Document:

Second
Amendment

To

General
Partnership Agreement

 

This
Second Amendment to General Partnership Agreement (the "Amendment") is made and entered into, effective
as of November 27, 2012 (the "Effective Date"), by and among EnerJex
Resources, Inc., a Nevada corporation ("EnerJex"),
and Viking Energy Partners, LLC,
a Texas limited liability company ("Viking"); and FL
Oil Holdings, LLC, a Florida limited liability company ("FL Oil" and, together with Viking, individually
an "Investor Partner" and together the "Investor Partners"), with reference to the following
facts:

 

Recitals:

 

A.           The
Partners are the sole Partners of Rantoul
Partners, a Delaware general partnership (the "Partnership"), which was formed and exists pursuant
to that certain General Partnership Agreement by and among the Partners dated as of December 14, 2011 (the "Partnership
Agreement").

 

B.           The
Partners executed that certain First Amendment To General Partnership Agreement (the “First Amendment”) dated
as of March 30, 2012, pursuant to which Viking was granted the option to make a Capital Contribution to the Partnership of $650,000
on December 1, 2012 in exchange for an additional 3.25% Percentage Interest in the Partnership.

 

C.           EnerJex
has complied with Section 3.2(e) of the Partnership Agreement to the satisfaction of the Investor Partners.

 

D.           Viking
has agreed to make, on November 27, 2012, the $650,000 Capital Contribution that it had the option to make on December 1, 2012,
and EnerJex has agreed to convey to Viking the corresponding 3.25% Percentage Interest in the Partnership effective as of November
1, 2012.

 

E.           The
Partners have agreed to execute this Amendment in order to reflect the foregoing facts and to amend and restate Exhibit A to the
Partnership Agreement.

 

F.           All
capitalized terms that appear in this Amendment and are not defined herein shall have the respective meanings ascribed thereto
in the Partnership Agreement.

 

Agreements:

 

Now,
Therefore, the parties hereto, intending to be legally bound, do hereby agree as follows:

 

1.           Compliance.
The Partners acknowledge and agree that EnerJex has complied with Section 3.2(e) of the Partnership Agreement to the satisfaction
of the Investor Partners.

 

2.           Amendment
of Partnership Agreement.

 

2.1           Modification
of Scheduled Capital Contribution by Viking. Viking hereby agrees that in lieu of its scheduled Capital Contribution
pursuant to Section 1.4(b) of the First Amendment, Viking will make a Capital Contribution to the Partnership in the amount of
Six Hundred Fifty Thousand Dollars ($650,000) on November 27, 2012 with respect to the Rantoul Project Assets.

 

    	 

    	 

    

 

2.2           Amendment
of Exhibit A. Exhibit A to the Partnership Agreement is hereby amended and restated to read as set forth on Exhibit
A to this Amendment, which revised Exhibit reflects the change described in Section 2.1 above.

 

3.       
   Ratification. Except as expressly modified
by Section 2, above, the Partnership Agreement is hereby ratified and confirmed and shall remain in full force and
effect.

 

4.           Miscellaneous.
This Amendment may be executed in multiple counterparts, each of which shall be deemed an original agreement, and all of which
taken together shall constitute one agreement, notwithstanding that all of the parties are not signatories to the original or the
same counterpart. A copy of this Amendment that is executed by a party and transmitted by that party to the other party by facsimile
or as an attachment (e.g., in “.tif” or “.pdf” format) to an email shall be binding upon the signatory
to the same extent as a copy hereof containing that party’s original signature.

 

[Signatures appear on following page.]

 

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In
Witness Whereof, the undersigned have executed this Partnership Agreement effective as of the date set forth above.

 

	“EnerJex”	 	“Viking:”
	 	 	 
	EnerJex Resources, Inc., a Nevada corporation	 	Viking Energy Partners, LLC, a Texas limited liability company 
	 	 	 
	By	 	 	By	 
	 	Robert Watson, Jr., Chief Executive Officer	 	 	William R. Kruse, Manager
	 	 	 
	 	 	“FL Oil:”
	 	 	 
	 	 	FL Oil Holdings, LLC, a Florida limited liability company
	 	 	 
	 	 	By	 
	 	 	 	Robert R. Lucas, Managing Member

 

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Exhibit
A

 

Partner
Invested Capital and Percentage Interests

 

Table
A-1

 

Initial
Contributions: December 14, 2011

 

	Partner	 	Initial 
Invested
    Capital	 	 	Initial 
Percentage
    Interest	 
	EnerJex Resources, Inc.	 	$	15,000,000	 	 	 	88.250	%
	Viking Energy Partners, LLC	 	$	2,000,000	 	 	 	10.000	%
	FL Oil Holdings, LLC	 	$	350,000	 	 	 	1.750	%
	 	 	 	 	 	 	 	 	 
	TOTAL	 	$	17,350,000	 	 	 	100.00	%

 

 

 

Table
A-2

 

Additional
Contributions Due April 1, 2012

 

	Partner	 	Additional 
Capital 
Contribution Due 
from Partner 
on April 1, 2012	 	 	Invested Capital 
After  
Contributions	 	 	Percentage Interest after 
Contribution	 
	EnerJex Resources, Inc.	 	 	-0-	 	 	$	15,000,000	 	 	 	83.250	%
	Viking Energy Partners, LLC	 	$	1,000,000	 	 	$	3,000,000	 	 	 	15.000	%
	FL Oil Holdings, LLC	 	 	-0-	 	 	$	350,000	 	 	 	1.750	%
	 	 	 	 	 	 	 	 	 	 	 	 	 
	TOTAL	 	$	1,000,000	 	 	$	18,350,000	 	 	 	100.000	%

 

Exhibit A, Page 1

 

    	 

    	 

    

 

 

 

Table
A-3

 

Additional
Contributions Due May 1, 2012

 

	Partner	 	Additional Capital 
Contribution Due 
from Partner	 	 	Invested Capital 
After Contribution	 	 	Percentage 
Interest after 
Contribution	 
	EnerJex Resources, Inc.	 	 	-0-	 	 	$	15,000,000	 	 	 	78.250	%
	Viking Energy Partners, LLC	 	$	1,000,000	 	 	$	4,000,000	 	 	 	20.000	%
	FL Oil Holdings, LLC	 	 	-0-	 	 	$	350,000	 	 	 	1.750	%
	 	 	 	 	 	 	 	 	 	 	 	 	 
	TOTAL	 	$	1,000,000	 	 	$	19,350,000	 	 	 	100.000	%

  

 

 

Table A-4

 

Additional
Contributions Due November 27, 2012

 

	Partner	 	Additional Capital 
Contribution Due 
from Partner	 	 	Invested Capital 
After Contribution	 	 	Percentage 
Interest after 
Contribution	 
	EnerJex Resources, Inc.	 	 	-0-	 	 	$	15,000,000	 	 	 	75.000	%
	Viking Energy Partners, LLC	 	$	650,000	 	 	$	4,650,000	 	 	 	23.250	%
	FL Oil Holdings, LLC	 	 	-0-	 	 	$	350,000	 	 	 	1.750	%
	 	 	 	 	 	 	 	 	 	 	 	 	 
	TOTAL	 	$	650,000	 	 	$	20,000,000	 	 	 	100.000	%

 

Exhibit A, Page 2EXHIBIT 10.1

 

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION AGREEMENT (the
“Agreement”) is made as of the ___ day of _______, ____, between ESCO TECHNOLOGIES INC., a Missouri corporation (“Company”)
and _______________ (the “Director”).

 

RECITALS

 

A.    The
Director is a member of the Board of Directors of the Company and in such capacity is performing valuable services for the Company.

 

B.    Article
Twelve of the Articles of Incorporation of the Company (the “Articles”), provides for the indemnification of the officers,
directors, agents and employees of the Company pursuant to the provisions of Section 351.355 of the General and Business Corporation
Laws of Missouri (the “Indemnification Statute”).

 

C.    The
indemnification Statute provides, among other provisions, that a corporation shall have the power, subject to certain exceptions,
to give any further indemnity to its directors and officers, including indemnification agreements, provided such indemnity is authorized,
directed and provided for in such corporation’s articles of incorporation.

 

D.    Section
Twelve(F) of the Articles authorizes the Company to enter into agreements with any director, officer, employee or agent providing
such rights of indemnification as the Company deems appropriate up to the maximum extent permitted by law.

 

E.    The
Company presently maintains one or more policies of Directors and Officers Liability Insurance (“D&O Insurance”),
insuring against certain liabilities which the Company’s directors and officers may incur as they perform services for the
Company.

 

F.    The
Company deems it appropriate to enter into agreements with its directors to provide them with greater indemnification against the
liabilities they incur in the performance of services for the Company.

 

TERMS

 

NOW, THEREFORE, in consideration
of the Director’s agreement to continue service as a director of the Company, the parties hereto agree as follows:

 

1.     Indemnity
of Director. The Company agrees to indemnify the Director and hold him harmless to the full extent authorized or permitted
by the provisions of the Indemnification Statute, or by any amendment thereof, or by any other statutory provisions authorizing
or permitting such indemnification which may be adopted after the date hereof.

 

2.     Maintenance
of Insurance. The Company may, but shall not be required to, continue all or any part of the D&O Insurance it has in force
and effect as of the date hereof. If the Company continues to maintain the D&O Insurance, such insurance shall be primary,
to the extent of the coverage provided thereby, and the Company’s agreement to provide the indemnification set forth herein
shall be effective only to the extent that the Director is not reimbursed pursuant to the coverage maintained under the D&O
Insurance or any comparable insurance. If the Company does not maintain such insurance, the Company shall fully indemnify the Director
in accordance with the provisions of Section 1 and Section 3 of this Agreement.

 

3.     Additional
Indemnity. Subject only to the exclusion set forth in Section 4 hereof, the Company hereby agrees to indemnify the Director
and hold him harmless from and against any and all expenses (including attorneys’ fees), judgments, fines and amounts paid
in settlement actually and reasonably incurred by the Director in connection with any threatened, pending or completed action,
suit or proceeding, whether civil, criminal, administrative or investigative (including any action by or in the right of the Company)
to which the Director is, was or at any time becomes a party (other than a party plaintiff suing on his own behalf or derivatively
on behalf of the Company) or is threatened to be made a party (other than a party plaintiff suing on his own behalf or derivatively
on behalf of the Company) by reason of the fact that the Director is or was at any time a director, officer, employee or agent
of the Company, or is or was serving or at any time serves at the request of the Company as a director, officer, employee or agent
of another corporation, partnership, joint venture, trust or other enterprise.

 

4.     Limitation
on Indemnity. Notwithstanding any other provision of this Agreement to the contrary, the Company shall not indemnify any Director
from or on account of such person’s conduct which is finally adjudged to have been knowingly fraudulent or deliberately dishonest
or to have constituted willful misconduct.

 

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5.     Continuation
of Indemnity. All of the Company’s agreement and obligations contained herein shall continue (a) during the period that
the Director is a director, officer, employee or agent of the Company or is or was serving at the request of the Company as a director,
officer, employee or agent of another corporation, partnership, joint venture trust or other enterprise, and (b) thereafter so
long as the Director shall be subject to any possible claim or threatened, pending or completed action, suit or proceeding, whether
civil, criminal or investigative, by reason of the fact that the Director is or was a director of the Company or serving in any
other capacity referred to herein.

 

6.     Notification
and Defense of Claim. Promptly after the Director receives notice of the commencement of any action, suit or proceeding, the
Director will, if a claim in respect thereof is to be made against the Company under this Agreement, notify the Company of the
commencement thereof. The failure to notify the Company will relieve the Company from any liability hereunder to the extent the
Company can show prejudice as a result of such failure, and will not relieve the Company from any liability which it may have to
the Director otherwise than under this Agreement. With respect to any such action, suit or proceeding as to which the Director
notifies the Company of the commencement thereof:

 

(a)     The
Company will be entitled to participate therein at its own expenses; and,

 

(b)     Except
as otherwise provided below, to the extent that it may wish, the Company (jointly with any other indemnifying party similarly notified)
will be entitled to assume the defense thereof with counsel satisfactory to Director. After the Company notifies the Director of
its election to assume such defense, the Company will not be liable to the Director under this Agreement for any legal or other
expenses the Director subsequently incurs in connection with the defense thereof other than reasonable costs of investigation or
as otherwise provided below. The Director shall have the right to employ his counsel in such action, suit or proceeding, provided
that the fees and expenses of such counsel incurred after the Company has provided the Director with notice that it is assuming
the defense shall be at the Director’s expense, unless (i) the Company has authorized the Director’s employment of
counsel, (ii) the Director shall have reasonably concluded that there may be a conflict of interest between the Company and the
Director in the conduct of the defense of such action, or (iii) the Company shall not in fact have employed counsel to assume the
defense of such action, in each of which cases the fees and expenses of such counsel shall be at the Company’s expense. The
Company shall not be entitled to assume the defense of any action, suit or proceeding brought by or on behalf of the Company or
as to which the Director shall have made the conclusion provided for in (ii) above.

 

(c)     The
Company shall not be liable to indemnify the Director for any amounts paid in settlement of any action or claim effected without
the Company’s written consent. The Company shall not settle any action or claim in any manner which would impose any penalty
or limitation on the Director without the Director’s written consent. Neither the Company nor the Director will unreasonably
withhold his or its consent to any proposed settlement.

 

7.    Repayment
of Expenses. The Director shall reimburse the Company for all reasonable expenses the Company pays in defending any civil or
criminal action, suit or proceeding against the Director in the event and to the extent that it shall be ultimately determined
that the Director is not entitled to be indemnified by the Company for such expenses under the provisions of the Indemnification
Statute, the Articles, this Agreement or otherwise. Prior to such determination, the Company shall make such advances as shall
be reasonably necessary to pay such expenses of the Director, provided the Company receives an undertaking from the Director to
repay such advances in the event it is ultimately determined that the Director is not entitled to be indemnified therefor.

 

8.    Enforcement.

 

(a)     The
Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed hereby in order
to induce the Director to continue as a director of the Company, and acknowledges that the Director is relying upon this Agreement
in continuing in such capacity.

 

(b)     In
the event that the Director is required to bring any action to enforce any rights or to collect any money due under this Agreement
and is successful in such action, the Company shall reimburse the Director for all of the Director’s reasonable fees and
expenses in bringing and pursuing such action.

 

9.    Separability.  Each
provision of this Agreement is a separate and distinct agreement, independent of the others. If any provision shall be held to
be invalid or unenforceable for any reason, such invalidity or unenforceability shall not affect the validity or enforceability
of any of the other provisions.

 

10.   Governing
Law; Binding Effect; Amendment and Termination.

 

(a)    This
Agreement shall be interpreted and enforced in accordance with the laws of the state of Missouri, without reference to its rules
governing conflicts of laws.

 

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(b)    This
Agreement shall be binding upon the Director and the Company and shall inure to the benefit of the Director, his heirs, personal
representatives and assigns and to the benefit of the Company, its successors and assigns.

 

(c)    In
the event that the Company shall make any payment to or on behalf of the Director under the terms of this Agreement, whether in
satisfaction of any judgment, payment in settlement, reimbursement of expenses, or otherwise, the Company shall succeed to, and
have by way of subrogation, all of the rights theretofore possessed by the Director against any other person, firm or corporation
for or on account of the lawsuit, claim or matter in respect of which the payment was made, including, without limitation, full
subrogation to any claim or right the Director had or may have had against any insurance company providing D&O Insurance to
the Company, its officers and directors.

 

(d)    No
amendment, modification, termination or cancellation of this Agreement shall be effective unless in writing signed by both parties
hereto.

 

IN WITNESS WHEREOF, the parties
hereto have executed this Indemnification Agreement effective as of the day and year first above written.

 

	ESCO TECHNOLOGIES INC.	 	 
	 	 	 
	By:  	[Officer Signature]	 	[Director Signature]
	 	[Officer Name]	 	[Director Name]
	 	[Officer Title]	 	 

 

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