s grant of such security interests to the Holder shall secure the payment and performance of the indebtedness, obligations
and liabilities of the Maker to the Holder of every kind and description, direct and indirect, absolute and contingent, due or
to become due, now existing or hereafter arising, that relate to this Note and the rights and remedies created hereunder, and
all legal and other professional fees incurred in connection with any of the foregoing. The security interest granted to the Holder
hereunder shall be prior to all other interests in the Collateral.

 

(b) The
Maker hereby agrees that the Holder shall have all the rights and remedies of a secured party under the Uniform Commercial Code
as in effect from time to time in the State of Texas. The Maker agrees that at any time, and from time to time, at the request
of the Holder, the Maker shall execute and deliver (or cause to be executed and delivered) any and all such further instruments
and/or documents (including without limitation, UCC-1 financing statements) as the Holder may consider reasonably necessary or
desirable in order to effectuate, complete, perfect or preserve and maintain the lien created hereby. Upon any failure by the
Maker to do so, the Holder may make, execute, record, file, re-record or refile any and all such instruments and documents for
and in the name of the Maker; the Maker hereby irrevocably appoints the Holder as the agent and attorney-in-fact of the Maker
to do so; and the Maker shall reimburse the Holder, on demand, for all costs and expenses incurred by the Holder in connection
therewith, such amount being added to the indebtedness arising under the Note.

 

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(c) The
security interest created hereunder shall terminate upon the payment in full by the Maker to the Holder of any and all indebtedness,
obligations and liabilities arising from, or in any way related to, the Note.

 

(d) Events
of Default; Acceleration of Maturity. If an Event of Default shall have occurred and be continuing (whatever the reason for
such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any governmental authority), then, in addition to the remedies
provided for elsewhere in this Note and without limitation thereof, at the option of the Holder exercised by written notice to
the Maker, the Holder may (A) foreclose the liens and security interests created under this Note or under any other agreement
relating to the Collateral, by any available judicial process, (B) enter any premises where any of the Collateral may be located
for the purpose of taking possession or removing the same, and (C) sell, assign, lease or otherwise dispose of the Collateral
or any part thereof, either at public or private sale or at any broker’s board, in lots or in bulk, for cash, on credit
or otherwise, with or without representations or warranties, and upon such terms as shall be acceptable to the Holder, all at
the sole option of the Holder and as the Holder, in its sole discretion, may deem advisable and to the extent permitted by law,
the Holder may bid or become a purchaser at any such sale, and the Holder shall have the right, at its option, to apply or be
credited with the amount of all or any part of the obligations owing by the Maker to the Holder under this Note, against the purchase
price bid by the Holder at any such sale. The net cash proceeds resulting from the collection, liquidation, sale, lease or other
disposition of the Collateral (including, without limitation a sale where the Holder is the purchaser) shall be applied first
to the expenses (including reasonable attorneys’ and other professional fees) of retaking, holding, storing, processing
and preparing the Collateral for sale, selling, collecting, liquidating and the like, and then to the satisfaction of all such
obligations, application as to particular obligations or against principal or any interest to be in the sole discretion of the
Holder. The Holder shall give the Maker at least five (5) Business Days prior written notice of the time and place of any public
sale of Collateral.

 

(e) Suits
for Enforcement. In case any one or more of the Events of Default shall have occurred and be continuing, the Holder may proceed
to protect and enforce rights of the Holder either by suit in equity or by action at law, or both, whether for the specific performance
of any covenant or agreement in this Note or in aid of the exercise of any power granted in this Note, including without limitation,
possession or foreclosure on the Collateral securing the Note, or the Holder may proceed to enforce the payment of the Note or
to enforce any other legal or equitable right of the Holder.

 

(f) Remedies
Cumulative. No remedy herein conferred upon the Holder is intended to be exclusive of any other remedy, and each and every
such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at
law or in equity or by statute or otherwise.

 

(g) Remedies
Not Waived. No course of dealing between the Maker and the Holder and no delay in exercising any rights hereunder shall operate
as a waiver of any rights of the Holder.

 

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(h) Notice
of Action of Claimed Defaults. If a holder of other obligations of the Maker shall give any notice of a claimed default or
event of default (as those terms may be defined in the relevant documentation) or shall take any other action with respect to
a claimed default or event of default, immediately upon obtaining knowledge thereof, the Maker shall give the Holder written notice
specifying such action and the nature and status of the claimed default or event of default.

 

5. Conversion

 

(a) Generally.
The Holder shall have the right, exercisable at any time from and after the Maturity Date and prior to payment in full of the
Principal Amount, to convert all or any portion of the Principal Amount then outstanding, plus all accrued but unpaid interest
at the Default Interest Rate (the “Default Interest”), into shares of the Maker’s common stock, par value
$0.001 per share (the “Common Stock”) at a conversion price (the “Conversion Price”) equal
to $0.75 per share or, such lower price as shares of Common Stock are sold to investors in the Private Placement, subject to adjustment
in accordance with Section 5(d) herein (the Common Stock underlying the Note being referred to herein as the “Shares”).
If the Holder exercises its right to convert the Note into Shares pursuant to this Section 5, the Maker shall issue to the Holder
on the date of such conversion a warrant (the “Warrant”) to purchase a number of shares of Common Stock equal
to the number of Shares issuable upon such conversion of the Note, the terms of which shall be mutually agreeable to the parties;
provided that the warrant shall have a five (5) year term and the exercise price shall be $0.75 per share (or such lower exercise
price per share of Common Stock as may be afforded to investors in the Private Placement) with the ability of the Holder to exercise
the warrant on a cashless basis.

 

(b) Mechanics
of Conversion. The conversion of this Note shall be conducted in the following manner: upon any conversion of any portion
of the outstanding Principal Amount of this Note, plus all accrued but unpaid Default Interest thereon: (i) the Holder shall deliver
a completed and executed Notice of Conversion attached hereto as Exhibit A and, if such conversion is for the entire outstanding
Principal Amount due under this Note surrender and deliver this Note, duly endorsed, to the Maker’s office or such other
address which the Maker shall designate against delivery of the certificates representing the Shares to be delivered; (ii) the
Maker shall, within three (3) business days of receipt of the Notice of Conversion cause the Maker’s transfer agent to issue
such required number of Shares as set forth in the Conversion Notice. The Holder shall not be required to physically surrender
this Note to the Maker until all of the Principal Amount and accrued and unpaid interest under this Note have been converted into
Shares or been paid in full, in which case, the Holder shall surrender this Note to the Maker for cancellation within three (3)
business days of the date the final Notice of Conversion is delivered to the Maker. Partial conversions of this Note shall have
the effect of lowering the outstanding Principal Amount due hereunder. The Holder and the Maker shall maintain records showing
the number of Shares purchased and the date of such purchases. In the event of any dispute or discrepancy, the records of the
Maker shall be controlling and determinative in the absence of manifest error. The Holder and any assignee, by acceptance of this
Note, acknowledge and agree that, by reason of the provisions of this paragraph, the Principal Amount due hereunder at any given
time may be less than the amount stated on the face hereof.

 

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(c) Reservation
of Common Stock. The Maker covenants that during the period the conversion right exists, the Maker will reserve from its authorized
and unissued Common Stock a sufficient number of shares of Common Stock, free from preemptive rights, to provide for the issuance
of Shares upon the full conversion of this Note and exercise of the Warrant. In addition, if the Maker shall issue any securities
or make any change to its capital structure which would change the number of Shares into which the Note shall be convertible at
the then current Conversion Price, the Maker shall at the same time make proper provision so that thereafter there shall be a
sufficient number of shares of Common Stock authorized and reserved, free from preemptive rights, for conversion of the outstanding
Note and exercise of the Warrant.

 

(d) Adjustments
to Conversion Price.

 

(i) Adjustments
for Stock Splits and Combinations and Stock Dividends. If the Maker shall at any time or from time to time after the date
hereof, effect a stock split or combination of the outstanding Common Stock or pay a stock dividend in shares of Common Stock,
then the Conversion Price shall be proportionately adjusted. Any adjustments under this Section 5(d)(i) shall be effective at
the close of business on the date the stock split or combination becomes effective or the date of payment of the stock dividend,
as applicable.

 

(ii) Merger
Sale, Reclassification, etc. In case of any (A) consolidation or merger (including a merger in which the Maker is the surviving
entity), (B) sale or other disposition of all or substantially all of the Maker’s assets or distribution of property to
shareholders (other than distributions payable out of earnings or retained earnings), or reclassification, change or conversion
of the outstanding securities of the Maker or of any reorganization of the Maker (or any other corporation the stock or securities
of which are at the time receivable upon the conversion of this Note) or any similar corporate reorganization on or after the
date hereof, then and in each such case the Holder of this Note, upon the conversion hereof at any time thereafter shall be entitled
to receive, in lieu of the stock or other securities and property receivable upon the conversion hereof prior to such consolidation,
merger, sale or other disposition, reclassification, change, conversion or reorganization, the stock or other securities or property
to which such Holder would have been entitled upon such consummation if such Holder had converted this Note immediately prior
thereto.

 

(e) Elimination
of Fractional Interests. No fractional shares of Common Stock shall be issued upon conversion of this Note, nor shall the
Maker be required to pay cash in lieu of fractional interests, it being the intent of the parties that all fractional interests
shall be eliminated and that all issuances of Common Stock shall be rounded up to the nearest whole share.

 

6. Legal
Rate of Interest

 

Nothing
herein contained shall be construed or so operate as to require payment of interest at a rate greater than the highest permitted
rate under applicable law, or to make any payment or to do any act contrary to applicable law. To this end, if during the course
of any litigation involving the enforceability of the obligations under this Note, a court having jurisdiction of the subject
matter or of the parties to said litigation shall determine that either the original issue discount or default interest rate as
set forth herein, or the effect of said discount or rate in relation to the particular circumstances of default resulting in said
litigation, are separately or collectively usurious, then the original issue discount or interest rate set forth herein shall
be reduced, or the operation and effect thereof ameliorated, to achieve the highest interest rate or charge which shall not be
usurious.

 

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7. Costs
of Collection

 

The
Maker agrees to pay to the Holder, in addition to the amounts due hereunder, all costs and expenses incurred by the Holder to
collect any and all sums due under this Note, including the Holder’s attorneys’ fees, regardless of whether any action
or proceeding is commenced. Further, the Maker agrees to pay all applicable documentary stamp taxes and intangible taxes applicable
to this Note.

 

8. Binding
Nature; Assignment

 

This
Note shall bind the Maker and its principals, receivers, administrators, successors and assigns, and shall inure to the benefit
of the Holder and principals, receivers, administrators, successors and assigns. This Note and the obligations hereunder may not
be assigned by the Maker or assumed by another party without the prior specific written consent of the Holder. This Note and the
entitlements hereunder may be assigned by the Holder without the consent of the Maker.

 

9. Waivers
by Maker

 

The
Maker hereby waives demand, presentment for payment, notice of protest, and notice of dishonor or nonpayment of this Note.

 

10. Notice

 

Any
claim, notice, request, instruction or demand required to be given or elected to be given, in connection with this Note shall
be in writing and sent via personal delivery or overnight courier or via email with confirmation of receipt, to the Maker or the
Holder at the addresses set forth in the Loan Agreement, or such other address to be designated in writing by Maker or Holder.

 

11. Jury
Trial Waiver

 

The
Maker and the Holder each hereby knowingly and voluntarily waive trial by jury and the right thereto in any action or proceeding
of any kind, arising under or out of, or otherwise related to or connected with this Note.

 

12. Governing
Law; Mediation

 

This
Agreement shall be governed by and construed under the laws of the State of Texas without regard to the choice of law principles
thereof.

 

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13. Complete
and Voluntary Agreement

 

This
Note, along with the Loan Documents, constitutes the entire understanding of the parties on the subjects covered. The Maker expressly
acknowledges and warrants that he/she/it has read and fully understands the terms of this Note; that the Maker has had the opportunity
to seek legal counsel of his/her/its own choosing and to have the terms of this Note fully explained to him/her/it; that the Holder
has advised the Maker to consult with an attorney prior to signing this Note; that the Maker is not executing this Note in reliance
on any promises, representations or inducements other than those contained herein; and that the Maker is executing this Note voluntarily,
free of any duress or coercion. If there is any ambiguity between the terms and provisions of this Note and the Loan Documents,
then the terms and provisions of the Note shall prevail and control such ambiguity.

 

14. Miscellaneous

 

(a) The
Maker shall, upon the Holder’s written request, promptly make, execute and deliver to the Holder any and all further documents
or instruments the Holder may consider necessary or desirable in order to effectuate, complete or perfect the Maker’s obligations
under this Note.

 

(b) If
any provision of this Note is held to be unenforceable for any reason, such provision shall be adjusted rather than voided, if
possible, in order to achieve the intent of the Maker and the Holder to the fullest extent possible. In any event, all other provisions
of this Note shall be deemed valid and enforceable to the fullest extent possible.

 

15. Waiver
of Trial by Jury

 

THE
MAKER AND THE HOLDER (BY ACCEPTANCE OF THIS INSTRUMENT) HEREBY KNOWINGLY, IRREVOCABLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY
RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION, PROCEEDING OR COUNTERCLAIM BASED ON THIS NOTE, OR ARISING OUT
OF, UNDER OR IN CONNECTION WITH THIS NOTE, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN)
OR ACTIONS OF ANY PARTY HERETO.

 

[SIGNATURES
FOLLOW]

 

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IN
WITNESS WHEREOF, the Maker has signed this Note as of the Funding Date first set forth above.

 

	MAKER:  	 
	 	 
	Victory Oilfield Tech, Inc. 	 
	 	 	 
	By:	 	 
	Name: 	Kevin DeLeon	 
	Title:	Chief Executive Officer	 

 

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EXHIBIT
A

 

VICTORY
OILFIELD TECH, INC. 

NOTE
CONVERSION NOTICE

 

Reference
is made to the Secured Convertible Original Issue Discount Promissory Note in the original principal amount of $[*] of Victory
Oilfield Tech, Inc. (formerly Victory Energy Corporation), a Nevada corporation (the “Maker”), issued to the
undersigned (the “Note”).

 

In
accordance with and pursuant to the terms of the Note, the undersigned hereby elects to convert the entire outstanding principal
amount due and owing under the Note[, together with all accrued but unpaid Default Interest thereon,] into shares of Common Stock,
$0.001 par value per share, of the Maker (the “Common Stock”), by tendering the original of the Note for cancellation.

 

Please
confirm the following information:

 

Principal
Amount Outstanding
 under the Note:  ______________________

 

[Accrued
but unpaid Default Interest

under
the Note:______________________]

 

Conversion
Price: ______________________

 

Number
of Shares to be issued: ___________________________________

 

Please
issue the Shares into which the Note is being converted in the following name and to the following address:

 

Issue
to: _____________________________

 

Address:
_____________________________

_______________________________

_______________________________

 

Name
of Holder: _________________________

 

Signature
of Holder: ______________________

 

Title:
_________________________________

 

Date: _________________________________

 

 

15Document

Exhibit 4(d)
[Date]

Company Order and Officers’ Certificate
_____ Senior Notes, Series __, due _____

The Bank of New York Mellon Trust Company, N.A., as Trustee
2 North LaSalle Street, 7th Floor
Chicago, Illinois 60602

Ladies and Gentlemen:

Pursuant to Article Two of the Indenture, dated as of May 1, 2001 (as it may be amended or supplemented, the “Indenture”), from American Electric Power Company, Inc. (the “Company”) to The Bank of New York Mellon Trust Company, N.A., as successor to The Bank of New York, as trustee (the “Trustee”), and the Board Resolutions dated __________ ___, _____, a copy of which, as certified by the Secretary or an Assistant Secretary of the Company, is being delivered herewith under Section 2.01 of the Indenture, and unless otherwise provided in a subsequent Company Order pursuant to Section 2.04 of the Indenture,

1.    The Company’s _____ Senior Notes, Series __, due _____ (the “Notes”) are hereby established.  The Notes shall be in substantially the forms attached hereto.
        
2.    The terms and characteristics of the Notes shall be as follows (the numbered clauses set forth below corresponding to the numbered subsections of Section 2.01 of the Indenture, with terms used and not defined herein having the meanings specified in the Indenture or in the Notes):
        
    (i)    The aggregate principal amount of Notes which may be authenticated and delivered under the Indenture initially shall be limited to $____,000,000, except as contemplated in Section 2.01(i) of the Indenture and except that such principal amount may be increased from time to time; all Series __ Notes need not be issued at the same time and each such series may be reopened at any time, without the consent of any securityholder, for issuance of additional Notes, which Notes will have the same interest rate, maturity and other terms as those initially issued (other than the date of issuance, the issue price and, in some circumstances, the initial interest accrual date and initial interest payment date);
        
    (ii)    The date on which the principal of the Notes shall be payable shall be __________ ___, 20___;
        
    (iii)    Interest shall accrue from the date of authentication of the Notes; the Interest Payment Dates on which such interest will be payable shall be __________ ___ and __________ ___, and the Regular Record Date for the determination of holders to whom 

    
interest is payable on any such Interest Payment Date shall be the __________ ___ or __________ ___ preceding the relevant Interest Payment Date; provided that the first Interest Payment Date shall be __________ ___, _____ and interest payable on the Stated Maturity Date or any Redemption Date shall be paid to the Person to whom principal shall be paid;

        
(iv)    The interest rate at which the Notes shall bear interest shall be ______ per annum;
        
(v)    The Notes may be redeemed by the Company at its option, in whole at any time or in part from time to time, upon not less than thirty but not more than sixty days’ prior notice given by mail to the registered owners of the Notes.  At any time prior to __________ ___, _____ (the date that is three months prior to maturity (the “Early Call Date”)), the Notes may be redeemed either as a whole or in part at a redemption price equal to the greater of (1) 100% of the principal amount of the Notes being redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes being redeemed that would be due if such Notes matured on the Early Call Date (excluding the portion of any such interest accrued to but excluding the date of redemption) discounted (for purposes of determining present value) to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus ___ basis points, plus, in each case, accrued and unpaid interest thereon to but excluding the date of redemption.

At any time on or after the Early Call Date, the Company may redeem the Notes in whole or in part at 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon to but excluding the date of redemption.

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term (“remaining life”) of the Notes (assuming, for this purpose, that the Notes would mature on the Early Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining life of the Notes.

“Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than four of such Reference Treasury Dealer Quotations, the average of all such quotations.

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company and notified by the Company to the Trustee.

“Reference Treasury Dealer” means a primary U.S. Government securities dealer or dealers selected by the Company and notified by the Company to the Trustee.

2

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Company and notified to the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company and the Trustee by such Reference Treasury Dealer at or before 3:30 p.m., New York City time, on the third Business Day preceding such redemption date.

“Treasury Rate” means, with respect to any redemption, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.
            
(vi)    (a) the Notes shall be issued in the form of book-entry notes represented by Global Notes; (b) the Depositary for such Global Notes shall be The Depository Trust Company; and (c) the procedures with respect to transfer and exchange of Global Notes shall be as set forth in the forms of Note attached hereto;
        
(vii)    the title of the Notes shall be “______ Senior Notes, Series ___, due _____”;
        
(viii)    the form of the Notes shall be as set forth in Paragraph 1, above;
        
(ix)    not applicable;
        
(x)    the Notes shall not be subject to a Periodic Offering;
        
(xi)    not applicable;
        
(xii)    not applicable;
        
(xiii)    Company will pay the principal of the Notes and any premium and interest payable at redemption, if any, or at maturity in immediately available funds at the office of The Bank of New York Mellon Trust Company, N.A., 2 North LaSalle Street, 7th Floor, Chicago, Illinois 60602;
        
(xiv)    the Notes shall be issuable in denominations of $2,000 and any integral multiple of $1,000 in excess thereof;
        
(xv)    not applicable;
        
(xvi)    the Notes shall not be issued as Discount Securities;
        
(xvii)    not applicable;
        
(xviii)    not applicable, and
        
(xix)    (A)  Restrictive Covenants:

3

Limitation upon Liens of Certain Subsidiaries

For so long as any Notes remain outstanding, the Company will not create or incur or allow any of its subsidiaries to create or incur any pledge or security interest on any of the capital stock of a Public Utility Subsidiary held by the Company or one of its subsidiaries or a Significant Subsidiary.

For purposes of this covenant:

(i)    Public Utility Subsidiary means, at any particular time, a direct or indirect subsidiary of the Company that, as a substantial part of its business, distributes or transmits electric energy to retail or wholesale customers at rates or tariffs that are regulated by either a state or Federal regulatory authority.

(ii)    Significant Subsidiary means, at any particular time, any direct subsidiary of the Company whose consolidated gross assets or consolidated gross revenues (having regard to the Company’s direct beneficial interest in the shares, or the like, of that subsidiary) represent at least 25% of the Company’s consolidated gross assets or consolidated gross revenues appearing in the most recent audited financial statements of the Company as of the date of determination.

Limitation upon Mergers, Consolidations and Sale of Assets

The provisions of Article Ten of the Indenture shall be applicable to the Notes.

        (B) Waivers:

Waiver of Replacement Capital Covenant

The Notes will not be entitled to benefit in any way from the Replacement Capital Covenant, dated as of March 1, 2008, entered into by the Company in favor of certain holders of the Company’s debt, and subsequently amended by an amendment dated as of February 29, 2012 (as amended, the “Replacement Capital Covenant”). The Notes are not, and will never become, Eligible Debt or Covered Debt (as such terms are defined in the Replacement Capital Covenant), and the holders of the Notes are not, and will never be entitled to become, Covered Debtholders (as defined in the Replacement Capital Covenant).  Any person purchasing or otherwise acquiring a Note or any interest in the Notes will be deemed to have agreed to this waiver of the Replacement Capital Covenant.
    
(xx)    Certain Tax Information.

In order to comply with applicable tax laws (inclusive of rules, regulations and interpretations promulgated by competent authorities) related to the Indenture, this Company Order and Officers’ Certificate and the Notes in effect from time to time (“Applicable Law”) that a foreign financial institution, issuer, trustee, paying agent or other party is or has agreed to be subject to, the Company agrees (i) to provide to the Trustee and any paying agent sufficient information about the parties and/or transactions (including any modification to the terms of such transactions) so the Trustee and any paying agent can determine whether it has tax related obligations under Applicable Law and (ii) that the Trustee and any paying agent shall be entitled to make any withholding or deduction from payments to the extent necessary to comply with Applicable Law for which the Trustee and any paying agent shall not have any liability.

4

3.    You are hereby requested to authenticate on the date hereof $____,000,000 aggregate principal amount of ______ Senior Notes, Series __, due _____, executed by the Company and delivered to you concurrently with this Company Order and Officers’ Certificate, in the manner provided by the Indenture.
    
4.    You are hereby requested to hold the Global Notes as custodian for DTC in accordance with the Blanket Issuer Letter of Representations dated May 16, 2003, from the Company to DTC.
    
5.    Concurrently with this Company Order and Officers’ Certificate, an Opinion of Counsel under Sections 2.04 and 13.06 of the Indenture is being delivered to you.
    
6.    The undersigned ____________________ and ____________________, the Assistant Treasurer and Assistant Secretary, respectively, of the Company do hereby certify that:
    
(i)    we have read the relevant portions of the Indenture, including without limitation the conditions precedent provided for therein relating to the action proposed to be taken by the Trustee as requested in this Company Order and Officers’ Certificate, and the definitions in the Indenture relating thereto;
        
(ii)    we have read the Board Resolutions of the Company and the Opinion of Counsel referred to above;
        
(iii)    we have conferred with other officers of the Company, have examined such records of the Company and have made such other investigation as we deemed relevant for purposes of this certificate;
        
(iv)    in our opinion, we have made such examination or investigation as is necessary to enable us to express an informed opinion as to whether or not such conditions have been complied with; and
        
(v)    on the basis of the foregoing, we are of the opinion that all conditions precedent provided for in the Indenture relating to the action proposed to be taken by the Trustee as requested herein have been complied with.

Kindly acknowledge receipt of this Company Order and Officers’ Certificate, including the documents listed herein, and confirm the arrangements set forth herein by signing and returning the copy of this document attached hereto.

5

IN WITNESS WHEREOF, the Company has caused this Instrument to be executed.

Very truly yours,

AMERICAN ELECTRIC POWER COMPANY, INC.

By:_________________________
Assistant Treasurer

And:________________________
Assistant Secretary

Acknowledged by Trustee:

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

By:_________________________
Authorized Signatory
Name: 
Title:

6

Exhibit 1

Unless this certificate is presented by an authorized representative of The Depository Trust Company (55 Water Street, New York, New York) to the issuer or its agent for registration of transfer, exchange or payment, and any certificate to be issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of The Depository Trust Company and any payment is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.  Except as otherwise provided in Section 2.11 of the Indenture, this Security may be transferred, in whole but not in part, only to another nominee of the Depository or to a successor Depository or to a nominee of such successor Depository.

No.   R1

AMERICAN ELECTRIC POWER COMPANY, INC.
_____ Senior Notes, Series __, due _____
																					
	CUSIP:				 Original Issue Date:	
							
	Stated Maturity:					Interest Rate:
							
	Principal Amount:  $____,000,000		
							
	Redeemable:	Yes  x
		No			
	In Whole:	Yes  x
		No			
	In Part:	Yes  x
		No			

  

AMERICAN ELECTRIC POWER COMPANY, INC., a corporation duly organized and existing under the laws of the State of New York (herein referred to as the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO. or registered assigns, the Principal Amount specified above on the Stated Maturity specified above, and to pay interest on said Principal Amount from the Original Issue Date specified above or from the most recent interest payment date (each such date, an “Interest Payment Date”) to which interest has been paid or duly provided for, semi-annually in arrears on __________ ___ and __________ ___ in each year, commencing on __________ ___, ____, at the Interest Rate per annum specified above, until the Principal Amount shall have been paid or duly provided for.  Interest shall be computed on the basis of a 360-day year of twelve 30-day months.

The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, as provided in the Indenture, as hereinafter defined, shall be paid to the Person in whose name this Note (or one or more Predecessor Securities) shall have been registered at the close of business on the Regular Record Date with respect to such Interest Payment Date, which shall be the __________ 1 or __________ 1 (whether or not a Business Day), as the case may be, immediately 

prior to such Interest Payment Date, provided that interest payable on the Stated Maturity or any redemption date shall be paid to the Person to whom principal is paid.  Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and shall be paid as provided in said Indenture.

If any Interest Payment Date, any redemption date or Stated Maturity is not a Business Day, then payment of the amounts due on this Note on such date will be made on the next succeeding Business Day, and no interest shall accrue on such amounts for the period from and after such Interest Payment Date, redemption date or Stated Maturity, as the case may be, with the same force and effect as if made on such date.  The principal of (and premium, if any) and the interest on this Note shall be payable at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, the City of New York, New York, in any coin or currency of the United States of America which at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest (other than interest payable on the Stated Maturity or any redemption date) may be made at the option of the Company by check mailed to the registered holder at such address as shall appear in the Security Register.

This Note is one of a duly authorized series of Notes of the Company (herein sometimes referred to as the “Notes”), specified in the Indenture, all issued or to be issued in one or more series under and pursuant to an Indenture dated as of May 1, 2001 duly executed and delivered between the Company and The Bank of New York Mellon Trust Company, N.A., a national banking association formed under the laws of the United States, as successor to The Bank of New York, as Trustee (herein referred to as the “Trustee”) (such Indenture, as originally executed and delivered and as thereafter supplemented and amended being hereinafter referred to as the “Indenture”), to which Indenture and all indentures supplemental thereto or Company Orders reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the holders of the Notes.  By the terms of the Indenture, the Notes are issuable in series which may vary as to amount, date of maturity, rate of interest and in other respects as in the Indenture provided.  This Note is one of the series of Notes designated on the face hereof.

This Note may be redeemed by the Company at its option, in whole at any time or in part from time to time, upon not less than thirty but not more than sixty days’ prior notice given by mail to the registered owners of the Notes.  At any time prior to __________ ___, _____ (the date that is three months prior to maturity (the “Early Call Date”)), the Notes may be redeemed either as a whole or in part at a redemption price equal to the greater of (1) 100% of the principal amount of the Notes being redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes being redeemed that would be due if such Notes matured on the Early Call Date (excluding the portion of any such interest accrued to but excluding the date of redemption) discounted (for purposes of determining present value) to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus ___ basis points, plus, in each case, accrued and unpaid interest thereon to but excluding the date of redemption.

At any time on or after the Early Call Date, the Company may redeem this Note in whole or in part at 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon to but excluding the date of redemption.

2

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term (“remaining life”) of the Notes (assuming, for this purpose, that the Notes would mature on the Early Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining life of the Notes.

“Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than four of such Reference Treasury Dealer Quotations, the average of all such quotations.

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company and notified by the Company to the Trustee.

“Reference Treasury Dealer” means a primary U.S. Government securities dealer or dealers selected by the Company and notified by the Company to the Trustee.

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Company and notified to the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company and the Trustee by such Reference Treasury Dealer at or before 3:30 p.m., New York City time, on the third Business Day preceding such redemption date.

“Treasury Rate” means, with respect to any redemption, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.

The Company shall not be required to (i) issue, exchange or register the transfer of any Notes during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of less than all the outstanding Notes of the same series and ending at the close of business on the day of such mailing, nor (ii) register the transfer of or exchange of any Notes of any series or portions thereof called for redemption.  This Global Note is exchangeable for Notes in definitive registered form only under certain limited circumstances set forth in the Indenture.

In the event of redemption of this Note in part only, a new Note or Notes of this series, of like tenor, for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the surrender of this Note.

In case an Event of Default, as defined in the Indenture, shall have occurred and be continuing, the principal of all of the Notes may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture.

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Note upon compliance by the Company with certain conditions set forth therein.

As described in the Company Order and Officers’ Certificate, the Company is subject to a covenant regarding making certain tax information available to the Trustee and, so long as this Note is outstanding, the Company is subject to such other restrictive covenants and waivers as described therein.

3

The Indenture contains provisions permitting the Company and the Trustee, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes of each series affected at the time outstanding voting as one class, as defined in the Indenture, to execute supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the Notes; provided, however, that no such supplemental indenture shall (i) extend the fixed maturity of any Notes of any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof, or reduce the amount of the principal of a Discount Security that would be due and payable upon a declaration of acceleration of the maturity thereof pursuant to the Indenture, without the consent of the holder of each Note then outstanding and affected; (ii) reduce the aforesaid percentage of Notes, the holders of which are required to consent to any such supplemental indenture, or reduce the percentage of Notes, the holders of which are required to waive any default and its consequences, without the consent of the holder of each Note then outstanding and affected thereby; or (iii) modify any provision of Section 6.01(c) of the Indenture (except to increase the percentage of principal amount of securities required to rescind and annul any declaration of amounts due and payable under the Notes), without the consent of the holder of each Note then outstanding and affected thereby.  The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of the Notes of any series at the time outstanding affected thereby, on behalf of the Holders of the Notes of such series, to waive any past default in the performance of any of the covenants contained in the Indenture, or established pursuant to the Indenture with respect to such series, and its consequences, except a default in the payment of the principal of or premium, if any, or interest on any of the Notes of such series.  Any such consent or waiver by the registered Holder of this Note (unless revoked as pro-vided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners of this Note and of any Note issued in exchange herefor or in place hereof (whether by registration of transfer or otherwise), irrespective of whether or not any notation of such consent or waiver is made upon this Note.

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and premium, if any, and interest on this Note at the time and place and at the rate and in the money herein prescribed.

As provided in the Indenture and subject to certain limitations therein set forth, this Note is transferable by the registered holder hereof on the Security Register of the Company, upon surrender of this Note for registration of transfer at the office or agency of the Company as may be designated by the Company accompanied by a written instrument or instruments of transfer in form satisfactory to the Company or the Trustee duly executed by the registered Holder hereof or his or her attorney duly authorized in writing, and thereupon one or more new Notes of authorized denominations and for the same aggregate principal amount and series will be issued to the designated transferee or transferees.  No service charge will be made for any such trans-fer, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in relation thereto.

Prior to due presentment for registration of transfer of this Note, the Company, the Trustee, any paying agent and any Security Registrar may deem and treat the registered Holder hereof as the absolute owner hereof (whether or not this Note shall be overdue and notwithstanding any notice of ownership or writing hereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal hereof and premium, if any, and interest due hereon and for all other purposes, and neither the Company nor the Trustee nor any paying agent nor any Security Registrar shall be affected by any notice to the contrary.
4

No recourse shall be had for the payment of the principal of or the interest on this Note, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture, against any incorporator, stockholder, officer or director, past, present or future, as such, of the Company or of any predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released.

The Notes of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.  As provided in the Indenture and subject to certain limitations, Notes of this series are exchangeable for a like aggregate principal amount of Notes of this series of a different authorized denomination, as requested by the Holder surrendering the same.

All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

This Note shall not be entitled to any benefit under the Indenture hereinafter referred to, be valid or become obligatory for any purpose until the Certificate of Authentication hereon shall have been signed by or on behalf of the Trustee.
5

IN WITNESS WHEREOF, the Company has caused this Instrument to be executed.

AMERICAN ELECTRIC POWER COMPANY, INC.

By: ___________________________
Assistant Treasurer
Attest:

By: ___________________________
Thomas G. Berkemeyer
Assistant Secretary

6

CERTIFICATE OF AUTHENTICATION

This is one of the Notes of the series of Notes designated in accordance with, and referred to in, the within-mentioned Indenture.

Dated: __________ ___, _____

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
as Trustee

By: ___________________________
Authorized Signatory
7

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

(PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE)

_______________________________________

________________________________________________________________

________________________________________________________________
(PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF
________________________________________________________________
ASSIGNEE) the within Note and all rights thereunder, hereby
________________________________________________________________
irrevocably constituting and appointing such person attorney to 
________________________________________________________________
transfer such Note on the books of the Issuer, with full
________________________________________________________________
power of substitution in the premises.

Dated: ________________________        _________________________

NOTICE:    The signature to this assignment must correspond with the name as written upon the face of the within Note in every particular, without alteration or enlargement or any change whatever and NOTICE:  Signature(s) must be guaranteed by a financial institution that is a member of the Securities Transfer Agents Medallion Program (“STAMP”), the Stock Exchange Medallion Program (“SEMP”) or the New York Stock Exchange, Inc. Medallion Signature Program (“MSP”).

8

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