Document:

EX-10.22

 Exhibit 10.22 

UNSECURED PROMISSORY NOTE 
  

			
	$792,151	  	Westminster, Colorado
		  	January 1, 2014        

 For value received, the undersigned, Arete Industries, Inc. (“Debtor”), of 7260 Osceola Street, Westminster, CO
80030, hereby promises to pay to the order DNR Oil & Gas, Inc. (DNR), 12741 East Caley, Suite 142, Centennial, Colorado 80111 on or before the 1st day of January 2019 (“Maturity
Date”), the principal sum of Seven Hundred Two Thousand One Hundred Fifty One ($792,151) Dollars, with interest accrued as follows: For the years 2014 and 2015 a rate of 2.5%, 2016 a rate of 4%, 2017 a rate of 6%, and 2018 a rate of 8%. 

Principal and Interest: This Promissory Note (“Note”) shall be paid as follows: 1 payment of principal and interest in 2016
of $250,000, 1 payment of principal and interest in 2017 of $250,000, 1 payment of principal and interest in 2018 of $250,000, and the balance of principal and interest due on January 1, 2019. 

Payments of both principal and interest are to be made in lawful money of the United States of America in immediately available funds. 

Prepayment: Debtor shall have the privilege of prepaying without penalty all or any part of this Note, at any time, that includes the
full interest payment. 
 Default and Acceleration: Upon the occurrence of a Default as defined in the Security Agreement, at
the option of the Holder hereof, (i) the entire outstanding principal balance and all accrued but unpaid interest shall become immediately due and payable upon written notice to Borrower, (ii) the Holder may fully enforce its rights in the
Collateral, if given, to secure the payment of this Note, and (iii) the Holder may pursue all other rights and remedies available under this Note, any instrument securing payment of this Note, or by law. 

Default Rate of Interest: Upon the occurrence of a Default, Borrower promises to pay interest on the outstanding principal balance of
this Note at a simple rate of interest equal to eighteen percent (18%) per annum, (“Default Rate”). 
 Early
Discharge: Upon full payment of the outstanding principal balance and all accrued but unpaid interest, this Note shall be fully discharged, cancelled and surrendered to Borrower. 

Remedies Cumulative: The rights or remedies of the Holder as provided in this Note and any instrument securing payment of this Note
shall be cumulative and concurrent and may be pursued at the sole discretion of the Holder singly, successively, or together against Borrower. The failure to exercise any such right or remedy shall in no event be construed as a waiver or release of
such rights or remedies or the right to exercise them at any later time. 

 Forbearance: Any forbearance of the Holder in exercising any right or remedy hereunder or
under the Security Agreement, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any right or remedy. The acceptance by the Holder of payment of any sum payable hereunder after the due date of such payment
shall not be a waiver of the Holder’s right to require prompt payment when due of all other sums payable hereunder. 
 Application
of Payments: All payments made on this Note shall be applied first to payment of accrued but unpaid interest and the remainder of all such payments shall be applied to the reduction of the outstanding principal balance on this Note. 

Usury: In the event the interest provisions hereof, any exactions provided for herein or in the Security Agreement or any other
instrument securing this Note, shall result, in an effective rate of interest which, exceeds the limit of the usury or any other applicable law, all sums in excess of those lawfully collectible as interest for the period in question shall, without
further agreement or notice between or by any party hereto, be applied upon the outstanding principal balance of this Note immediately upon receipt of such moneys by the Holder, and any such amount in excess of such outstanding principal balance
shall be immediately returned to Borrower. 
 Jurisdiction: This Note is to be governed according to the laws of the State of
Colorado, without giving effect to conflict of law principles. 
 Binding Effect: This Note shall be binding upon Borrower, and its
successors and assigns and shall inure to the benefit of the Holder and its successors and assigns. 
 Notice: All notices required
or permitted in connection with this Note shall be given at the place and in the manner provided in the Security Agreement for the giving of notices. 

Attorneys’ Fees: Borrower further promises to pay all reasonable attorneys’ fees incurred by the Holder in connection with
any Default hereunder and in any proceeding brought to enforce any of the provisions of this Note. 
 IN WITNESS WHEREOF, Borrower has duly
executed this Promissory Note effective as of the day and year first above written. 
  

			
	BORROWER:
	
	ARETE INDUSTRIES, INC.
		
	By:	 	 /s/ Nicholas Scheidt

	Name:	 	 Nicholas Scheidt

	Title:	 	 CEOEX-10.23

 Exhibit 10.23 

Promissory Note Extension Agreement 

January 27, 2014 
 This Promissory Note
Extension Agreement, hereinafter referred to as “Extension Agreement,” is entered into as of the date above written, by and between Burlingame Equity Investors II, LP (hereinafter called “Lender”) and Arête Industries Inc.
(hereinafter called “Borrower”). 
 WHEREAS, Lender and Borrower have entered into a Promissory Note dated June 28, 2013, in
the original principal amount of $48,000, hereinafter referred to as the “Note”. The Note was originally due July 23, 2014. 

WHEREAS, the principal balance of the Note immediately prior to this Extension Agreement is $44,000; and 

WHEREAS, Lender and Borrower desire to enter into this Extension Agreement in order to extend the due date of the Note to January 27,
2015; 
 NOW, THEREFORE, in consideration (the “Payment”) of the amount of $17,5111to be credited to the Note as described in
paragraph 3 below, Lender and Borrower hereby agree as follows: 
  

	 	1.	The maturity date of the Note is extended to January 27, 2015 (the “Extended Maturity Date”). 

  

	 	2.	The Payment shall be applied to the Note as follows: 

 Principal Reduction: $17,511 

Interest payment thru January 31, 2014: $ 120 

3. Upon applying the principal reduction set forth above, Lender and Borrower agree that the remaining principal balance on the Note equals
$26,489. In addition, quarterly interest payments at the rate stated in the Note shall be paid on September 23, 2014 and December 27, 2014, with any further accrued and unpaid interest to be paid in full on the Extended Maturity Date. 

 

	 	4.	All other terms and conditions of the Note remain unchanged and in effect. 

 IN WITNESS WHEREOF, the parties have executed and agreed to this Agreement as of the date first set forth
above. 
  

			
	Burlingame Equity Investors II, LP (Lender)
	Burlingame Asset Management, LLC as General Partner
		
	By:	 	 /s/ Blair Sanford

		 	Blair Sanford, Managing Member
	
	Arête Industries Inc. (Borrower)
		
	By:	 	 /s/ Nicholas L. Scheidt

		 	Nicholas L. Scheidt
		 	Chief Executive OfficerEX-10.24

 Exhibit 10.24 

Promissory Note Extension Agreement 

January 27, 2014 
 This Promissory Note
Extension Agreement, hereinafter referred to as “Extension Agreement,” is entered into as of the date above written, by and between Burlingame Equity Investors Master Fund LP, (hereinafter called “Lender”) and Arête
Industries Inc. (hereinafter called “Borrower”). 
 WHEREAS, Lender and Borrower have entered into a Promissory Note dated
June 28, 2013, in the original principal amount of $552,000, hereinafter referred to as the “Note”. The Note was originally due July 23, 2014. 

WHEREAS, the principal balance of the Note immediately prior to this Extension Agreement is $506,000; and 

WHEREAS, Lender and Borrower desire to enter into this Extension Agreement in order to extend the due date of the Note to January 27,
2015; 
 NOW, THEREFORE, in consideration (the “Payment”) of the amount of $232,489.00 to be credited to the Note as described in
paragraph 3 below, Lender and Borrower hereby agree as follows: 
  

	 	1.	The maturity date of the Note is extended to January 27, 2015. 

  

	 	2.	The Payment shall be applied to the Note as follows: 

 Principal Reduction: $232,489 

Interest payment thru January 31, 2014: $ 1,583 
  

	 	3.	Upon applying the principal reduction set forth above, Lender and Borrower agree that the remaining principal balance on the Note equals $273,511. In addition, quarterly interest payments at the rate stated in the Note
shall be paid on September 23, 2014 and December 27, 2014, with any further accrued and unpaid interest to be paid in full on the Extended Maturity Date. 

 

	 	4.	All other terms and conditions of the Note remain unchanged and in effect. 

 IN WITNESS WHEREOF, the parties have executed and agreed to this Agreement as of the date first set forth
above. 
  

			
	 Burlingame Equity Investors Master Fund, LP (Lender)

	 Burlingame Asset Management, LLC as General Partner

		
	 By:
	 	 /s/ Blair Sanford

		 	Blair Sanford, Managing Member
	
	 Arête Industries Inc. (Borrower)

		
	 By:
	 	 /s/ Nicholas L. Scheidt

		 	Nicholas L. Scheidt
		 	Chief Executive OfficerEX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 THIRD
AMENDMENT TO 
 NOTE PURCHASE AGREEMENT 

(NEWSTAR COMMERCIAL LEASE FUNDING I, LLC) 

THIS THIRD AMENDMENT TO NOTE PURCHASE AGREEMENT, dated as of January 30, 2014 (this “Amendment”), is entered
into by and among NEWSTAR COMMERCIAL LEASE FUNDING I, LLC, a Delaware limited liability company, as the borrower (in such capacity, together with its successors and permitted assigns, the “Borrower”), NEWSTAR EQUIPMENT FINANCE I,
LLC, a Delaware limited liability company (together with its successors and permitted assigns, “NEF”), as the Servicer and as the originator (in such capacity, together with its successors and permitted assigns, the
“Originator”), WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as the lender (in such capacity, together with its successors and assigns, the “Lender”), WELLS FARGO SECURITIES, LLC, a
Delaware limited liability company (together with its successors and assigns, “WFS”), as deal agent (in such capacity, together with its successors and assigns, the “Deal Agent”), and WELLS FARGO BANK, NATIONAL
ASSOCIATION, a national banking association, as the backup servicer (in such capacity, together with its successors and assigns, the “Backup Servicer”) and the trustee (in such capacity, together with its successors and assigns, the
“Trustee”). Capitalized terms used and not otherwise defined herein are used as defined in the Agreement (as defined below). 

R E C I T A L S 

WHEREAS, the parties hereto entered into that certain Note Purchase Agreement, dated as of November 16, 2012 (as amended, restated
or otherwise modified from time to time, the “Agreement”); and 
 WHEREAS, the parties hereto previously amended the
Agreement as of September 26, 2013 and December 12, 2013; and 
 WHEREAS, the parties hereto desire to further amend the
Agreement in certain respects as provided herein. 
 NOW, THEREFORE, in consideration of the premises, mutual covenants and other
good and valuable consideration contained herein, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

A G R E E M E N T 

Section 1. Amendments. 

(a) Clause (d) of the definition “Turbo Event” in Section 1.1(b) of the Agreement is amended and
restated in its entirety as follows: 
 “(d) if, on the first Determination Date occurring seventeen (17) months
after the Closing Date, the ratio of the aggregate Outstanding Amount to the Advance Limit is less than fifty percent (50%) (unless the Originator has sponsored a Securitization Transaction);” 

  
 Third Amendment to Note
Purchase Agreement 
 (NewStar Commercial Lease Funding I, LLC) 

 (b) Section 2.3 of the Agreement is amended and restated in its entirety as follows:

 “Section 2.3. Optional Termination of the Revolving Period. 

The Lender or the Borrower may, upon at least forty-five (45) days’ prior written notice to the Deal Agent, the Servicer and the
Borrower or the Lender, as applicable, terminate the Revolving Period on April 17, 2014. The effective date of such termination shall be the “Optional Revolving Period Termination Date.”” 

Section 2. Ratification of Agreement. As amended by this Amendment, the Agreement is in all respects ratified and confirmed
by all of the parties and the Agreement as amended by this Amendment shall be read, taken and construed as one and the same instrument. All references to the Agreement shall be deemed to mean the Agreement as amended hereby. This Amendment shall not
constitute a novation of the Agreement, but shall constitute an amendment thereof. The parties hereto agree to be bound by the terms and conditions of the Agreement as amended by this Amendment. 

Section 3. Representations. The Borrower, the Originator and the Servicer each hereby represents and warrants with respect
to itself as of the date of this Amendment as follows: 
 (a) it is duly organized, validly existing and in good standing under the laws of
its jurisdiction of organization; 
 (b) the execution, delivery and performance by it of this Amendment are within its powers, have been
duly authorized, and do not contravene (i) its articles of organization, operating agreement or other organizational documents or (ii) any Applicable Law; 

(c) no consent, license, permit, approval or authorization of, or registration, filing or declaration with, any governmental authority is
required in connection with the execution, delivery, performance, validity or enforceability of this Amendment by or against it; 
 (d) this
Amendment has been duly authorized, executed and delivered by it; 
 (e) this Amendment constitutes its legal, valid and binding obligation
enforceable against it in accordance with its terms, except as enforceability may be limited by Insolvency Laws generally or by general principles of equity; 

(f) all representations and warranties set forth in the Agreement are true and correct as of the date hereof (except those that expressly
relate to an earlier date) and all of the provisions of the Agreement and the other Transaction Documents, except as amended or waived hereby, are in full force and effect; 

(g) subsequent to the execution and delivery of this Amendment and after giving effect hereto, no unwaived event has occurred and is
continuing which constitutes a Turbo Event, an Event of Default, an Unmatured Event of Default, a Servicer Default or an Unmatured Servicer Default; 

(h) the Agreement continues to create a valid security interest in, and Lien upon, the Assets in the Asset Pool, in favor of the Trustee,
which security interest and Lien is perfected in accordance with the terms of the Transaction Documents and is prior to all Liens subject to Permitted Liens; and 

(i) in consideration of the Deal Agent, the Backup Servicer, the Trustee and the Lender entering into this Amendment, the Borrower, the
Originator and the Servicer hereby waive, release and discharge the Deal Agent, the Backup Servicer, the Trustee, the Lenders or any of their respective officers, employees, representatives, agents, counsel or directors from any and all actions,
causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in equity, now known to the extent that any of the forgoing arose, on or prior to the date hereof, out of or from or in

  
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Note Purchase Agreement 
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any way related to or were in connection with the Agreement or the Transaction Documents, including, without limitation, any action by such Persons, or failure of such Persons to act, under the
Agreement or the other Transaction Documents on or prior to the date hereof, except, with respect to any such Person being released hereby, any actions, causes of action, claims, demands, damages and liabilities arising out of such Person’s
gross negligence or willful misconduct in connection with the Agreement or the other Transaction Documents. 
 Section 4.
Liens. Each of the parties hereto affirms any liens and security interests created and granted by it in the Agreement or the other Transaction Documents and agrees that this Amendment shall in no manner adversely affect or impair such
liens and security interests. In addition, each of the parties hereto agrees to execute and file any documents necessary to make this paragraph accurate as of the date hereof. 

Section 5. Conditions. The effectiveness of this Amendment is subject to the delivery to the Administrative Agent of this
Amendment duly executed by each of the parties hereto. 
 Section 6. Miscellaneous. 

(a) This Amendment may be executed in any number of counterparts (including by facsimile), and by the different parties hereto on the same or
separate counterparts, each of which shall be deemed to be an original instrument but all of which together shall constitute one and the same agreement. 

(b) The descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not be deemed
to affect the meaning or construction of any of the provisions hereof. 
 (c) This Amendment may not be amended or otherwise modified except
as provided in the Agreement. 
 (d) Whenever the context and construction so require, all words used in the singular number herein shall be
deemed to have been used in the plural, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the masculine and feminine. 

(e) This Amendment represents the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous or
subsequent oral agreements between the parties. There are no unwritten oral agreements between the parties. 
 (f) THIS AMENDMENT AND THE
RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS. 

[Remainder of Page Intentionally Left Blank] 

  
 Third Amendment to
Note Purchase Agreement 
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 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
  

			
	NEWSTAR COMMERCIAL LEASE FUNDING I, LLC, as Borrower
		
	By:	 	NEWSTAR FINANCIAL, INC.,
		 	as Designated Manager
		
	By:	 	 /s/ JOHN KIRBY BRAY

	Name:	 	 John Kirby Bray

	Title:	 	 Chief Financial Officer

	
	NEWSTAR EQUIPMENT FINANCE I, LLC, as Servicer and Originator
		
	By:	 	NEWSTAR FINANCIAL, INC.,
		 	as Designated Manager
		
	By:	 	 /s/ JOHN KIRBY BRAY

	Name:	 	 John Kirby Bray

	Title:	 	 Chief Financial Officer

 [SIGNATURES CONTINUED ON THE FOLLOWING PAGE] 

  
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	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Lender

		
	By:	 	 /s/ WILLIAM EUSTIS

	Name:	 	 William Eustis

	Title:	 	 Director

 [SIGNATURES CONTINUED ON THE FOLLOWING PAGE] 

  
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	 WELLS FARGO SECURITIES, LLC,

as Deal Agent

		
	By:	 	 /s/ KEVIN C. RYAN

	Name:	 	 Kevin C. Ryan

	Title:	 	 Managing Director

 [SIGNATURES CONTINUED ON THE FOLLOWING PAGE] 

  
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	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	 /s/ BRETT HUDSON

	Name:	 	 Brett Hudson

	Title:	 	 Assistant Vice President

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

  
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	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Backup Servicer

		
	By:	 	 /s/ BRETT HUDSON

	Name:	 	 Brett Hudson

	Title:	 	 Assistant Vice President

 [SIGNATURES CONTINUED ON THE FOLLOWING PAGE] 

  
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	 Acknowledged and agreed to as of

the date first written above.

	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Hedge Counterparty

		
	By:	 	 /s/ JOHN MIECHKOWSKI

	Name:	 	 John Miechkowski

	Title:	 	 Authorized Signatory

  
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