Document:

GUARANTY

 

GUARANTY,
dated as of July 27, 2016, made by the undersigned (together with each other Person that executes a joinder agreement and becomes
a “Guarantor” hereunder each a “Guarantor”, and collectively, the “Guarantors”),
in favor of the “Buyers” (as defined below) party to the Securities Purchase Agreements referenced below.

 

W
I T N E S S E T H :

 

WHEREAS,
Enerpulse Technologies, Inc., a Nevada corporation (the “Company”), and each party listed as a “Buyer”
on the Schedule of Buyers attached to the Securities Purchase Agreements (together with their respective successors and assigns,
each a “Buyer”, and collectively, the “Buyers”) are parties to that certain Securities Purchase
Agreements, dated as of July 27, 2016 (as amended, restated, supplemented or otherwise modified from time to time, the “Securities
Purchase Agreements”), pursuant to which, among other things, the Buyers shall purchase from the Company certain senior
secured convertible “Notes” (as defined in the Securities Purchase Agreements) (collectively, the “Notes”);

 

WHEREAS,
the Buyers have requested, and the Guarantors have agreed, that the Guarantors shall execute and deliver to the Buyers, a guaranty
guaranteeing all of the obligations of the Company under the Securities Purchase Agreements, the Notes (as defined in the Securities
Purchase Agreements) and the Security Documents (as defined in the Securities Purchase Agreements) (collectively, the “Guaranteed
Transaction Documents”);

 

WHEREAS,
pursuant to a Pledge and Security Agreement, dated as of the date hereof (the “Security Agreement”), the Company
and the Guarantors have granted to Pasaic River Capital LLC, as collateral agent for the Buyers (in such capacity, the “Collateral
Agent”), a security interest in and lien on their assets to secure their respective obligations under this Guaranty,
the Securities Purchase Agreements, the Notes and the other Guaranteed Transaction Documents; and

 

WHEREAS,
each Guarantor has determined that the execution, delivery and performance of this Guaranty directly benefits, and is in the best
interest of, such Guarantor.

 

NOW,
THEREFORE, in consideration of the premises and the agreements herein and for other consideration, the sufficiency of which is
hereby acknowledged, each Guarantor hereby agrees with each Buyer as follows:

 

SECTION
1. Definitions. Reference is hereby made to the Securities Purchase Agreements and the Notes for a statement of the terms
thereof. All terms used in this Guaranty, which are defined in the Securities Purchase Agreements or the Notes and not otherwise
defined herein, shall have the same meanings herein as set forth therein.

 

    	 	- 1 -	 

    	 

    

 

SECTION
2. Guaranty. The Guarantors, jointly and severally, hereby unconditionally and irrevocably, guaranty (a) the punctual payment,
as and when due and payable, by stated maturity or otherwise, of all obligations and any other amounts now or hereafter owing
by the Company in respect of the Securities Purchase Agreements, the Notes and the other Guaranteed Transaction Documents, including,
without limitation, all interest that accrues after the commencement of any proceeding commenced by or against any the Company
or any Guarantor under any provision of the Bankruptcy Code (Chapter 11 of Title 11 of the United States Code) or under any other
bankruptcy or insolvency law, assignments for the benefit of creditors, formal or informal moratoria, compositions, or extensions
generally with creditors, or proceedings seeking reorganization, arrangement, or other similar relief (an “Insolvency
Proceeding”), whether or not the payment of such interest is unenforceable or is not allowable due to the existence
of such Insolvency Proceeding, and all fees, commissions, expense reimbursements, indemnifications and all other amounts due or
to become due under any of the Guaranteed Transaction Documents, and any and all expenses (including reasonable counsel fees and
expenses) reasonably incurred by the Buyers or the Collateral Agent in enforcing any rights under this Guaranty (such obligations,
to the extent not paid by the Company, being the “Guaranteed Obligations”) and (b) the punctual and faithful
performance, keeping, observance and fulfillment by the Company of all of the agreements, conditions, covenants and obligations
of the Company contained in the Securities Purchase Agreements, the Notes and the other Guaranteed Transaction Documents. Without
limiting the generality of the foregoing, each Guarantor’s liability hereunder shall extend to all amounts that constitute
part of the Guaranteed Obligations and would be owed by the Company to the Buyers under the Securities Purchase Agreements and
the Notes but for the fact that they are unenforceable or not allowable due to the existence of an Insolvency Proceeding involving
any Guarantor or the Company (each, a “Transaction Party”).

 

SECTION
3. Guaranty Absolute; Continuing Guaranty; Assignments.

 

(a)
The Guarantors, jointly and severally, guaranty that the Guaranteed Obligations will be paid strictly in accordance with the
terms of the Guaranteed Transaction Documents, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction
affecting any of such terms or the rights of the Buyers with respect thereto. The obligations of each Guarantor under this Guaranty
are independent of the Guaranteed Obligations, and a separate action or actions may be brought and prosecuted against any Guarantor
to enforce such obligations, irrespective of whether any action is brought against any Transaction Party or whether any Transaction
Party is joined in any such action or actions. The liability of any Guarantor under this Guaranty shall be irrevocable, absolute
and unconditional irrespective of, and each Guarantor hereby irrevocably waives, to the extent permitted by law, any defenses
it may now or hereafter have in any way relating to, any or all of the following:

 

(i)any
lack of validity or enforceability of any Guaranteed Transaction Document or any agreement or instrument relating thereto;

 

(ii)any
change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed Obligations, or any other
amendment or waiver of or any consent to departure from any Guaranteed Transaction Document, including, without limitation, any
increase in the Guaranteed Obligations resulting from the extension of additional credit to any Transaction Party or otherwise,
in each case, in accordance with the respective terms thereof;

 

    	 	- 2 -	 

    	 

    

 

(iii)any
taking, exchange, release or non-perfection of any collateral with respect to the Guaranteed Obligations, or any taking, release
or amendment or waiver of or consent to departure from any other guaranty, for all or any of the Guaranteed Obligations; or

 

(iv)any
change, restructuring or termination of the corporate, limited liability company or partnership structure or existence of any
Transaction Party.

 

This
Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Guaranteed
Obligations is rescinded or must otherwise be returned by any Buyer or any other Person upon the insolvency, bankruptcy or reorganization
of any Transaction Party or otherwise, all as though such payment had not been made.

 

(b)
This Guaranty is a continuing guaranty and shall (i) remain in full force and effect until the complete conversion of all
of the Company’s obligations under the Notes to equity securities of the Company and/or payment in full in cash of all obligations
under the Notes (together with any matured indemnification obligations as of the date of such conversion and/or payment, but excluding
any inchoate or unmatured contingent indemnification obligations) and payment of all other amounts payable under this Guaranty
(excluding any inchoate or unmatured contingent indemnification obligations) and (ii) be binding upon each Guarantor and its respective
successors and assigns. This Guaranty shall inure to the benefit of and be enforceable by the Buyers and their respective successors,
and permitted pledgees, transferees and assigns. Without limiting the generality of the foregoing sentence, any Buyer may pledge,
assign or otherwise transfer all or any portion of its rights and obligations under and subject to the terms of any Guaranteed
Transaction Document to any other Person as and to the extent and in the manner each Note is subject to pledge, assignment and
transfer pursuant to the terms of each such Note, and such other Person shall thereupon become vested with all the benefits in
respect thereof granted to such Buyer herein or otherwise, in each case as provided in the Securities Purchase Agreements or such
Guaranteed Transaction Document. Notwithstanding the foregoing and for the avoidance of doubt, this Guaranty will expire and each
Guarantor will be released from its obligation hereunder upon the complete conversion of all of the Company’s obligations
under the Notes to equity securities of the Company and/or payment in full in cash of all obligations under the Notes (together
with any matured indemnification obligations as of the date of such conversion and/or payment, but excluding any inchoate or unmatured
contingent indemnification obligations) and payment of all other amounts payable under this Guaranty (excluding any inchoate or
unmatured contingent indemnification obligations).

 

SECTION
4. Waivers. To the extent permitted by applicable law, each Guarantor hereby waives promptness, diligence, notice of acceptance
and any other notice with respect to any of the Guaranteed Obligations and this Guaranty and any requirement that the Buyers or
the Collateral Agent exhaust any right or take any action against any Transaction Party or any other Person or any Collateral
(as defined in the Security Agreement). Each Guarantor acknowledges that it will receive direct and indirect benefits from the
financing arrangements contemplated herein and that the waiver set forth in this Section 4 is knowingly made in contemplation
of such benefits. The Guarantors hereby waive any right to revoke this Guaranty, and acknowledge that this Guaranty is continuing
in nature and applies to all Guaranteed Obligations, whether existing now or in the future.

 

    	 	- 3 -	 

    	 

    

 

SECTION
5. Subrogation. No Guarantor may exercise any rights that it may now or hereafter acquire against any Transaction Party
or any other guarantor that arise from the existence, payment, performance or enforcement of any Guarantor’s obligations
under this Guaranty, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification
and any right to participate in any claim or remedy of the Buyers or the Collateral Agent against any Transaction Party or any
other guarantor or any Collateral (as defined in the Security Agreement), whether or not such claim, remedy or right arises in
equity or under contract, statute or common law, including, without limitation, the right to take or receive from any Transaction
Party or any other guarantor, directly or indirectly, in cash or other property or by set-off or in any other manner, payment
or security solely on account of such claim, remedy or right, unless and until the complete conversion of all of the Company’s
obligations under the Notes to equity securities of the Company and/or payment in full in cash of all obligations under the Notes
(together with any matured indemnification obligations as of the date of such conversion and/or payment, but excluding any inchoate
or unmatured contingent indemnification obligations) and payment of all other amounts payable under this Guaranty (excluding any
inchoate or unmatured contingent indemnification obligations). If any amount shall be paid to a Guarantor in violation of the
immediately preceding sentence at any time prior to the later of the payment in full in cash of the Guaranteed Obligations and
all other amounts payable under this Guaranty, such amount shall be held in trust for the benefit of the Buyers and shall forthwith
be paid ratably to the Buyers to be credited and applied to the Guaranteed Obligations and all other amounts payable under this
Guaranty, whether matured or unmatured, in accordance with the terms of the Guaranteed Transaction Documents, or to be held as
collateral for any Guaranteed Obligations or other amounts payable under this Guaranty thereafter arising. If (a) any Guarantor
shall make payment to the Buyers of all or any part of the Guaranteed Obligations, and (b) the Buyers receive the complete conversion
of all of the Company’s obligations under the Notes to equity securities of the Company and/or payment in full in cash of
all obligations under the Notes (together with any matured indemnification obligations as of the date of such conversion and/or
payment, but excluding any inchoate or unmatured contingent indemnification obligations) and payment of all other amounts payable
under this Guaranty (excluding any inchoate or unmatured contingent indemnification obligations), the Buyers will, at such Guarantor’s
request and expense, execute and deliver to such Guarantor appropriate documents, without recourse and without representation
or warranty, necessary to evidence the transfer by subrogation to such Guarantor of an interest in the Guaranteed Obligations
resulting from such payment by such Guarantor.

 

SECTION
6. Representations, Warranties and Covenants.

 

(a)
Each Guarantor hereby represents and warrants as of the date first written above as follows:

 

(i)Each
Guarantor (A) is a corporation, limited liability company or limited partnership duly organized, validly existing and in good
standing under the laws of the jurisdiction of its organization as set forth on the signature pages hereto, (B) has all requisite
corporate, limited liability company or limited partnership power and authority to conduct its business as now conducted and as
presently contemplated and to execute and deliver this Guaranty and each other Guaranteed Transaction Document to which the Guarantor
is a party, and to consummate the transactions contemplated hereby and thereby and (C) is duly qualified to do business and is
in good standing in each jurisdiction in which the character of the properties owned or leased by it or in which the transaction
of its business makes such qualification necessary except where the failure to be so qualified would not result in a Material
Adverse Effect.

 

    	 	- 4 -	 

    	 

    

 

(ii)The
execution, delivery and performance by each Guarantor of this Guaranty and each other Guaranteed Transaction Document to which
such Guarantor is a party (A) have been duly authorized by all necessary corporate, limited liability company or limited partnership
action, (B) do not and will not contravene its charter or by-laws, its limited liability company or operating agreement or its
certificate of partnership or partnership agreement, as applicable, or, in any material respect, any applicable law or any contractual
restriction binding on the Guarantor or its properties do not and will not result in or require the creation of any lien (other
than pursuant to any Guaranteed Transaction Document) upon or with respect to any of its properties, and (C) do not and will not
result in any material default, noncompliance, suspension, revocation, impairment, forfeiture or nonrenewal of any material permit,
license, authorization or approval applicable to it or its operations or any of its properties.

 

(iii)No
authorization or approval or other action by, and no notice to or filing with, any governmental authority is required in connection
with the due execution, delivery and performance by the Guarantor of this Guaranty or any of the other Guaranteed Transaction
Documents to which the Guarantor is a party (other than expressly provided for in any of the Guaranteed Transaction Documents)
except those with have been obtained or made or those which the failure to obtain or make could not reasonably be expected to
have a Material Adverse Effect.

 

(iv)Each
of this Guaranty and the other Guaranteed Transaction Documents to which the Guarantor is or will be a party, when delivered,
will be, a legal, valid and binding obligation of the Guarantor, enforceable against the Guarantor in accordance with its terms,
except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, suretyship or
other similar laws and equitable principles (regardless of whether enforcement is sought in equity or at law).

 

(v)There
is no pending or, to the best knowledge of the Guarantor, threatened action, suit or proceeding against the Guarantor or to which
any of the properties of the Guarantor is subject, before any court or other governmental authority or any arbitrator that (A)
if adversely determined, could reasonably be expected to have a Material Adverse Effect or (B) relates to this Guaranty or any
of the other Guaranteed Transaction Documents to which the Guarantor is a party or any transaction contemplated hereby or thereby.

 

(vi)The
Guarantor (A) has read and understands the terms and conditions of the Securities Purchase Agreements, the Notes and the other
Guaranteed Transaction Documents, and (B) now has and will continue to have independent means of obtaining information concerning
the affairs, financial condition and business of the Company and the other Transaction Parties, and has no need of, or right to
obtain from the Collateral Agent or any Buyer, any credit or other information concerning the affairs, financial condition or
business of the Company or the other Transaction Parties that may come under the control of the Collateral Agent or any Buyer.

 

    	 	- 5 -	 

    	 

    

 

(b)
The Guarantor covenants and agrees that until the complete conversion of all of the Company’s obligations under the
Notes to equity securities of the Company and/or payment in full in cash of all obligations under the Notes (together with any
matured indemnification obligations as of the date of such conversion and/or payment, but excluding any inchoate or unmatured
contingent indemnification obligations) and payment of all other amounts payable under this Guaranty (excluding any inchoate or
unmatured contingent indemnification obligations), it will comply with each of the covenants (except to the extent applicable
only to a public company) which are set forth in Section 4 of the Securities Purchase Agreements which are expressly applicable
to it as if the Guarantor were a party thereto.

 

SECTION
7. Right of Set-off. Upon the occurrence and during the continuance of any Event of Default, the Collateral Agent and any
Buyer may, and is hereby authorized to, at any time and from time to time, without notice to the Guarantors (any such notice being
expressly waived by each Guarantor) and to the fullest extent permitted by law, set-off and apply any and all deposits (general
or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by any Buyer to or
for the credit or the account of any Guarantor against any and all obligations of the Guarantors now or hereafter existing under
this Guaranty or any other Guaranteed Transaction Document, irrespective of whether or not Collateral Agent or any Buyer shall
have made any demand under this Guaranty or any other Guaranteed Transaction Document and although such obligations may be contingent
or unmatured. Collateral Agent and each Buyer agrees to notify the relevant Guarantor promptly after any such set-off and application
made by such Buyer, provided that the failure to give such notice shall not affect the validity of such set-off and application.
The rights of the Collateral Agent or any Buyer under this Section 7 are in addition to other rights and remedies (including,
without limitation, other rights of set-off) which the Collateral Agent or such Buyer may have under this Guaranty or any other
Guaranteed Transaction Document in law or otherwise.

 

SECTION
8. Notices, Etc. All notices and other communications provided for hereunder shall be in writing and shall be mailed (by
overnight mail or by certified mail, postage prepaid and return receipt requested), telecopied or delivered, if to any Guarantor,
to the address for such Guarantor set forth on the signature page hereto, or if to any Buyer, to it at its respective address
set forth in the Securities Purchase Agreements; or as to any Person at such other address as shall be designated by such Person
in a written notice to such other Person complying as to delivery with the terms of this Section 8. All such notices and
other communications shall be effective (i) if mailed (by certified mail, postage prepaid and return receipt requested), when
received or three Business Days after deposited in the mails, whichever occurs first; (ii) if telecopied, when transmitted and
confirmation is received, provided same is on a Business Day and, if not, on the next Business Day; or (iii) if delivered by hand,
upon delivery, provided same is on a Business Day and, if not, on the next Business Day. Upon receipt or delivery by any Guarantor
of any notice in accordance with the terms of this Guaranty unless the Company has in good faith determined that the matters relating
to such notice do not constitute material, nonpublic information relating to the Company or its Subsidiaries, the Company shall
within two (2) Business Days after any such receipt or delivery publicly disclose such material, nonpublic information on a Current
Report on Form 8-K or otherwise. In the event that the Company believes that a notice contains material, nonpublic information
relating to the Company or its Subsidiaries, the Company so shall indicate to the Collateral Agent and the Buyers contemporaneously
with delivery of such notice, and in the absence of any such indication, the Collateral Agent and any Buyer shall be allowed to
presume that all matters relating to such notice do not constitute material, nonpublic information relating to the Company or
its Subsidiaries.

 

    	 	- 6 -	 

    	 

    

 

SECTION
9. CONSENT TO JURISDICTION; SERVICE OF PROCESS AND VENUE. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS GUARANTY
OR ANY OTHER GUARANTEED TRANSACTION DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK IN THE COUNTY OF NEW YORK OR
OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH
PARTY HEREBY IRREVOCABLY ACCEPTS IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID
COURTS. NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE PARTIES TO SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO
COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST EACH GUARANTOR IN ANY OTHER JURISDICTION. EACH PARTY HEREBY EXPRESSLY
AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE JURISDICTION
OR LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS
BEEN BROUGHT IN AN INCONVENIENT FORUM. TO THE EXTENT THAT ANY PARTY HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION
OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF
EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, EACH PARTY HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT
OF ITS OBLIGATIONS UNDER THIS GUARANTY AND THE OTHER GUARANTEED TRANSACTION DOCUMENTS.

 

SECTION
10. WAIVER OF JURY TRIAL, ETC. EACH PARTY HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
CONCERNING ANY RIGHTS UNDER THIS GUARANTY OR THE OTHER GUARANTEED TRANSACTION DOCUMENTS, OR UNDER ANY AMENDMENT, WAIVER, CONSENT,
INSTRUMENT, DOCUMENT OR OTHER AGREEMENT DELIVERED OR WHICH IN THE FUTURE MAY BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH,
OR ARISING FROM ANY FINANCING RELATIONSHIP EXISTING IN CONNECTION WITH THIS GUARANTY OR THE OTHER GUARANTEED TRANSACTION DOCUMENTS,
AND AGREES THAT ANY SUCH ACTION, PROCEEDING OR COUNTERCLAIM SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. EACH PARTY CERTIFIES
THAT NO OFFICER, REPRESENTATIVE, AGENT OR ATTORNEY OF ANY SUCH PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT ANY PARTY WOULD
NOT, IN THE EVENT OF ANY ACTION, PROCEEDING OR COUNTERCLAIM, SEEK TO ENFORCE THE FOREGOING WAIVERS. EACH PARTY HEREBY ACKNOWLEDGES
THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES ENTERING INTO THE OTHER GUARANTEED TRANSACTION DOCUMENTS (AS DEFINED
IN THE SECURITIES PURCHASE AGREEMENTS).

 

    	 	- 7 -	 

    	 

    

 

SECTION
11. Taxes.

 

(a)
All payments made by any Guarantor hereunder or under any other Guaranteed Transaction Document shall be made in accordance
with the terms of the respective Guaranteed Transaction Document and shall be made without set-off, counterclaim, deduction or
other defense.

 

SECTION
12. Miscellaneous.

 

(a)
Each Guarantor will make each payment hereunder in lawful money of the United States of America and in immediately available
funds to each Buyer, at such address specified by such Buyer from time to time by notice to the Guarantors.

 

(b)
No amendment or waiver of any provision of this Guaranty and no consent to any departure by any Guarantor therefrom shall
in any event be effective unless the same shall be in writing and signed by each Guarantor and each Buyer, and then such waiver
or consent shall be effective only in the specific instance and for the specific purpose for which given.

 

(c)
No failure on the part of the Collateral Agent or any Buyer to exercise, and no delay in exercising, any right hereunder or
under any other Guaranteed Transaction Document shall operate as a waiver thereof, nor shall any single or partial exercise of
any right hereunder or under any Guaranteed Transaction Document preclude any other or further exercise thereof or the exercise
of any other right. The rights and remedies of the Collateral Agent and the Buyers provided herein and in the other Guaranteed
Transaction Documents are cumulative and are in addition to, and not exclusive of, any rights or remedies provided by law. The
rights of the Collateral Agent and the Buyers under any Guaranteed Transaction Document against any party thereto are not conditional
or contingent on any attempt by the Collateral Agent or any Buyer to exercise any of their respective rights under any other Guaranteed
Transaction Document against such party or against any other Person.

 

(d)
Any provision of this Guaranty that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining portions hereof or affecting
the validity or enforceability of such provision in any other jurisdiction.

 

(e)
This Guaranty shall (i) be binding on each Guarantor and its respective successors and assigns, and (ii) inure, together with
all rights and remedies of the Collateral Agent and the Buyers hereunder, to the benefit of the Collateral Agent and the Buyers
and their respective successors, transferees and assigns. Without limiting the generality of clause (ii) of the immediately preceding
sentence, the Collateral Agent and any Buyer may assign or otherwise transfer its rights and obligations under the Securities
Purchase Agreements or any other Guaranteed Transaction Document to any other Person in accordance with the terms thereof, and
such other Person shall thereupon become vested with all of the benefits in respect thereof granted to the Collateral Agent or
such Buyer, as the case may be, herein or otherwise. None of the rights or obligations of any Guarantor hereunder may be assigned
or otherwise transferred without the prior written consent of each Buyer.

 

    	 	- 8 -	 

    	 

    

 

(f)
This Guaranty reflects the entire understanding of the transaction contemplated hereby and shall not be contradicted or qualified
by any other agreement, oral or written, entered into before the date hereof.

 

(g)
Section headings herein are included for convenience of reference only and shall not constitute a part of this Agreement for
any other purpose.

 

(h)
This Guaranty may be executed by each party hereto on a separate counterpart, each of which when so executed and delivered
shall be an original, but all of which together shall constitute one agreement. Delivery of an executed counterpart by facsimile
or other method of electronic transmission shall be equally effective as delivery of an original executed counterpart.

 

(i)
This Guaranty shall be governed by and construed in accordance with the law of the
State of New York applicable to contracts made and to be performed therein without regard to conflict of law principles.

 

[REMAINDER
OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

    	 	- 9 -	 

    	 

    

 

IN
WITNESS WHEREOF, each Guarantor has caused this Guaranty to be executed by its respective duly authorized officer, as of the date
first above written.

 

	 	Enerpulse,
    Inc., a Delaware Corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	Address
    for Notices:
	 	 
	 	c/o
    Enerpulse Technologies, Inc.
	 	2451
    Alamo Ave. NE, 
	 	Albuquerque,
    New Mexico 87106
	 	Facsimile:	(505)
    213-0013
	 	Attention:	Bryan
    Templeton,
	 	 	Chief
    Financial Officer
	 	Facsimile:	(505)
    213-0013

 

    		GuarantyExhibit

Exhibit 4.1

CERTIFICATE OF ELIMINATION
WITH RESPECT TO THE
SERIES A CONVERTIBLE PREFERRED STOCK
OF
MAGELLAN PETROLEUM CORPORATION
_______________________________________________

Pursuant to Section 151(g) of the General
Corporation Law of the State of Delaware
_______________________________________________
Magellan Petroleum Corporation, a Delaware corporation (the “Company”), in accordance with the provisions of Section 151(g) of the Delaware General Corporation Law (the “DGCL”), hereby certifies as follows:
1.    Pursuant to the authority conferred upon the Board of Directors of the Company (the “Board”) by the Restated Certificate of Incorporation of the Company, as amended (the “Certificate of Incorporation”), the Board previously authorized 28,000,000 shares of Series A Convertible Preferred Stock, par value $0.01 per share (the “Preferred Stock”), and established the powers, preferences and rights of the shares of such series, and the qualifications, limitations or restrictions thereof as set forth in the Certificate of Designations of Series A Convertible Preferred Stock of Magellan Petroleum Corporation (the “Series A Certificate of Designations”), with respect to such Preferred Stock, which Series A Certificate of Designations was filed in the Office of the Secretary of State of the State of Delaware on or around May 17, 2013, and is in full force and effect on the date hereof.  
2.    None of the authorized shares of Preferred Stock remain outstanding, and none will be issued going forward.
3.    Pursuant to the provisions of the Section 151(g) of the DGCL, the Board of Directors of the Company duly approved and adopted the following resolutions on August 1, 2016, which resolutions remain in full force and effect on the date hereof:
RESOLVED, that none of the authorized shares of the Preferred Stock (the “Preferred Stock”) remain outstanding, and none will be issued going forward subject to that certain Series A Certificate of Designations;
RESOLVED FURTHER, that the Company be, and hereby is, authorized and directed, in accordance with Section 103 of the DGCL, to file with the Delaware Secretary of State the Certificate of Elimination (the “Certificate of Elimination”) containing these resolutions, with the purpose of eliminating the authorized number of shares of Preferred Stock, and, when such Certificate of Elimination becomes effective, the Preferred Stock shall no longer be an authorized series of the Company; and
RESOLVED FURTHER, that that the Chief Executive Officer, Chief Financial Officer and any other officer of the Company (each such person an “Authorized Officer”), be, and each of them is, authorized and directed, for and on behalf of the Company and in its name, to execute and file the Certificate of Elimination, which shall have the effect when filed with the Secretary of State of the State of Delaware of eliminating from the Restated Certificate of Incorporation of the Company, as amended, all matters set forth in the Certificate of Designations of Series A Convertible 

Preferred Stock with respect to the Preferred Stock, and to take such further actions as the Authorized Officer may deem necessary or appropriate to carry out the intent of the foregoing resolutions in accordance with the applicable provisions of the Delaware General Corporation Law.
4.    That in accordance with the provisions of Section 151 of the DGCL, the Certificate of Incorporation is hereby amended to eliminate all references to the Preferred Stock. 

IN WITNESS WHEREOF, Magellan Petroleum Corporation has caused this Certificate of Elimination to be duly executed in its corporate name this 1st. day of August, 2016.

MAGELLAN PETROLEUM CORPORATION

By:     /s/ Antoine J. Lafargue                                            
Name:    Antoine J. Lafargue
Title:    Senior Vice President and Chief Financial
Officer

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