Document:

EX-10.1

 Exhibit 10.1 
 16803 North Dallas Parkway 
 OFFICE LEASE 

1. PARTIES. This Office Lease (the “Lease”) is dated as of this 5th day of April, 2013, and is made and entered into by Longfellow
Energy, LP, a Texas limited partnership (“Landlord”) and TransAtlantic Petroleum (USA) Corp., a Delaware company (“Tenant”). For valuable consideration, the receipt and sufficiency of which is acknowledged,
Landlord and Tenant agree to the terms and conditions herein. 
 2. PREMISES. Landlord does hereby lease to Tenant, and Tenant hereby
leases from Landlord, that certain commercial office space containing approximately 4,696 square feet of leasable floor area (the “Premises”), located on the first floor of the building (the “Office Complex”) located on certain
real property known as 16803 North Dallas Parkway, Addison, Texas. The location and dimensions of the Premises are more particularly described on Exhibit “A,” which is attached hereto and made a part hereof. The Office Complex is
located in the Triangle Pacific Survey, Block 1, Lot 1, ACS 3.870, City of Addison, County of Dallas, State of Texas. 
 3. USE.
Tenant shall use the Premises for general office purposes and shall not use or permit the Premises to be used for any other purpose without the prior written consent of Landlord, which consent shall not be unreasonably withheld.  

4. RENT. Beginning on the Commencement Date, and except as provided for below, Tenant agrees to pay the following to Landlord as monthly rent,
without notice or demand: 
  

	 	a.	Year 1: the sum of Seven Thousand Five Hundred Thirty-Three Dollars and 16/100 ($7,533.16) (“Rent”). 

 

	 	b.	Year 2: the sum of Seven Thousand Seven Hundred Twenty-Eight Dollars and 83/100 ($7,728.83) (“Rent”). 

 

	 	c.	Year 3: the sum of Seven Thousand Nine Hundred Twenty-Four Dollars and 50/100 ($7,924.50) (“Rent”). 

 

	 	d.	Year 4: the sum of Eight Thousand One Hundred Twenty Dollars and 16/100 ($8,120.16) (“Rent”). 

 

	 	e.	Year 5: the sum of Eight Thousand Three Hundred Fifteen Dollars and 83/100 ($8,315.83) (“Rent”). 

Rent shall be due and payable, in advance, on or before the first day of each calendar month during the Term. If the Commencement Date as defined in
Section 6 herein is a date other than the first day of a calendar month, there shall be due on such date a prorated portion of Rent based upon a thirty (30) day month. 
 5. AS-IS. Landlord delivers to Tenant the Premises AS-IS. Tenant shall not make any alterations, additions or improvements to the Premises without the prior written consent of Landlord as
provided in Section 12 below. 
 OFFICE LEASE – PAGE 1 

 6. TERM. The initial lease term shall commence on the Commencement Date and
shall end on the last day of the Sixtieth
(60th) month thereafter (“Term”). The
“Commencement Date” shall mean the later of (i) May 1, 2013; or (ii) the date Premises is available for occupancy. The Term may be extended pursuant to the Option granted to Tenant herein. 

7. OPTION. Landlord grants to Tenant the option to renew this Lease for two (2) additional term periods of sixty (60) months
each. Tenant may exercise each option to renew by giving written notice of Tenant’s exercise of such option to Landlord at least sixty (60) days before the end of the then current Term. Except as provided below, if Tenant exercises such
option to renew, the lease of the Premises shall be upon the same terms, provisions, and conditions contained in this Lease, except that (i) the Term of this Lease shall be extended for sixty (60) months; and (ii) the amount of the
monthly Rent payable during such renewal term shall be at a mutually agreed upon market rate.  
 8. SECURITY DEPOSIT. Tenant is
not required to deliver a security deposit. 
 9. UTILITIES. Landlord shall provide all utilities, including but not limited to gas,
water, wastewater, electricity, trash, telephone, cable and internet, to Tenant on a monthly basis. Landlord shall bill Tenant on a monthly basis for all utilities according to actual, direct expenses, and Tenant shall pay such bill within thirty
(30) days of receipt. 
 10. USES PROHIBITED. Tenant shall not do or permit anything to be done in or about the Premises, nor bring
or keep anything therein which is not within the permitted use of the Premises, which will in any way increase the existing rate of or affect any fire or other insurance upon the Office Complex or any of its contents, or cause a cancellation of any
insurance policy covering the Office Complex or any part thereof or any of its contents. Tenant shall not allow the Premises to be used for any improper, immoral, unlawful or objectionable purpose; nor shall Tenant cause, maintain or permit any
nuisance in, or about the Premises. Tenant shall not commit or allow to be committed any waste in or upon the Premises. 
 11. COMPLIANCE
WITH LAW. Tenant shall not use the Premises, or permit anything to be done in or about the Premises, which will in any way conflict with any law, statute, ordinance or governmental rule or regulation now in force or which may hereafter be
enacted or promulgated. Tenant shall, at its sole cost and expense, promptly comply with all laws, statutes, ordinances and governmental rules, regulations or requirements now in force or which may hereafter be in force and with the requirements of
any board of fire underwriters or other similar bodies now or hereafter constituted relating to or affecting the condition, use or occupancy of the Premises, excluding structural changes not related to or affected by Tenant’s improvements or
acts. To the extent applicable, Landlord shall, at its sole cost and expense, promptly comply with all laws, statutes, ordinances and governmental rules, regulations or requirements now in force or which may hereafter be in force and with the
requirements of any board of fire underwriters or other similar bodies now or hereafter constituted relating to or affecting the condition, use or occupancy of the Premises. 

  

OFFICE LEASE – PAGE 2 

 12. LEASEHOLD IMPROVEMENTS, ALTERATIONS AND OR ADDITIONS. Tenant shall not make or allow to be made
any leasehold improvements, alterations or additions to or of the Premises or any part thereof without first obtaining the written consent of Landlord, which consent shall not be unreasonably withheld. In the event Landlord consents to the making of
any leasehold improvements, alterations or additions to the Premises by Tenant, the same shall be made by Tenant at Tenant’s sole cost and expense and those items shall at once become a part of the realty and belong to the Landlord and shall be
surrendered with the Premises upon the expiration or sooner termination of the Term hereof. 
 13. REPAIRS. 

13A. By execution of this Lease, Tenant shall be deemed to have accepted the Premises as being in good working order. If Tenant provides
notice of exceptions within thirty (30) days of the Commencement Date or such other date agreed upon by Landlord and Tenant, Landlord, at its sole cost and expense, shall use its best efforts to remedy any exception within reasonable time but
no longer than thirty (30) days of receipt of such notice. Tenant shall, upon the expiration or sooner termination of this Lease hereof, surrender the Premises to the Landlord in good condition, ordinary wear and tear and damage from causes
beyond the reasonable control of Tenant excepted. 
 13B. Notwithstanding the provisions of Section 13A. above, Landlord
shall repair and maintain the structural portions of the Premises, including the exterior and interior demising walls and roof, unless, and to the extent that, such maintenance and repairs are caused by the act, neglect, fault or omission of any
duty by Tenant, in which case Tenant shall pay to Landlord the actual cost of such maintenance and repairs. Except as provided in Section 26 hereof, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or
interference with Tenant’s business arising from the making of any repairs, alterations or improvements in or to any portion of the Premises so long as these repairs do not cause an unreasonable burden on Tenant. 

14. LIENS. Tenant shall keep the Premises and the property in which the Premises are situated free from any liens arising out of any work
performed, materials furnished or obligations incurred by or on behalf of Tenant. 
 15. ASSIGNMENT AND SUBLETTING. Tenant shall not
voluntarily, or by operation of law, assign, transfer, mortgage, pledge, hypothecate or encumber this Lease or any interest therein, and shall not sublet the Premises or any part thereof, or any right or privilege appurtenant thereto, or allow any
other person (the employees, agents, servants and invitees of Tenant excepted) to occupy or use the Premises, or any portion thereof, all without first obtaining the written consent of Landlord, which consent shall not be unreasonably withheld or
delayed. Consent to one assignment, subletting, occupation or use by any other person shall not be deemed to be consent to any subsequent assignment, subletting, occupation or use by another person. In the event of the transfer and assignment by
Tenant of its interest in this Lease and in the Premises to a person expressly assuming Tenant’s obligations under this Lease, Tenant shall thereby be released from 

  

OFFICE LEASE – PAGE 3 

 
any further obligations hereunder, and Landlord agrees to look solely to such successor in interest of Tenant for performance of such obligations. Upon such transfer and assignment, Tenant shall
be relieved of all liability under any and all of its covenants and obligations contained in or derived from this Lease arising out of any act, occurrence or omission occurring after the transfer or assignment. Any assignment or subletting without
consent shall be void, and shall, at the option of the Landlord, constitute a default under the terms of this Lease. In the event that Landlord shall consent to a sublease or assignment hereunder, Tenant shall pay Landlord reasonable fees, not to
exceed One Hundred and No/100 Dollars ($100.00), incurred in connection with the processing of documents necessary to giving of such consent. 

16. HOLD HARMLESS. Neither Landlord nor Tenant shall be liable to the other or to the other’s employees, agents, or visitors, or to any other
person whomsoever, for any injury on or damage to property on or about the Premises caused by the negligence or misconduct of Landlord or Tenant, respectively, or each of their employees, subtenants, licensees or concessionaires, or of any other
person entering the Premises under express or implied invitation of Landlord or Tenant, respectively, or arising out of the use of the Premises by Landlord or Tenant and the conduct of Tenant’s business therein; and Landlord and Tenant hereby
agree to indemnify the other and hold the other harmless from any loss, expense or claims arising out of such damage or injury, except for any loss, expense or claims caused by the other’s gross negligence or willful misconduct. 

17. SUBROGATION. As long as their respective insurers so permit, Landlord and Tenant hereby mutually waive their respective rights of recovery
against each other for any loss insured by fire, extended coverage and other property insurance policies existing for the benefit of the respective parties. Each party shall apply to their insurers to obtain said waivers. Each party shall obtain any
special endorsements, if required by their insurer to evidence compliance with the aforementioned waiver. 
 18. LIABILITY INSURANCE.
Tenant shall, at Tenant’s expense, obtain and keep in force during the Term of this Lease a policy of comprehensive public liability insurance insuring Landlord and Tenant against any liability arising out of the ownership, use, occupancy or
maintenance of the Premises and all areas appurtenant thereto. Such insurance shall be in the amount of not less than $500,000.00 for injury or death of one person in any one accident or occurrence and in the amount of not less than $1,000,000.00
for injury or death of more than one person in any one accident or occurrence. Such insurance shall further insure Landlord and Tenant against liability for property damage of at least $500,000.00. Tenant may provide this insurance under a blanket
policy, provided that said insurance shall have a Landlord’s protective liability endorsement attached thereto. If Tenant shall fail to procure and maintain said insurance, Landlord may, but shall not be required to, procure and maintain same,
but at the expense of Tenant and the cost of which insurance shall be reimbursed or paid to Landlord by Tenant upon Landlord’s demand for the same. Insurance required hereunder shall be in companies rated A: XII or better in “Best’s
Key Rating Guide.” Tenant shall deliver to Landlord, prior to right of entry, copies of policies of liability insurance required herein or certificates evidencing the existence and amounts of such insurance with loss payable clauses
satisfactory to Landlord. No policy shall be cancelable or subject to reduction of coverage. All such policies shall be written as primary policies not contributing with and not in excess of coverage which Landlord may carry. 

  

OFFICE LEASE – PAGE 4 

 19. PERSONAL PROPERTY TAXES. Tenant shall pay, or cause to be paid, before delinquency, any and all
taxes levied or assessed and which become payable during the Term hereof upon all Tenant’s leasehold improvements, alterations, additions, equipment, furniture, fixtures, and any other personal property located in the Premises. In the event any
or all of the Tenant’s leasehold improvements, alterations, additions, equipment, furniture, fixtures and other personal property shall be assessed and taxed with the real property, Tenant shall pay to Landlord its share of such taxes within
thirty (30) days after delivery to Tenant by Landlord of a statement in writing setting forth the amount of such taxes applicable to Tenant’s property. 
 20. RULES AND REGULATIONS. Tenant shall faithfully observe and comply with the rules and regulations that Landlord shall from time to time promulgate and/or modify so long as such rules and
regulations do not cause an unreasonable burden on Tenant. The rules and regulations are attached hereto and made a part hereof as Exhibit “B.” 
 21. HOLDING OVER. If Tenant remains in possession of the Premises or any part thereof after the expiration of the Term hereof without the express written consent of Landlord, such occupancy shall
be deemed to be a tenancy from month to month at a monthly rental in the amount of 150% of the last monthly Rent, plus all other charges payable hereunder, and upon all the terms hereof applicable to a month to month tenancy. 

22. ENTRY BY LANDLORD. Landlord reserves, and shall at all times have, the right to enter the Premises at reasonable times and upon reasonable
notice to inspect the same and to repair the Premises and any portion of the Premises that Landlord may deem necessary, without abatement of rent, and may for that purpose erect scaffolding and other necessary structures where reasonably required by
the character of the work to be performed, always ensuring that the entrance to the Premises shall not be unreasonably blocked thereby, and further providing that the business of the Tenant shall not unreasonably be interfered with and such repairs
shall not cause an unreasonable burden on Tenant. For each of the aforesaid purposes, Landlord shall at all times have and retain a key with which to unlock all of the doors in, upon and about the Premises, excluding Tenant’s vaults, safes and
files, and Landlord shall have the right to use any and all means which Landlord may deem proper to open said doors in an emergency, in order to obtain entry to the Premises without liability to Tenant, except for gross negligence or willful
misconduct of Landlord or its agents. 
 23. TENANT’S DEFAULT. The occurrence of any one or more of the following events shall
constitute a default and breach of this Lease by Tenant: 
 23A. Notwithstanding any payment of current Rent, Tenant shall not
desert, abandon or vacate the Premises or a substantial portion thereof, nor shall Tenant fail to operate its business in the Premises for more than thirty (30) days for any reason other than the destruction or condemnation of the Premises.

  

OFFICE LEASE – PAGE 5 

 23B. The failure by Tenant to make any payment of rent or any other mutually agreed upon
payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of seven (7) business days after written notice thereof by Landlord to Tenant. 

23C. The failure by Tenant to observe or perform any of the covenants, conditions or provisions of this Lease to be observed or performed
by the Tenant, other than described in Section 23B, above, if such failure shall continue for a period of thirty (30) days after written notice thereof by Landlord to Tenant; provided, however, that if the nature of Tenant’s default
is such that more than thirty (30) days are reasonably required for its cure, then Tenant shall not be deemed to be in default if Tenant commences such cure within said thirty (30) day period and thereafter diligently prosecutes such cure
to completion. 
 23D. The making by Tenant of any general assignment or general arrangement for the benefit of creditors; or
the filing by or against Tenant of a petition to have Tenant adjudged a bankrupt, or a petition or reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition filed against Tenant, the same is dismissed
within sixty (60) days); or the appointment of a trustee or a receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where possession is not restored to
Tenant within thirty (30) days; or the attachment, execution or other judicial seizure of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not discharged within
thirty (30) days. 
 24. REMEDIES IN DEFAULT. 
 24A. Termination of the Lease. Upon the occurrence of a default by Tenant hereunder, Landlord may, upon any applicable notice and opportunity to cure, terminate this Lease by giving written notice
thereof to Tenant, and, without further notice and without liability, repossess the Premises. Landlord shall be entitled to recover all direct and actual but not consequential or punitive loss and damage Landlord may suffer by reason of such
termination, whether through inability to relet the Premises on reasonable terms or otherwise. 
 24B. Repossession and
Re-Entry. Upon the occurrence of a default by Tenant hereunder, Landlord may, upon any applicable notice and opportunity to cure, immediately terminate Tenant’s right of possession of the Premises (whereupon all obligations and liability of
Landlord hereunder shall terminate), but not terminate this Lease, and, without notice, demand or liability, enter upon the Premises or any part thereof, take absolute possession of the same, expel or remove Tenant and any other person or entity who
may be occupying the Premises and change the locks. If Landlord terminates Tenant’s possession of the Premises under this Section 24B, (i) Landlord shall have no obligation whatsoever to tender to Tenant a key for new locks installed
in the Premises, (ii) Tenant shall have no further right to possession of the Premises, and (iii) Landlord shall use reasonable effort to relet or attempt to relet the Premises. Landlord may, however, at its sole option, relet the Premises
or any part thereof on such terms and conditions as are reasonable for the geographic area in which the Premises is located. If Landlord elects to relet the Premises, rent received by Landlord

  

OFFICE LEASE – PAGE 6 

 
from such reletting shall be applied first to the payment of any indebtedness other than Rent and additional charges due hereunder from Tenant to Landlord (in such order as Landlord shall
designate), second, to the payment of any cost of such reletting, including, without limitation, advertising costs, brokerage fees and leasing commissions, and third, to the payment of Rent due and unpaid hereunder (in such order as Landlord shall
designate), and Tenant shall satisfy and pay to Landlord any deficiency upon demand therefor from time to time. Except as otherwise provided herein, Landlord shall not be responsible or liable for any failure to relet the Premises or any part
thereof or for any failure to collect any rent due upon any such reletting. No such re-entry or taking of possession of the Premises by Landlord shall be construed as an election on Landlord’s part to terminate this Lease unless a written
notice of such termination is given to Tenant pursuant to Section 24A above. In the event of the reletting by Landlord of the Premises to a person expressly assuming Tenant’s obligations under this Lease, Tenant shall thereby be released
from any further obligations hereunder, and Landlord agrees to look solely to such successor in interest of the Tenant for performance of such obligations. Upon such reletting, Tenant shall be relieved of all liability under any and all of its
covenants and obligations contained in or derived from this Lease arising out of any act, occurrence or omission occurring after the reletting. 
 24C. Cure of Default. Upon the occurrence of a default hereunder by Tenant, Landlord may, upon any applicable notice and opportunity to cure, enter upon the Premises and do whatever Tenant is
obligated to do under the terms of this Lease, and Tenant agrees to reimburse Landlord on demand for any direct and actual expenses which Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Tenant further
agrees that Landlord shall not be liable for any damages resulting to Tenant from such action, except for such damages caused by the gross negligence or willful misconduct of Landlord or its agents. 

24D. Cumulative Remedies. No right or remedy herein conferred upon or reserved to Landlord is intended to be exclusive of any
other right or remedy set forth herein or otherwise available to Landlord at law or in equity, and each and every right and remedy shall be cumulative and in addition to any other right or remedy given hereunder or now or hereafter existing at law
or in equity or by statute. 
 In any of the above situations, Landlord shall have the duty to take reasonable action to mitigate Tenant’s
damages. 
 25. DEFAULT BY LANDLORD. Landlord shall not be in default unless Landlord fails to perform obligations required of Landlord
within a reasonable time, but in no event later than thirty (30) days after written notice by Tenant to Landlord, specifying wherein Landlord has failed to perform such obligation; provided, however, that if the nature of Landlord’s
obligation is such that more than thirty (30) days are required for performance, then Landlord shall not be in default if Landlord commences performance within such thirty (30) day period and thereafter diligently prosecutes the same to
completion. Any failure by Landlord to so timely commence the cure will result in a default hereunder. 

  

OFFICE LEASE – PAGE 7 

 26. RECONSTRUCTION. In the event the Premises are damaged by fire or other perils covered by extended
coverage insurance, Landlord agrees to forthwith repair same, and this Lease shall remain in full force and effect, except that Tenant shall be entitled to a proportionate reduction of the Rent from the date of damage while such repairs are being
made, such proportionate reduction to be based upon the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by the Tenant in the Premises. If the damage is due to the fault or neglect of
Tenant or its employees, there shall be no abatement of Rent. 
 In the event the Premises are damaged as a result of any cause other than the
perils covered by fire and extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent of the destruction be less than fifty percent (50%) of the then full replacement cost of the Premises. In the event the
destruction of the Premises is to fifty percent (50%) or more of the full replacement cost, then Landlord shall have the option; (1) to repair or restore such damage, this Lease continuing in full force and effect, but the Rent to be
proportionately reduced as herein above in this Section provided; or (2) give notice to Tenant at any time within sixty (60) days after such damage, terminating this Lease as of the date specified in such notice, which date shall be no
more than thirty (30) days after the giving of such notice. In the event of giving such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date so specified in such notice and the Rent, reduced
by a proportionate reduction, based upon the extent, if any, to which such damage interfered with the business carried on by the Tenant in the Premises, shall be paid up to date of said such termination. 

Notwithstanding anything to the contrary contained in this Section, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore
the Premises when the damage resulting from any casualty covered under this Section occurs during the last six (6) months of the Term of this Lease or any extension thereof. 
 27. EMINENT DOMAIN. If more than twenty-five percent (25%) of the Premises shall be taken or appropriated by any public or quasi-public authority under the power of eminent domain, either
party hereto shall have the right, at its option, within sixty (60) days after said taking, to terminate this Lease upon thirty (30) days written notice. If either less than or more than twenty-five percent (25%) of the Premises are
taken (and neither party elects to terminate as herein provided), the Rent thereafter to be paid shall be equitably reduced. In the event of any taking or appropriation whatsoever, Landlord shall be entitled to any and all awards and/or settlements
which may be given. 
 28. PARKING AND COMMON AREAS. Landlord covenants that an area approximately equal to the parking areas as shown on
the attached Exhibit “C” shall be at all times available for the non-exclusive use of Tenant during the Term of this Lease or any extension of the Term hereof, provided that the condemnation or other taking by any public authority, or sale
in lieu of condemnation, of any or all of such parking areas shall not constitute a violation of this covenant. Landlord reserves the right to change the entrances, exits, traffic lanes and the boundaries and locations of such parking area or areas.

  

OFFICE LEASE – PAGE 8 

 28A. The Landlord shall keep the automobile parking areas in a neat, clean and orderly
condition and shall repair any damage to the facilities thereof. 
 28B. Tenant, for the use and benefit of Tenant, its agents,
employees, customers, licensees and sub-tenants, shall have the non-exclusive right in common with Landlord, and other present and future owners, tenants and their agents, employees, customers, licensees and sub-tenants, to use said parking areas
during the entire Term of this Lease, or any extension thereof, for ingress and egress, and automobile parking. 
 28C. Tenant,
in the use of said parking areas, agrees to comply with such reasonable rules, regulations and charges for parking as the Landlord may adopt from time to time for the orderly and proper operation of said parking areas. Such rules may include but
shall not be limited to the following: (1) the restriction of employee parking to a reasonably limited, designated area or areas; and (2) the regulation of the removal, storage and disposal of Tenant’s refuse and other rubbish at the
sole cost and expense of Tenant. 
 29. SIGNS. Tenant may install and maintain such sign or signs as have first received the written
approval of the Landlord as to type, size, color, location, copy nature and display qualities, which approval shall not be unreasonably withheld. Tenant is responsible for full payment for the sign to sign company. 

30. AUCTIONS. Tenant shall not conduct or permit to be conducted any sale by auction in, upon or from the Premises, whether said auction be
voluntary, involuntary, pursuant to any assignment for the payment of creditors, or pursuant to any bankruptcy or other insolvency proceeding. 

31. HOURS OF BUSINESS. Subject to the provisions of Section 26 hereof, and to reasonable periods of closing, not to exceed ten
(10) consecutive days in any one calendar year, Tenant shall continuously during the Term hereof conduct and carry on Tenant’s business in the Premises and shall keep the Premises open for business and cause Tenant’s business to be
conducted therein during the usual business hours of each and every business day as is customary for businesses of like character in Addison, Texas; provided, however, that this provision shall not apply if the Premises should be closed and the
business of Tenant temporarily discontinued therein due to strikes, lockouts or similar causes beyond the reasonable control of Tenant. 
  

	32.	GENERAL PROVISIONS. 

 (a)
Waiver. The waiver by either party of any term, covenant or condition herein contained shall not be deemed to be a waiver of such term, covenant or condition or any subsequent breach of the same or any other term, covenant or condition herein
contained. The subsequent acceptance of Rent hereunder by Landlord shall not be deemed to be a waiver of any preceding default by Tenant of any term, covenant or condition of this Lease, other than the failure of the Tenant to pay the particular
rental so accepted, regardless of Landlord’s knowledge of such preceding default at the time of the acceptance of such Rent. 

  

OFFICE LEASE – PAGE 9 

 (b) Marginal Headings. The marginal headings and section titles of this Lease are not
a part of the Lease and shall have no effect upon the construction or interpretation of any part hereof. 
 (c) Time.
Time is of the essence of this Lease and each and all of its provisions in where performance is a factor. 
 (d) Successors
and Assigns. The covenants and conditions herein contained, subject to the provisions as to assignment in this Lease, apply to and bind the heirs, successors, executors, administrators and assigns of the parties hereto. 

(e) Recordation. Neither Landlord nor Tenant shall record this Lease, but a short form memorandum hereof may be recorded at the
request of Landlord. 
 (f) Quiet Possession. Upon Tenant paying the Rent reserved hereunder and observing and performing
all of the covenants, conditions and provisions on Tenant’s part to be observed and performed hereunder, Tenant shall have quiet possession of the Premises for the Term hereof, subject to all the provisions of this Lease. 

(g) Late Charges. Tenant hereby acknowledges that late payment by Tenant to Landlord of Rent or other sums
due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges. Rent is due
on the first of each month and late after the 10th day of
each month. Accordingly, if any installment of Rent or any sum due from Tenant shall not be received by Landlord in accordance with these terms, then Tenant shall pay to Landlord a late charge of $25.00 per day, or an amount equal to the maximum
amount permitted by law, plus any attorneys’ fees incurred by Landlord by reason of Tenant’s failure to pay rent and/or other charges when due hereunder. The parties hereby agree that such late charges represent a fair and reasonable
estimate of the cost that Landlord will incur by reason of the late payment by Tenant. 
 Acceptance of such late charges by the
Landlord shall in no event constitute a waiver of Tenant’s default with respect to such overdue amount, nor prevent Landlord from exercising any of the other rights and remedies granted hereunder. 

(h) Prior Agreements. This Lease contains all of the agreements of the parties hereto with respect to any matter covered or
mentioned in this Lease, and no prior agreements or understanding pertaining to any such matters shall be effective for any purpose. Except as specifically provided herein in Section 7, no provision of this Lease may be amended or added to
except by an agreement in writing signed by the parties hereto or their respective successors in interest. This Lease shall not be effective or binding on any party until fully executed by both parties hereto. 

  

OFFICE LEASE – PAGE 10 

 (i) Inability to Perform. This Lease and the obligations of the Tenant hereunder
shall not be affected or impaired because the Landlord is unable to fulfill any of its obligations hereunder or is delayed in doing so, if such inability or delay is caused by reason of strike, labor troubles, acts of God, or any other cause beyond
the reasonable control of the Landlord. 
 (j) Partial Invalidity. Any provision of this Lease which shall prove to be
invalid, void, or illegal shall in no way affect, impair or invalidate any other provision hereof and such other provision shall remain in full force and effect. 
 (k) Cumulative Remedies. No remedy or election hereunder shall be deemed exclusive but shall, whenever possible, be cumulative with all other remedies at law or in equity. 

(l) Choice of Law. This Lease shall be governed by the laws of the State of Texas. 

(m) Sale of Premises by Landlord. In the event of any sale of the Premises by Landlord, Landlord shall be and is hereby entirely
freed and relieved of all liability under any and all of its covenants and obligations contained in or derived from this Lease arising out of any act, occurrence or omission occurring after the consummation of such sale provided such purchaser
agrees to assume any and all covenants and obligations of Landlord hereunder. 
 (n) Subordination, Attornment. Upon
request of the Landlord, Tenant will, in writing, subordinate its rights hereunder to the lien of any mortgage or deed of trust, to any bank, insurance company or other lending institution, now or hereafter in force against the Premises, and to all
advances made or hereafter to be made upon the security thereof. 
 In the event any proceedings are brought for foreclosure or
in the event of the exercise of the power of sale under any mortgage or deed of trust made by the Landlord covering the Premises, the Tenant shall attorn to the purchaser upon any such foreclosure or sale and recognize such purchaser as the Landlord
under this Lease. 
 The provisions of this Section to the contrary notwithstanding, and so long as Tenant is not in default
hereunder, this Lease shall remain in full force and effect for the Term hereof. 
 (o) Notices. All notices and demands
which may or are to be required or permitted to be given by either party on the other hereunder shall be in writing. All notices and demands by the Landlord to the Tenant shall be either hand delivered or sent by United States Mail with return
receipt requested, postage prepaid, addressed to the Tenant at the Premises, and to the address herein below, or to such other place as Tenant may from time to time designate in a notice to the Landlord. All notices and demands by the Tenant to the
Landlord shall be either hand delivered or sent by United States Mail with return receipt requested, postage prepaid, addressed to the Landlord at the address set forth herein, and to such other person or place as the Landlord may from time to time
designate in a notice to the Tenant. 

  

OFFICE LEASE – PAGE 11 

							
	 To Landlord at:
	  	 Longfellow Energy, LP
 Attn:
Christine Stroud
 16803 North Dallas Parkway
 Addison, Texas 75001
	  		  	
				
	 To Tenant at:
	  	 TransAtlantic Petroleum (USA) Corp.
 Attn: Jeffrey S. Mecom
 16803 North Dallas Parkway

Addison, Texas 75001
 With a copy to N. Malone
Mitchell, 3rd at the same address.
	  		  	

 (p) Authority of Tenant. The individual executing this Lease on behalf of Tenant represents and
warrants that he is duly authorized to execute and deliver this Lease on behalf of Tenant and that this Lease is binding upon Tenant. 
 (q) Arbitration. Landlord and Tenant agree that any claim, controversy, or dispute arising out of or relating to this Lease shall, except as set forth herein, be settled by arbitration in Dallas,
Texas in accordance with the Commercial Arbitration Rules of the American Arbitration Association. This agreement to arbitrate shall survive the termination of this Lease. Any arbitration shall be undertaken pursuant to the Federal Arbitration Act,
where applicable, and the decision of the arbitrators shall be final, binding, and enforceable in any court of competent jurisdiction. In any dispute in which a party seeks in excess of $100,000 in damages, three (3) arbitrators shall be
employed. Otherwise, a single arbitrator shall be employed. All costs relating to the arbitration shall be borne equally by the parties, other than their own attorney’s fees. The arbitrators shall not award punitive damages. Discovery
depositions shall not be taken in the arbitration proceedings. 
 33. EXCULPATORY LANGUAGE. If Landlord fails to perform its obligations
in accordance with any of the provisions of this Lease, Landlord agrees that it shall, to the extent and under the conditions provided for in this Lease, be liable to Tenant on account of any damages caused thereby, but Tenant agrees that any money
judgment resulting from such failure shall be satisfied only out of Landlord’s interest in the building of which the Premises are a part, and no other real, personal, or other property of Landlord or of the partners comprising Landlord, or of
the officers, shareholders, directors, partners, or principals of such partners comprising the Landlord, shall be subject to levy, attachment, or execution, or otherwise sued to satisfy any such judgment, ground lease of the Premises, and in the
event of any transfer of such title or interest, Landlord herein named (and in case of any subsequent transfers, the then grantor) shall be relieved from and after the date of such transfer of all liability as respects Landlord’s obligations
thereafter to be performed, provided that any funds in the hands of Landlord or the then grantor at the time of such 

  

OFFICE LEASE – PAGE 12 

 
transfer, in which Tenant has an interest, shall be delivered to the grantee. The obligations contained in this Lease to be performed by Landlord shall, subject as aforesaid, be binding on
Landlord’s successors and assigns, only during their respective periods of ownership. 
 34. HAZARDOUS MATERIALS. During the term of
this Lease, Tenant shall comply with statutes, ordinances, rules, orders, regulations and requirements of the federal, state, county and city governments and all departments thereof applicable to the presence, storage, use, maintenance and removal
of asbestos, PCB transformers, other toxic, hazardous or contaminated substances and underground storage tanks (collectively, “Hazardous Materials”) in, on or about the Premises, which presence, storage, use, maintenance or removal is
caused or permitted by Tenant. In no event shall the aforesaid be construed to mean that Landlord has given or will give its consent or that Tenant need not obtain Landlord’s consent prior to Tenant’s storing, using, maintaining or
removing hazardous materials in, on or about the Premises. 
 [The Remainder of this Page is Intentionally Left Blank -
Signature Page Follows] 

  

OFFICE LEASE – PAGE 13 

 Signature Page to Office Lease 

 

			
	LANDLORD:
	
	Longfellow Energy, LP
		
	By:	 	/s/ Todd Dutton
		 	Todd Dutton, President
	
	TENANT:
	
	TransAtlantic Petroleum (USA) Corp.
		
	By:	 	/s/ Jeffrey S. Mecom
		 	Jeffrey S. Mecom, Vice President

  

OFFICE LEASE – PAGE 14EX-10.1

 EXHIBIT 10.1 
 FIFTH LOAN MODIFICATION AND WAIVER AGREEMENT 
 This Fifth Loan Modification
and Waiver Agreement (this “Loan Modification Agreement”) is entered into as of May 13, 2013 (the “Fifth Loan Modification Effective Date”), by and between (i) SILICON VALLEY BANK, a California
corporation, with its principal place of business at 3003 Tasman Drive, Santa Clara, California 95054 and with a loan production office located at 275 Grove Street, Suite 2-200, Newton, Massachusetts 02466 (“Bank”) and
(ii) WORLD ENERGY SOLUTIONS, INC., a Delaware corporation with offices located at 100 Front Street, Worcester, Massachusetts 01608, and WORLD ENERGY SECURITIES CORP., a Massachusetts securities corporation with offices located at
100 Front Street, Worcester, Massachusetts 01608 (individually and collectively, jointly and severally, “Borrower”). 
 1.
DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and obligations which may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant to a loan arrangement dated as of September 8, 2008, evidenced
by, among other documents, a certain Loan and Security Agreement dated as of September 8, 2008, between Borrower and Bank, as amended by a certain First Loan Modification Agreement, dated as of September 30, 2009, as further amended by a
certain Second Loan Modification Agreement, dated as of March 8, 2011, as further amended by a certain Third Loan Modification and Waiver Agreement, dated as of March 2, 2012 and as further amended by a certain Fourth Loan Modification
Agreement, dated as of October 3, 2012 (as amended, the “Loan Agreement”). Capitalized terms used but not otherwise defined herein shall have the same meaning as in the Loan Agreement. 

2. DESCRIPTION OF COLLATERAL. Repayment of the Obligations is secured by the Collateral as described in the Loan Agreement (together with any
other collateral security granted to Bank, the “Security Documents”). 
 Hereinafter, the Security Documents, together with all
other documents evidencing or securing the Obligations shall be referred to as the “Existing Loan Documents”. 
 3.
DESCRIPTION OF CHANGE IN TERMS. 
  

	 	A.	Modifications to Loan Agreement. 

  

	 	1	The Loan Agreement shall be amended by deleting the following text appearing as Section 2.3(a)(ii) thereof: 

“(ii) Term Loan 2012A. Subject to Section 2.3(b) the principal amount outstanding under the Term Loan 2012A shall accrue
interest at a floating per annum rate equal to the Prime Rate plus two and three-quarters of one percentage point (2.75%), which interest shall be payable monthly on the first day of each month.” 

and inserting in lieu thereof the following: 
 “(ii) Term Loan 2012A. From and after the Fifth Loan Modification Effective Date, subject to Section 2.3(b) the principal amount outstanding under the Term Loan 2012A shall accrue
interest at a floating per annum rate equal to the Prime Rate plus four and one-half of one percentage point (4.50%); provided that commencing on the first day of the month following the month in which Performance Pricing Event #1 occurs and
thereafter, the principal amount outstanding under the Term Loan 2012A shall accrue interest at a floating per annum rate equal to the Prime Rate plus three and one-half of one percentage point (3.50%); provided further, that commencing on
the first day of the month following the month in which Performance Pricing Event #2 occurs and thereafter, the principal amount outstanding under the Term Loan 2012A shall accrue interest at a floating per annum rate equal to the Prime Rate plus
one and one-half of one percentage 

 
point (1.50%). Such interest shall in any event be payable monthly on the first day of each month.” 
  

	 	2	The Loan Agreement shall be amended by deleting the following text appearing as Section 6.9(b) thereof: 

“(b) Minimum Fixed Charge Coverage Ratio. Commencing with the first full fiscal quarter following the Fourth Loan
Modification Effective Date, achieve, on a trailing three month basis, measured on the last day of each monthly period, a Fixed Charge Coverage Ratio of not less than 1.25:1.00.” 

and inserting in lieu thereof the following: 
 “(b) Minimum Fixed Charge Coverage Ratio. Commencing with the first fiscal quarter following the Fifth Loan Modification Effective Date, achieve, on a trailing twelve (12) month basis,
measured on the last day of each quarterly period, a Fixed Charge Coverage Ratio of not less than 1.25:1.00.” 
  

	 	3	The Loan Agreement shall be amended by deleting the following definition appearing in Section 13.1 thereof: 

“Fixed Charge Coverage Ratio” is, for any period of measurement, (i) Borrower’s EBITDA for such period
minus the sum of all taxes actually paid in cash minus unfinanced Capital Expenditures divided by (ii) Borrower’s Fixed Charges. 
 and inserting in lieu thereof the following: 
 “Fixed Charge Coverage
Ratio” is, for any period of measurement, (i) Borrower’s EBITDA for such period plus the Net Change in Deferred Revenue for such period minus the sum of all taxes actually paid in cash minus unfinanced Capital
Expenditures divided by (ii) Borrower’s Fixed Charges. 
  

	 	4	The Loan Agreement shall be amended by inserting the following definitions in Section 13.1 thereof each in their appropriate alphabetical position:

 “Fifth Loan Modification Effective Date” is May 13, 2013. 

“Leverage Ratio” means, as of any date for any period of measurement, the ratio of (i) the sum of (a) all
outstanding Obligations of Borrower owed to Bank; plus (b) total unpaid GSE Earn-out Payments and NEP Earn-out Payments as of such date; plus (c) any other earn-out payments owed by Borrower to any third party; plus
(d) the outstanding principal balance of all Subordinated Debt, including, without limitation or duplication, any promissory notes made by Borrower in favor of any third party other than Bank; to (ii) EBITDA for such period.

 “Net Change in Deferred Revenue” means, as of any date of measurement for any period, the net change in
Borrower’s consolidated Deferred Revenue during the period ending as of such date of measurement. 
 “Performance
Pricing Event #1” is the date on which Borrower reports to Bank, in form and substance acceptable to Bank, in its reasonable discretion, (i) EBITDA, measured quarterly, on a trailing twelve (12) month basis ending as of the date
of measurement, equal to or greater than Three Million Dollars ($3,000,000); and (ii) a 

 quarterly Leverage Ratio, measured on a trailing twelve (12) month basis, of less than
2.50:1.00. 
 “Performance Pricing Event #2” is the date on which Borrower reports to Bank, in form and
substance acceptable to Bank, in its reasonable discretion, (i) EBITDA, measured quarterly, on a trailing twelve (12) month basis ending as of the date of measurement, equal to or greater than Three Million Dollars ($3,000,000); and
(ii) a quarterly Leverage Ratio, measured on a trailing twelve (12) month basis, of less than 2.00:1.00. 
  

	 	5	The Compliance Certificate appearing as Exhibit B to the Loan Agreement is hereby replaced with the Compliance Certificate attached as Exhibit A hereto.

 4. ACKNOWLEDGMENT OF DEFAULT; WAIVER. 
  

	 	A.	Borrower acknowledges that it is currently in default of the Loan Agreement as a result of Borrower’s failure to comply with the minimum Fixed Charge Coverage
Ratio financial covenant set forth in former Section 6.9(b) thereof for the compliance period ended March 31, 2013 (the “Existing Default”). 

 

	 	B.	Subject to the execution and delivery of this Loan Modification Agreement, Bank hereby waives Borrower’s Existing Default for the monthly compliance period
indicated above. Bank’s waiver of such Existing Default shall apply only to the foregoing specific compliance period. The Borrower hereby acknowledges and agrees that, except as specifically provided herein, nothing in this Section or anywhere
in this Loan Modification Agreement shall be deemed or otherwise construed as a waiver by the Bank of any of its rights and remedies pursuant to the Existing Loan Documents, applicable law or otherwise. 

5. FEES. Borrower shall pay to Bank a waiver fee equal to Seven Thousand Five Hundred Dollars ($7,500), which fee shall be due on the date hereof
and shall be deemed fully earned as of the date hereof. Borrower shall also reimburse Bank for all legal fees and expenses incurred in connection with the Existing Loan Documents and this Loan Modification Agreement. 

6. RATIFICATION OF NEGATIVE PLEDGE. Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and conditions of a certain
negative pledge arrangement with respect to Borrower’s intellectual property, between Borrower and Bank, and Borrower acknowledges, confirms and agrees that said negative pledge arrangement remains in full force and effect. 

7. ADDITIONAL COVENANTS: RATIFICATION OF PERFECTION CERTIFICATE. Borrower shall not, without providing the Bank with thirty (30) days prior
written notice: (i) relocate its principal executive office or add any new offices or business locations or keep any Collateral, in excess of Ten Thousand Dollars ($10,000.00) in any additional locations, or (ii) change its jurisdiction of
organization, or (iii) change its organizational structure or type, (iv) change its legal name, or (v) change any organizational number (if any) assigned by its jurisdiction of organization. In addition, the Borrower hereby certifies
that no Collateral in excess of Ten Thousand Dollars ($10,000.00) is in the possession of any third party bailee (such as at a warehouse). In the event that Borrower, after the date hereof, intends to store or otherwise deliver the Collateral in
excess of Ten Thousand Dollars ($10,000.00) to such a bailee, then Borrower shall first receive, the prior written consent of Bank and such bailee must acknowledge in writing that the bailee is holding such Collateral for the benefit of Bank.
Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection Certificate dated as of October 3, 2012, and acknowledges, confirms and agrees the disclosures and information above
Borrower provided to Bank in the Perfection Certificate has not changed. 
 8. AUTHORIZATION TO FILE. Borrower hereby authorizes Bank to
file UCC financing statements without notice to Borrower, with all appropriate jurisdictions, as Bank deems appropriate, in order to further perfect or 

 
protect Bank’s interest in the Collateral, including a notice that any disposition of the Collateral, by either the Borrower or any other Person, shall be deemed to violate the rights of the
Bank under the Code. 
 9. CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever necessary to reflect the changes
described above. 
 10. RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and reaffirms all terms and conditions of all
security or other collateral granted to the Bank, and confirms that the indebtedness secured thereby includes, without limitation, the Obligations. 
 11. NO DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that Borrower has no offsets, defenses, claims, or counterclaims against Bank with respect to the Obligations, or otherwise, and
that if Borrower now has, or ever did have, any offsets, defenses, claims, or counterclaims against Bank, whether known or unknown, at law or in equity, all of them are hereby expressly WAIVED and Borrower hereby RELEASES Bank from any liability
thereunder. 
 12. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the existing Obligations, Bank is relying upon
Borrower’s representations, warranties, and agreements, as set forth in the Existing Loan Documents. Except as expressly modified pursuant to this Loan Modification Agreement, the terms of the Existing Loan Documents remain unchanged and in
full force and effect. Bank’s agreement to modifications to the existing Obligations pursuant to this Loan Modification Agreement in no way shall obligate Bank to make any future modifications to the Obligations. Nothing in this Loan
Modification Agreement shall constitute a satisfaction of the Obligations. It is the intention of Bank and Borrower to retain as liable parties all makers of Existing Loan Documents, unless the party is expressly released by Bank in writing. No
maker will be released by virtue of this Loan Modification Agreement. 
 13. RIGHT OF SET-OFF. In consideration of Bank’s agreement
to enter into this Loan Modification Agreement, Borrower hereby reaffirms and hereby grants to Bank, a lien, security interest and right of set off as security for all Obligations to Bank, whether now existing or hereafter arising upon and against
all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Bank or any entity under the control of Silicon Valley Bank (including a Bank subsidiary) or in transit to any of them. At any
time after the occurrence and during the continuance of an Event of Default, without demand or notice, Bank may set off the same or any part thereof and apply the same to any liability or obligation of Borrower even though unmatured and regardless
of the adequacy of any other collateral securing the loan. ANY AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT
TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 
 14.
CONFIDENTIALITY. Bank may use confidential information for the development of databases, reporting purposes, and market analysis, so long as such confidential information is aggregated and anonymized prior to distribution unless otherwise
expressly permitted by Borrower. The provisions of the immediately preceding sentence shall survive the termination of the Loan Agreement. 

15. JURISDICTION/VENUE. Section 11 of the Loan Agreement is hereby incorporated by reference in its entirety. 

16. COUNTERSIGNATURE. This Loan Modification Agreement shall become effective only when it shall have been executed by Borrower and Bank.

 [The remainder of this page is intentionally left blank] 

 This Loan Modification Agreement is executed as a sealed instrument under the laws of the Commonwealth of
Massachusetts as of the date first written above. 
  

			
	 BORROWER:
  

WORLD ENERGY SOLUTIONS, INC.

		
	By:	 	/s/ James Parslow
	 Name:
 Title:
	 	 James Parslow
 Chief
Financial Officer

  

			
	WORLD ENERGY SECURITIES CORP.
		
	By:	 	/s/ James Parslow
	 Name:
 Title:
	 	 James Parslow

Treasurer

  

			
	 BANK:
  

SILICON VALLEY BANK

		
	By:	 	/s/ Michael Quinn
	 Name:
 Title:
	 	 Michael Quinn

V.P.

 [Signature page to Fifth Loan Modification and Waiver Agreement] 

 Exhibit A 
 EXHIBIT B 
 COMPLIANCE CERTIFICATE 

 

							
	TO:	  	SILICON VALLEY BANK	  	 	Date:____________________________	  
	FROM:	  	WORLD ENERGY SOLUTIONS, INC.	  			
		  	WORLD ENERGY SECURITIES CORP.	  			

 The undersigned authorized officers of World Energy Solutions, Inc., and World Energy Securities Corp. (individually and
collectively, jointly and severally, “Borrower”), solely in their capacities as officers of their respective entities, certify that under the terms and conditions of the Loan and Security Agreement between Borrower and Bank (as
amended, the “Agreement”), (1) Borrower is in complete compliance for the period ending ________________ with all required covenants except as noted below, (2) there are no Events of Default, (3) all representations
and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that
already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects
as of such date, (4) Borrower, and each of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by
Borrower except as otherwise permitted pursuant to the terms of Section 5.9 of the Agreement, and (5) no Liens have been levied or claims made against Borrower or any of its Subsidiaries, if any, relating to unpaid employee payroll or
benefits of which Borrower has not previously provided written notification to Bank. Attached are the required documents supporting the certification. The undersigned solely in their capacities as officers of their respective entities, certify that
these are prepared in accordance with GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes. The undersigned solely in their capacities as officers of their respective entities, acknowledge
that no borrowings may be requested at any time or date of determination that Borrower is not in compliance with any of the terms of the Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized
terms used but not otherwise defined herein shall have the meanings given them in the Agreement. 
 Please indicate compliance status by
circling Yes/No under “Complies” column. 
  

							
	 Reporting Covenant
	  	 Required
	  	Complies	 
			
	Monthly financial statements with Compliance Certificate	  	Monthly within 30 days	  	 	Yes    No	  
			
	Annual financial statement (CPA Audited) + CC	  	FYE within 90 days	  	 	Yes    No	  
			
	10-Q, 10-K and 8-K	  	Within 5 days after filing with SEC	  	 	Yes    No	  
			
	A/R & A/P Agings, Deferred Revenue report, and schedule of expected collections	  	 Monthly within 20 days when there
 are outstanding Credit Extensions
 under the Revolving Line
	  	 	Yes    No	  
			
	Borrowing Base Certificate	  	 Monthly within 20 Days

during Streamline Period
	  	 	Yes    No	  
			
	Transaction Report	  	 Weekly when not Streamline Period
 when there are outstanding Credit Extensions under the Revolving Line and upon each request for a Credit Extension under the Revolving Line
	  	 	Yes    No	  
			
	Board-approved projections	  	Within 30 days of approval	  	 	Yes    No	  

  
 1 

													
	 Financial Covenant
	  	Required	 	  	Actual	 	  	Complies	 
	 Minimum Cash and Availability – at all times
	  	$	3,000,000	  	  	$	________	  	  	 	Yes    No	  
	 Minimum Fixed Charge Coverage Ratio – tested quarterly
	  	 	1.25:1.00	  	  	 	_____:1.00	  	  	 	Yes    No	  

 Performance Pricing: 
 Fifth Loan Modification Effective Date: Prime Rate plus 4.50%. 

Performance Pricing Event #1: Prime Rate plus 3.50%. 
 Performance Pricing Event #2: Prime Rate plus 1.50%. 
 The following
financial covenant analyses and information set forth in Schedule 1 attached hereto are true and accurate as of the date of this Certificate. 
 The following are the exceptions with respect to the certification above: (If no exceptions exist, state “No exceptions to note.”) 

 
  
  

 
  

 
  

									
	WORLD ENERGY SOLUTIONS, INC.	 		 	BANK USE ONLY
				
	By:	 	 	 		 	Received by: _______________________________
	 Name:
 Title:
	 		 		 	
                         
           AUTHORIZED SIGNER
 Date:
_____________________________________

			
	WORLD ENERGY SECURITIES CORP.	 		 	
				
	By:	 	 	 		 	Verified:__________________________________
	 Name:
 Title:
	 		 		 	
                         
           AUTHORIZED SIGNER
 Date: _____________________________________

 
 Compliance
Status:            Yes    No

  
 2 

 Schedule 1 to Compliance Certificate 

Financial Covenants of Borrower 
 Dated: ________________________ 
  

	I.	Minimum Cash and Availability (Section 6.9(a)) 

 Required:     Minimum Cash and Availability     Commencing on the Fourth Loan Modification Effective Date and at all times thereafter, maintain unrestricted
cash of Borrower at Bank plus unused Availability Amount of not less than Three Million Dollars ($3,000,000); 
 Actual: 

 

							
	A.	  	Aggregate value of the unrestricted cash of Borrower at Bank	  	$	____	  
			
	B.	  	Unused Availability Amount	  	$	____	  
			
	C.	  	Total (line A plus line B)	  	$	____	  

 Is line C equal to or greater than $3,000,000? 

 

			
	________  No, not in compliance	 	_______  Yes, in compliance

  
 3 

	II.	Minimum Fixed Charge Coverage Ratio (Section 6.9(b)) 

 Required:     Minimum Fixed Charge Coverage Ratio.     Commencing with the first fiscal quarter following the Fifth Loan Modification Effective Date,
achieve, on a trailing twelve (12) month basis, measured on the last day of each quarterly period, a Fixed Charge Coverage Ratio of not less than 1.25:1.00. 
 Actual: All amounts measured on a trailing twelve (12) month basis, ending as of the date of measurement. 
  

							
	A.	  	EBITDA	  	$	 	  
			
	B.	  	Net Change in Deferred Revenue	  	$	 	  
			
	C.	  	Taxes actually paid in cash	  	$	 	  
			
	D.	  	Unfinanced Capital Expenditures	  	$	 	  
			
	E.	  	Interest Expense	  	$	 	  
			
	F.	  	The sum of required or principal payments on outstanding Indebtedness owed to Bank (including, without limitation, principal amortization and prepayments of the Term Loan 2012A,
but specifically excluding (A) payments of principal on the Revolving Line and (B) (i) GSE Earn-Out Payments and NEP Earn-Out Payments permitted to be paid pursuant to Section 7.7 of the Loan Agreement and (ii) regularly scheduled payments under the
NES Note and the NEP Note permitted to be paid pursuant to Section 7.9 of the Loan Agreement and paid during such period	  	$	 	  
			
	G.	  	FIXED CHARGE COVERAGE RATIO ((line A plus line B minus line C minus line D) divided by (line E plus line F))	  	 	____:1.00	  

 Is line G greater than or equal to 1.25:1.00? 

 

			
	________  No, not in compliance	 	_______  Yes, in compliance

 Performance Pricing: 
 Performance Pricing Event #1: (i) EBITDA, measured quarterly, on a trailing twelve (12) month basis ending as of the date of measurement, equal to or greater than Three Million Dollars
($3,000,000); and (ii) a quarterly Leverage Ratio, measured on a trailing twelve (12) month basis, of less than 2.50:1.00. 

________ No, Performance Pricing Event #1 has not occurred 
 ________ Yes, Performance Pricing Event #1 has occurred 
 Performance Pricing Event #2:
(i) EBITDA, measured quarterly, on a trailing twelve (12) month basis ending as of the date of measurement, equal to or greater than Three Million Dollars ($3,000,000); and (ii) a quarterly Leverage Ratio, measured on a
trailing twelve (12) month basis, of less than 2.00:1.00. 
 ________ No, Performance Pricing Event #2 has not occurred 

________ Yes, Performance Pricing Event #2 has occurred

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