Document:

Exhibit 10.1

 

FIRST
amendment TO 

SECOND AMENDED AND RESTATED TERM LOAN agreement 

 

dated
as of 

 

February
22, 2018

 

among

 

GOLDEN
QUEEN MINING CO. LTD., as Borrower,

 

and

 

THE
LANDON T. CLAY 2009 IRREVOCABLE TRUST DATED MARCH 6, 2009,

EHT,
LLC,

and

THE
CLAY FAMILY 2009 IRREVOCABLE TRUST DATED APRIL 14, 2009 

as
Lenders

 

     

     

    

 

FIRST
AMENDMENT TO 

SECOND AMENDED AND RESTATED TERM LOAN AGREEMENT

 

This FIRST AMENDMENT
TO SECOND AMENDED AND RESTATED TERM LOAN AGREEMENT (this “Amendment”) is made as of February 22, 2018, among
GOLDEN QUEEN MINING CO. LTD., a British Columbia corporation, (the “Borrower”), THE LANDON T. CLAY 2009 IRREVOCABLE
TRUST DATED MARCH 6, 2009 (“LTC Lender”), EHT, LLC (“EHT Lender”), and THE CLAY FAMILY 2009
IRREVOCABLE TRUST DATED APRIL 14, 2009 (“CFT Lender” and, together with LTC Lender and EHT Lender, the “Lenders”).

 

WHEREAS, the Borrower
and the Lenders are parties to the Second Amended and Restated Term Loan Agreement, dated November 21, 2016, as amended (the “Loan
Agreement”; all capitalized terms used but not otherwise defined herein will have the meanings ascribed thereto in the
Loan Agreement).

 

WHEREAS, the parties to the Loan Agreement
wish to amend the Loan Agreement as set forth herein.

 

NOW, THEREFORE, in
consideration of the premises and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
the parties hereto agree as follows:

 

1.       Amendments
to Loan Agreement.

 

1.1       The
definition of Fixed Rate in Subsection 1.1 of the Loan Agreement is hereby deleted in its entirety and replaced with the following:

 

“Fixed Rate. 8% per annum up
to and including December 31, 2017, and 10% per annum thereafter.”

 

1.2       Subsection
2.2(a) of the Loan Agreement is hereby deleted in its entirety and replaced with the following:

 

“(a) The Loan shall bear interest
at a rate per annum equal to the Fixed Rate. Such interest shall be payable quarterly in arrears on the first Business Day of each
calendar quarter, commencing January 1, 2017. For interest payments due in calendar year 2017, the Borrower may elect, by notice
to the Lenders prior to the due date for payment of interest, to pay interest in kind by adding such interest payment to the unpaid
principal balance outstanding under the Loan, provided, that the total amount of interest so added to the principal balance
of the Loan (the “Deferred Interest”) and any interest accrued thereon, shall be due and payable in full upon
the earlier of (i) the date of completion of a rights offering by the Company substantially as described in the final short form
prospectus dated November 24, 2017 (the “Rights Offering Date”) and filed with the securities regulatory authorities
in the provinces of British Columbia, Alberta and Ontario, Canada, and (ii) March 5, 2018 (such date being the “Initial
Principal Payment Date”);”

 

    -2-

     

    

 

1.3       Section
2.4 of the Loan Agreement is hereby deleted in its entirety and replaced with the following:

 

“2.4Repayment of Loan.
The Borrower shall repay the principal amount of the Loan as follows: (a) $5,376,037 on the Initial Principal Payment Date, which
amount represents $2,500,000 of principal plus $2,876,037 in Deferred Interest; (b) $1,000,000 on each of April 1, 2018, July 1,
2018, September 1, 2018 and January 1, 2019; (c) $3,100,000 on April 1, 2019; and (b) an amount equal to the aggregate unpaid principal
amount of the Loan, together with all accrued and unpaid interest, fees and other charges hereunder on the Maturity Date.”

 

2.       Conditions.
This Amendment shall become and be effective upon completion of the following to the satisfaction of the Lenders:

 

2.1       This
Amendment shall have been executed and delivered by the Borrower and the Lenders;

 

2.2       The
Borrower shall have executed and delivered to the Lenders promissory notes dated as of the date of this Amendment in the aggregate
principal amount equal to the amount of the Loan, such notes to be in substantially the form of Exhibit A-1, Exhibit A-2 and Exhibit
A-3 hereto (together, the “Notes”). The Notes amend, restate and supersede the promissory notes dated November
21, 2016 and the Loan Agreement shall thereafter refer to such Notes as amended;

 

2.3       The
Borrower shall pay to the Lenders on the Initial Principal Payment Date an amendment fee in the amount of Four Hundred Thousand
Dollars ($400,000), to be allocated among the Lenders in accordance with their respective percentages as set forth on Schedule
2.1(a); and

 

2.4       The
Borrower shall have executed and delivered to the Lenders an amendment to the Registration Rights Agreement in form and substance
satisfactory to the Lenders.

 

3.       General.
Except as hereby amended, all terms, conditions, representations and agreement set forth in the Loan Agreement remain the same,
in full force and effect and are hereby ratified and confirmed by the parties.

 

[Remainder of Page
Left Blank Intentionally; Signature Page Follows Immediately.]

 

 

    -3-

     

    

 

IN WITNESS WHEREOF,
the undersigned have duly executed this Amendment under seal as of the date first above written.

 

	 	BORROWER:
	 	 	 
	 	GOLDEN QUEEN MINING CO. LTD.
	 	 	 
	 	 	 
	 	By:	/s/ Brenda Dayton
	 	 	Name: Brenda Dayton
	 	 	Title: Corporate Secretary
	 	 	 
	 	LENDERS:
	 	 	 
	 	THE LANDON T. CLAY 2009
	 	IRREVOCABLE TRUST DATED
	 	MARCH 6, 2009
	 	 	 
	 	 	 
	 	By:	/s/ Thomas M. Clay
	 	 	Thomas M.
Clay, Trustee
	 	 	 
	 	 	 
	 	EHT, LLC
	 	 	 
	 	 	 
	 	By:	/s/ Jonathan C. Clay
	 	 	Jonathan C. Clay, Manager
	 	 	 
	 	 	 
	 	THE CLAY FAMILY 2009 IRREVOCABLE TRUST DATED APRIL 14, 2009
	 	 	 
	 	 	 
	 	By: 	/s/ Thomas M. Clay
	 	 	Thomas M. Clay, Trustee

 

[Signature page to
First Amendment to Second Amended and Restated Term Loan Agreement]

 

    -4-

     

    

 

Exhibit A-1

 

AMENDED AND RESTATED NOTE

 

	$18,497,700.00	February 22, 2018

 

FOR VALUE RECEIVED, the undersigned GOLDEN
QUEEN MINING CO. LTD., a British Columbia corporation (the “Borrower”), absolutely and unconditionally promises
to pay to the order of THE LANDON T. CLAY 2009 IRREVOCABLE TRUST DATED MARCH 6, 2009 (“Payee”):

 

(a)       installments
of principal amounts of the Loan as follows: ONE MILLION FOUR HUNDRED NINETY-ONE THOUSAND SEVEN HUNDRED FIFTY DOLLARS ($1,491,750)
on the Initial Principal Payment Date; FIVE HUNDRED NINETY-SIX THOUSAND SEVEN HUNDRED DOLLARS ($596,700) on each of April 1, 2018,
July 1, 2018, September 1, 2018 and January 1, 2019; and ONE MILLION EIGHT HUNDRED FORTY-NINE THOUSAND SEVEN HUNDRED SEVENTY DOLLARS
($1,849,770) on April 1, 2019; pursuant to Section 2.4 of the Second Amended and Restated Term Loan Agreement, dated as of November
21, 2016 (as amended by the First Amendment to Second Amended and Restated Term Loan Agreement dated as of February 22, 2018 and
as further amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), by
and among the Borrower, the Payee, EHT, LLC and The Clay Family 2009 Irrevocable Trust dated April 14, 2009;

 

(b)       ONE
MILLION SEVEN HUNDRED SIXTEEN THOUSAND ONE HUNDRED THIRTY-ONE DOLLARS AND TWENTY-EIGHT CENTS ($1,716,131.28) in Deferred Interest
owing to the Payee on the Initial Principal Payment Date, pursuant to the Loan Agreement;

 

(c)       an
amount equal to the aggregate unpaid principal amount of the Loan together with all accrued and unpaid interest, fees and other
charges owing to the Payee on the Maturity Date, pursuant to the Loan Agreement; and

 

(d)       interest
on the principal balance hereof from time to time outstanding from the date hereof through and including the date on which such
interest is computed pursuant to the Loan Agreement, at the times and at the rates provided in the Loan Agreement.

 

This Note evidences a borrowing under, is
subject to the terms and conditions of the Loan Agreement and has been issued by the Borrower in accordance with the terms of the
Loan Agreement and is one of the Notes referred to therein. The Payee and any permitted assignee of the Payee that is the holder
hereof is entitled to the benefits and subject to the conditions of the Loan Agreement as a Lender and may enforce the agreements
of the Borrower contained therein, and any such holder hereof may exercise the respective remedies provided for thereby or otherwise
available in respect thereof, all in accordance with the respective terms thereof. This Note is secured by the Pledge Agreement
and guaranteed by the Subsidiary Guaranty described in the Loan Agreement.

 

     

     

    

 

Exhibit A-1

 

Upon execution, this Note amends, restates
and supersedes the note dated November 21, 2016 made by the Borrower in favor of the Payee (the “2016 Note”),
and hereby replaces and supersedes the 2016 Note in its entirety. The 2016 Note is null and void and hereby canceled for all purposes.
This Note does not constitute a novation of the indebtedness evidenced by the 2016 Note, and all amounts due and payable under
the 2016 Note as amended hereby shall continue to be due and payable under this Note until paid in full.

 

All capitalized terms used in this Note
and not otherwise defined herein shall have the same meanings herein as in the Loan Agreement.

 

The Borrower has the right in certain circumstances
and the obligation under certain other circumstances to repay or prepay the whole or part of the principal of this Note on the
terms and conditions specified in the Loan Agreement.

 

If any Event of Default shall occur, the
entire unpaid principal amount of this Note and all of the unpaid interest accrued thereon may become or be declared due and payable
in the manner and with the effect provided in the Loan Agreement.

 

The Borrower and every endorser and guarantor
of this Note or the obligation represented hereby waive presentment, demand, notice, protest and all other demands and notice in
connection with the delivery, acceptance, performance, default or enforcement of this Note, assent to any extension or postponement
of the time of payment or any other indulgence, to any substitution, exchange or release of collateral and to the addition or release
of any other party or Person primarily or secondarily liable.

 

This Note is a contract under the laws of
the State of New York and shall for all purposes be construed in accordance with and governed by the laws of said State without
reference to its conflict or choice of laws principles (other than Sections 5-1401 and 5-1402 of the New York General Obligations
Law, which shall apply to this Note).

 

IN WITNESS WHEREOF, the Borrower has caused
this Note to be signed by its duly authorized officer as of the day and year first above written.

 

	 	GOLDEN QUEEN MINING CO. LTD.
	 	 	 
	 	 	 
	 	By:	/s/ Brenda Dayton
	 	 	Name: Brenda Dayton
	 	 	Title: Corporate Secretary

 

     

     

    

 

Exhibit A-2

 

AMENDED AND RESTATED NOTE

 

	$7,750,000.00	February 22, 2018

 

FOR VALUE RECEIVED, the undersigned GOLDEN
QUEEN MINING CO. LTD., a British Columbia corporation (the “Borrower”), absolutely and unconditionally promises
to pay to the order of EHT, LLC (“Payee”):

 

(a)       installments
of principal amounts of the Loan as follows: SIX HUNDRED TWENTY-FIVE THOUSAND DOLLARS ($625,000) on the Initial Principal Payment
Date; TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000) on each of April 1, 2018, July 1, 2018, September 1, 2018 and January 1, 2019;
and SEVEN HUNDRED SEVENTY-FIVE THOUSAND DOLLARS ($775,000) on April 1, 2019; pursuant to Section 2.4 of the Second Amended and
Restated Term Loan Agreement, dated as of November 21, 2016 (as amended by the First Amendment to Second Amended and Restated Term
Loan Agreement dated as of February 22, 2018 and as further amended, restated, supplemented or otherwise modified from time to
time, the “Loan Agreement”), by and among the Borrower, the Payee, The Landon T. Clay 2009 Irrevocable Trust
Dated March 6, 2009, and the Clay Family 2009 Irrevocable Trust dated April 14, 2009;

 

(b)       SEVEN
HUNDRED NINETEEN THOUSAND AND NINE DOLLARS AND TWENTY-FIVE CENTS ($719,009.25) in Deferred Interest owing to the Payee on the Initial
Principal Payment Date, pursuant to the Loan Agreement;

 

(c)       an
amount equal to the aggregate unpaid principal amount of the Loan together with all accrued and unpaid interest, fees and other
charges owing to the Payee on the Maturity Date, pursuant to the Loan Agreement; and

 

(d)       interest
on the principal balance hereof from time to time outstanding from the date hereof through and including the date on which such
interest is computed pursuant to the Loan Agreement, at the times and at the rates provided in the Loan Agreement.

 

This Note evidences a borrowing under, is
subject to the terms and conditions of the Loan Agreement and has been issued by the Borrower in accordance with the terms of the
Loan Agreement and is one of the Notes referred to therein. The Payee and any permitted assignee of the Payee that is the holder
hereof is entitled to the benefits and subject to the conditions of the Loan Agreement as a Lender and may enforce the agreements
of the Borrower contained therein, and any such holder hereof may exercise the respective remedies provided for thereby or otherwise
available in respect thereof, all in accordance with the respective terms thereof. This Note is secured by the Pledge Agreement
and guaranteed by the Subsidiary Guaranty described in the Loan Agreement.

 

     

     

    

 

Exhibit A-2

 

Upon execution, this Note amends, restates
and supersedes the note dated November 21, 2016 made by the Borrower in favor of the Payee (the “2016 Note”),
and hereby replaces and supersedes the 2016 Note in its entirety. The 2016 Note is null and void and hereby canceled for all purposes.
This Note does not constitute a novation of the indebtedness evidenced by the 2016 Note, and all amounts due and payable under
the 2016 Note as amended hereby shall continue to be due and payable under this Note until paid in full.

 

All capitalized terms used in this Note
and not otherwise defined herein shall have the same meanings herein as in the Loan Agreement.

 

The Borrower has the right in certain circumstances
and the obligation under certain other circumstances to repay or prepay the whole or part of the principal of this Note on the
terms and conditions specified in the Loan Agreement.

 

If any Event of Default shall occur, the
entire unpaid principal amount of this Note and all of the unpaid interest accrued thereon may become or be declared due and payable
in the manner and with the effect provided in the Loan Agreement.

 

The Borrower and every endorser and guarantor
of this Note or the obligation represented hereby waive presentment, demand, notice, protest and all other demands and notice in
connection with the delivery, acceptance, performance, default or enforcement of this Note, assent to any extension or postponement
of the time of payment or any other indulgence, to any substitution, exchange or release of collateral and to the addition or release
of any other party or Person primarily or secondarily liable.

 

This Note is a contract under the laws of
the State of New York and shall for all purposes be construed in accordance with and governed by the laws of said State without
reference to its conflict or choice of laws principles (other than Sections 5-1401 and 5-1402 of the New York General Obligations
Law, which shall apply to this Note).

 

IN WITNESS WHEREOF, the Borrower has caused
this Note to be signed by its duly authorized officer as of the day and year first above written.

 

	 	GOLDEN QUEEN MINING CO. LTD.
	 	 	 
	 	 	 
	 	By:	/s/ Brenda Dayton
	 	 	Name: Brenda Dayton
	 	 	Title: Corporate Secretary

 

     

     

    

 

Exhibit A-3

 

AMENDED AND RESTATED NOTE

 

	$4,752,300.00	February
22, 2018

 

FOR VALUE RECEIVED, the undersigned GOLDEN
QUEEN MINING CO. LTD., a British Columbia corporation (the “Borrower”), absolutely and unconditionally promises
to pay to the order of THE CLAY FAMILY 2009 IRREVOCABLE TRUST DATED APRIL 14, 2009 (“Payee”):

 

(a)       installments
of principal amounts of the Loan as follows: THREE HUNDRED EIGHTY-THREE THOUSAND TWO HUNDRED FIFTY DOLLARS ($383,250) on the Initial
Principal Payment Date; ONE HUNDRED FIFTY-THREE THOUSAND THREE HUNDRED DOLLARS ($153,300) on each of April 1, 2018, July 1, 2018,
September 1, 2018 and January 1, 2019; and FOUR HUNDRED SEVENTY-FIVE THOUSAND TWO HUNDRED THIRTY DOLLARS ($475,230) on April 1,
2019; pursuant to Section 2.4 of the Second Amended and Restated Term Loan Agreement, dated as of November 21, 2016 (as amended
by the First Amendment to Second Amended and Restated Term Loan Agreement dated as of February 22, 2018 and as further amended
restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), by and among the Borrower,
the Payee, EHT, LLC, and the Landon T. Clay 2009 Irrevocable Trust Dated March 6, 2009;

 

(b)       FOUR
HUNDRED FORTY THOUSAND EIGHT HUNDRED NINETY-SIX DOLLARS AND FORTY SEVEN CENTS ($440,896.47) in Deferred Interest owing to the Payee
on the Initial Principal Payment Date, pursuant to the Loan Agreement;

 

(c)       an
amount equal to the aggregate unpaid principal amount of the Loan together with all accrued and unpaid interest, fees and other
charges owing to the Payee on the Maturity Date, pursuant to the Loan Agreement; and

 

(d)       interest
on the principal balance hereof from time to time outstanding from the date hereof through and including the date on which such
interest is computed pursuant to the Loan Agreement, at the times and at the rates provided in the Loan Agreement.

 

This Note evidences a borrowing under, is
subject to the terms and conditions of the Loan Agreement and has been issued by the Borrower in accordance with the terms of the
Loan Agreement and is one of the Notes referred to therein. The Payee and any permitted assignee of the Payee that is the holder
hereof is entitled to the benefits and subject to the conditions of the Loan Agreement as a Lender and may enforce the agreements
of the Borrower contained therein, and any such holder hereof may exercise the respective remedies provided for thereby or otherwise
available in respect thereof, all in accordance with the respective terms thereof. This Note is secured by the Pledge Agreement
and guaranteed by the Subsidiary Guaranty described in the Loan Agreement.

 

     

     

    

 

Exhibit A-3

 

Upon execution, this Note amends, restates
and supersedes the note dated November 21, 2016 made by the Borrower in favor of the Payee (the “2016 Note”),
and hereby replaces and supersedes the 2016 Note in its entirety. The 2016 Note is null and void and hereby canceled for all purposes.
This Note does not constitute a novation of the indebtedness evidenced by the 2016 Note, and all amounts due and payable under
the 2016 Note as amended hereby shall continue to be due and payable under this Note until paid in full.

 

All capitalized terms used in this Note
and not otherwise defined herein shall have the same meanings herein as in the Loan Agreement.

 

The Borrower has the right in certain circumstances
and the obligation under certain other circumstances to repay or prepay the whole or part of the principal of this Note on the
terms and conditions specified in the Loan Agreement.

 

If any Event of Default shall occur, the
entire unpaid principal amount of this Note and all of the unpaid interest accrued thereon may become or be declared due and payable
in the manner and with the effect provided in the Loan Agreement.

 

The Borrower and every endorser and guarantor
of this Note or the obligation represented hereby waive presentment, demand, notice, protest and all other demands and notice in
connection with the delivery, acceptance, performance, default or enforcement of this Note, assent to any extension or postponement
of the time of payment or any other indulgence, to any substitution, exchange or release of collateral and to the addition or release
of any other party or Person primarily or secondarily liable.

 

This Note is a contract under the laws of
the State of New York and shall for all purposes be construed in accordance with and governed by the laws of said State without
reference to its conflict or choice of laws principles (other than Sections 5-1401 and 5-1402 of the New York General Obligations
Law, which shall apply to this Note).

 

IN WITNESS WHEREOF, the Borrower has caused
this Note to be signed by its duly authorized officer as of the day and year first above written.

 

	 	GOLDEN QUEEN MINING CO. LTD.
	 	 	 
	 	 	 
	 	By:	/s/ Brenda Dayton
	 	 	Name: Brenda Dayton
	 	 	Title: Corporate SecretaryExhibit 10.2

 

FIRST
amendment TO

Amended and restated registration rights agreement 

 

dated
as of 

 

February
22, 2018

 

among

 

GOLDEN
QUEEN MINING CO. LTD., 

as the Company,

 

and

 

THE
LANDON T. CLAY 2009 IRREVOCABLE TRUST DATED MARCH 6, 2009,

EHT,
LLC,

THE
CLAY FAMILY 2009 IRREVOCABLE TRUST DATED APRIL 14, 2009, 

and
the holders set forth on Schedule A hereto

 

     

     

    

 

First
amendment to

amended and restated registration rights agreement 

 

This FIRST AMENDMENT
TO AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Amendment”) is made as of February 22, 2018 among
GOLDEN QUEEN MINING CO. LTD., a British Columbia corporation, (the “Company”), THE LANDON T. CLAY 2009 IRREVOCABLE
TRUST DATED MARCH 6, 2009 (“LTC Lender”), EHT, LLC (“EHT Lender”), THE CLAY FAMILY 2009 IRREVOCABLE
TRUST DATED APRIL 14, 2009 (together with the LTC Lender and EHT Lender, the “Lenders”) and the holders set
forth on Schedule A (the “Clay Family Holders”).

 

WHEREAS, the Company,
the Lenders and the Clay Family Holders are parties to the Amended and Restated Registration Rights Agreement, dated as of June
8, 2015 (the “Registration Rights Agreement”; all capitalized terms used but not otherwise defined herein will
have the meanings ascribed thereto in the Registration Rights Agreement).

 

WHEREAS, the parties
to the Registration Rights Agreement wish to amend the Registration Rights Agreement as set forth herein.

 

NOW, THEREFORE, in
consideration of the premises and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
the parties hereto agree as follows:

 

1.       Amendments
to the Registration Rights Agreement.

 

1.1       The
definition of Registrable Securities in Section 1.1 of the Registration Rights Agreement is hereby deleted in its entirety and
replaced with the following:

 

“Registrable Securities”
means (a) all Common Shares Beneficially Owned by the Lenders and the Clay Family Holders currently held or acquired prior to February
22, 2018, (b) any securities issued or issuable directly or indirectly with respect to such Common Shares described in clause (a)
because of stock splits, stock dividends, reclassifications, recapitalizations, mergers, share exchanges, reorganizations, consolidations,
or similar events, including, without limitation, Common Shares underlying warrants issued in connection with the Term Loan Agreement
and the securities issued in connection with the rights offering by the Company substantially as described in the final short form
prospectus dated November 24, 2017 and filed with the securities regulatory authorities in the provinces of British Columbia, Alberta
and Ontario, Canada, and (c) any of such Common Shares or other securities transferred to a Transferee, but excluding, as to any
particular Registrable Securities, (i) Common Shares, if any, which have been transferred pursuant to a Registration Statement
that is effective under the Securities Act, (ii) Common Shares, owned by Holders who are not Affiliates of the Company, that
are eligible for sale without restriction pursuant to Rule 144(b)(1)(i) (or any successor provision) under the Securities Act,
(iii) Common Shares which are otherwise eligible to be sold to the public without application of the volume restrictions pursuant
to Rule 144 (or any successor provision) under the Securities Act and (iv) Common Shares or other securities which have been transferred
to any Person who is not a Transferee.”

 

2.       General.

 

2.1       This
Agreement is an amendment to the Registration Rights Agreement and is intended to be legally binding. Unless the context otherwise
requires, the Registration Rights Agreement and this Agreement will be read together and will have effect as if the provisions
of the Registration Rights Agreement and this Agreement were contained in one agreement. Except as hereby amended, all terms, conditions,
representations and agreements of the Registration Rights Agreement remain the same, in full force and effect and are hereby ratified
and confirmed by the parties.

 

2.2       This
Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute
one instrument.

 

[Signature page follows]

 

    -2- 

     

    

 

IN WITNESS WHEREOF,
the undersigned have duly executed this Amendment under seal as of the date first above written.

 

	 	GOLDEN QUEEN MINING CO. LTD.
	 	 	 	 
	 	 	 	 
	 	By:	 /s/ Brenda Dayton
	 	 	Name: Brenda Dayton
	 	 	Title: Corporate Secretary
	 	 	 	 
	 	 	 	 
	 	THE LENDERS:
	 	 	 	 
	 	THE LANDON T. CLAY 2009 IRREVOCABLE TRUST DATED
	 	MARCH 6, 2009
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/ Thomas M. Clay
	 	 	 	 Thomas M. Clay, Trustee
	 	 	 	 
	 	 	 	 
	 	EHT, LLC
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/ Jonathan C. Clay
	 	 	 	Jonathan C. Clay, Manager
	 	 	 	 
	 	 	 	 
	 	THE CLAY FAMILY 2009 IRREVOCABLE TRUST DATED APRIL 14, 2009
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/ Thomas M. Clay
	 	 	 	Thomas M. Clay, Trustee

 

[Signature Page to First Amendment to Amended and Restated Registration Rights Agreement]

 

     

     

    

 

	/s/ Cassius M.C. Clay	 
	Cassius M.C. Clay	 
	 	 	 
	/s/ Whitney Clay	 
	Whitney Clay, as custodian for James Clay	 
	 	 	 
	/s/ Jonathan Clay	 
	Jonathan Clay	 
	 	 	 
	/s/ Landon H. Clay	 
	Landon H. Clay	 
	 	 	 
	/s/ Lavinia D. Clay	 
	Lavinia D. Clay	 
	 	 	 
	/s/ Richard T. Clay	 
	Richard T. Clay	 
	 	 	 
	/s/ Thomas M. Clay	 
	Thomas M. Clay	 
	 	 	 
	933 MILLEDGE LLC	 
	 	 	 
	By:	/s/ Jonathan Clay	 
	 	Name: Jonathan C. Clay	 
	 	Title: Member	 
	 	 	 
	ARCTIC COAST PETROLEUMS LTD.	 
	 	 	 
	By:	/s/ Thomas M. Clay	 
	 	Name: Thomas M. Clay	 
	 	Title: Vice-President	 

  

[Signature Page to First Amendment to Amended and Restated Registration Rights Agreement]

 

     

     

    

 

	ESTATE OF LANDON THOMAS CLAY	 
	 	 	 
	By:	/s/ Thomas M. Clay	 
	 	Name: Thomas M. Clay	 
	 	Title: Executor	 
	 	 	 
	LANDON T. CLAY TRADITIONAL IRA	 
	 	 	 
	By:	/s/ Thomas M. Clay	 
	 	Name: Thomas M. Clay	 
	 	Title: Executor of the Estate of Landon T. Clay	 
	 	 	 
	LTC CORPORATION	 
	 	 	 
	By:	/s/ Thomas M. Clay	 
	 	Name: Thomas M. Clay	 
	 	Title: President	 
	 	 	 
	THE MONADNOCK CHARITABLE	 
	ANNUITY LEAD TRUST DATED MAY 31, 1996	 
	 	 	 
	By:	/s/ Brian James	 
	 	Name: Brian James	 
	 	Title: Trustee	 
	 	 	 
	THE SKADUTAKEE CHARITABLE	 
	ANNUITY LEAD TRUST DATED JUNE 28, 1993	 
	 	 	 
	By:	/s/ Brain James	 
	 	Name: Brian James	 
	 	Title: Trustee	 

 

[Signature Page to First Amendment to Amended and Restated Registration Rights Agreement]

 

     

     

    

 

Schedule A to Amended
and Restated Registration Rights Agreement, dated June 8, 2015, as Amended

 

Cassius M.C. Clay

Whitney Clay, as custodian for James Clay

Jonathan Clay

Landon H. Clay

Lavinia D. Clay

Richard T. Clay

Thomas M. Clay

933 Milledge LLC

Arctic Coast Petroleums Ltd.

Estate of Landon Thomas Clay

Landon T. Clay Traditional IRA

LTC Corporation

The Monadnock Charitable Annuity Lead Trust Dated
May 31, 1996

The Skadutakee Charitable Annuity Lead Trust Dated
June 28, 1993

 

[Signature Page to First Amendment to Amended and Restated Registration Rights Agreement]

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