Document:

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Exhibit 4.6
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FIRST AMENDMENT AND RESTATEMENT TO PROTOCOL AND JUSTIFICATION FOR THE MERGER OF BANCO INTER S.A. SHARES BY INTER HOLDING FINANCEIRA S.A.
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The directors of the companies described below, as well as the respective companies:
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BANCO INTER S.A., a financial institution and publicly traded company with authorized capital and shares accepted for trading under the Corporate Governance Level-2 regulations of B3 S.A. –Brasil, Bolsa, Balcão (“B3”), registered on the Ministry of the Economy National Register of Legal Entities (“CNPJ”) under no. 00.416.968/0001-01, headquartered at Avenida Barbacena, No. 1.219, 22nd floor, at Santo Agostinho district, in the city of Belo Horizonte, state of Minas Gerais, CEP (zip code) 30190-131, Brazil, whose corporate purpose is to engage in general banking activities, including foreign exchange and holdings in other companies as a quotaholder or shareholder (“Inter”).
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INTER HOLDING FINANCEIRA S.A., a privately held, unlisted company registered on the CNPJ under no. 39.903.325/0001-10, headquartered at Avenida Barbacena, no 1219, 22o andar, Cidade de Belo Horizonte, Estado de Minas Gerais, CEP 30.190-131, Brazil, whose corporate purpose is holding equity interests in financial institutions and whose only asset as of the date hereof is an equity interest in Inter (“HoldFin” and, jointly with Inter, the “Companies”).
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INTER & CO INC. (new denomination of Inter & Co, Inc.), a company incorporated under the laws of the Cayman Islands, registered on the CNPJ under no. 42.737.954/0001-21, with registered address at PO Box 309, Ugland House, Grand Cayman KY1-1104, Cayman Islands, whose corporate purpose is holding equity interests in financial institutions and whose only relevant current asset is an equity interest in HoldFin (“Inter & Co”).
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Hereby resolve to execute this Amendment to the PROTOCOL AND JUSTIFICATION OF THE INCORPORATION OF BANCO INTER S.A. SHARES BY INTER HOLDING FINANCEIRA S.A. ("Protocol"), entered into on April 15, 2022, which shall be governed by the following clauses and conditions, in order to rectify the amount related to the eventual exercise of the Withdrawal Rights (as defined in the Protocol) by Inter's shareholders.
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1. Rectification of Withdrawal Rights
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1.1. Clause 6 of the Protocol shall be effective as follows:
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6. WITHDRAWAL RIGHTS
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6.1 As provided for in article. 252, paragraph 2, of the Brazilian Corporation Law, the Merger of Shares shall give rise to withdrawal rights to Inter's shareholders who hold
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common or preferred shares (including those that integrate units), on an uninterrupted basis, since the end of the trading session on April 14, 2022 (last trading session before the date of the first Material Fact on the adjusted Corporate Reorganization) and who do not vote in favor of the Corporate Reorganization, or who do not attend the New Corporate Reorganization EGM, and such right shall be exercised within 30 days from the publication of the minutes of the New Corporate Reorganization EGM ("Withdrawal Rights").
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6.2 The amount to be paid to the holder of each common or preferred share will correspond to the net book value of Inter's share on December 31, 2021, according to Inter's financial statements to be submitted for approval at an ordinary shareholders' meeting to be held on April 28, 2022, corresponding to R$3.30 (three reais and thirty cents) per share1 .
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1.2. All other clauses and conditions of the Protocol that have not been altered by virtue of this instrument are hereby ratified, and are considered to be an integral and inseparable part of the Protocol, which comes into force, in consolidated form, in the form of Exhibit I.
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And, in witness whereof, the managers of the Companies sign this Protocol and Justification, together with the witnesses below.
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Belo Horizonte (MG), April 29, 2022.
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[rest of page intentionally blank]
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	1
	Calculated based on dividing the value of total equity on December 31, 2021, divided by the number of shares then existing.

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[Signature Page 01 of 04 of the First Amendment and Restatement of the Protocol and Justification of the Merger of Shares of Banco Inter S.A. by Inter Holding Financeira S.A. executed on April 29, 2022].
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	Banco Inter S.A.

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	By: Helena Lopes Caldeira 
Position: Chief Financial and Investor 
Relations Officer
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	By: Alexandre Riccio de Oliveira 
Position: Director VP of Technology, 
Operations, and Finance

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[Signature Page 02 of 04 of the First Amendment and Restatement of the Protocol and Justification of the Merger of Shares of Banco Inter S.A. by Inter Holding Financeira S.A. executed on April 29, 2022].
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	Inter Holding Financeira S.A.

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	By: João Vitor N. Menin Teixeira de Souza
Position: Director
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	By: Helena Lopes Caldeira
Position: Director

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[Signature Page 03 of 04 of the First Amendment and Restatement of the Protocol and Justification of the Merger of Shares of Banco Inter S.A. by Inter Holding Financeira S.A. executed on April 29, 2022].
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	Inter & Co, Inc.

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	By: Helena Lopes Caldeira
Position: CFO
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	By: João Vitor N. Menin Teixeira de Souza
Position: CEO

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[Signature page 04 of 04 of the First Amendment and Restatement of the Protocol and Justification of the Merger of Shares of Banco Inter S.A. by Inter Holding Financeira S.A. signed on April 29, 2022].
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Witnesses
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	1.
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	2.

	Name: Ana Flávia Marques Guimarães
ID: MG - 15.525.629
CPF: 018.199.666-90
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	Name: Débora Resende Castanheira de Carvalho
ID: MG - 10.928.113
CPF: 937.281.406-78

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EXHIBIT I - CONSOLIDATION OF
PROTOCOL AND JUSTIFICATION FOR THE MERGER OF
BANCO INTER S.A. SHARES BY INTER HOLDING FINANCEIRA S.A.
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The directors of the companies described below, as well as the respective companies:
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BANCO INTER S.A., a financial institution and publicly traded company with authorized capital and shares accepted for trading under the Corporate Governance Level-2 regulations of B3 S.A. –Brasil, Bolsa, Balcão (“B3”), registered on the Ministry of the Economy National Register of Legal Entities (“CNPJ”) under no. 00.416.968/0001-01, headquartered at Avenida Barbacena, No. 1.219, 22nd floor, at Santo Agostinho district, in the city of Belo Horizonte, state of Minas Gerais, CEP (zip code) 30190-131, Brazil, whose corporate purpose is to engage in general banking activities, including foreign exchange and holdings in other companies as a quotaholder or shareholder (“Inter”).
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INTER HOLDING FINANCEIRA S.A., a privately held, unlisted company registered on the CNPJ under no. 39.903.325/0001-10, headquartered at Avenida Barbacena, no 1219, 22o andar, Cidade de Belo Horizonte, Estado de Minas Gerais, CEP 30.190-131, Brazil, whose corporate purpose is holding equity interests in financial institutions and whose only asset as of the date hereof is an equity interest in Inter (“HoldFin” and, jointly with Inter, the “Companies”).
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INTER & CO INC. (new denomination of Inter & Co, Inc.), a company incorporated under the laws of the Cayman Islands, registered on the CNPJ under no. 42.737.954/0001-21, with registered address at PO Box 309, Ugland House, Grand Cayman KY1-1104, Cayman Islands, whose corporate purpose is holding equity interests in financial institutions and whose only relevant current asset is an equity interest in HoldFin (“Inter & Co”).
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Hereby resolve to execute, for the reasons and purposes detailed below in the form of articles 224 and 225 of Law no. 6.404, of December 15, 1976, as amended ("Corporation Law"), and pursuant to the Material Fact notice disclosed on this date, the present instrument of protocol and justification ("Protocol and Justification"), having as purpose the corporate reorganization aiming at the migration of its shareholding base to Inter&Co, with the listing of its shares on Nasdaq, a stock exchange in the United States, and the trading of BDRs Level I, issued in accordance with CVM Instruction 332, of April 4, 2000, as amended, backed by Class A Shares (as defined below) issued by Inter&Co ("BDRs"), on B3 - Brasil, Bolsa, Balcão S.A. ("B3") ("Corporate Reorganization"), according to the steps listed below and as determined by Official Letter 141/2021-DIE, issued by B3 - Brasil, Bolsa, Balcão S.A. ("B3") on April 12, 2021 ("1st B3 Official Letter"), by Official Letter no. 13/2022-DIE, dated January 19, 2022, adding to and supplementing the terms of the Original B3 Official Letter ("2nd B3 Official Letter") and by Official Letter no. 122/2022-DIE, dated April 13, 2022 ("3rd B3 Official Letter" and, jointly with the 1st B3 Official Letter and the 2nd B3 Official Letter, "B3 Official Letters"), whereby: (i) the 2nd B3 Official authorized the Cash-Out Cap Cash (as defined below), the Apportionment structure (as defined
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below) and the introduction of shareholder legitimation rules for purposes of the Cash-Out Option (as defined below); and (ii) the 3rd B3 Official allowed that the Inter shares held by Softbank Latin America Fund ("SoftBank") be included in the concept of Outstanding Shares, reforming on this point the 1st B3 Official, but did not express itself regarding the possibility of SoftBank exercising its voting rights.
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	1.
	REASONS OR PURPOSES AND INTEREST OF THE COMPANIES AND APPROVAL OF THE CORPORATE REORGANIZATION

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	1.1.
	Motives or Purposes and Interests of Companies

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1.1.1.Inter&Co's corporate structure, following the completion of the Corporate Reorganization, is intended to allow Inter to implement its business and growth strategy while ensuring compliance with the regulatory requirements of the Central Bank of Brazil ("Central Bank"). Central Bank regulations require that Brazilian financial institutions are required to have a controlling shareholder or controlling group defined and approved before the Central Bank. In addition, Brazilian corporate law does not permit companies to issue non-voting preferred shares in excess of 50% of their total capital stock. In this context, Inter's controlling shareholder currently and indirectly holds 53.1% of the total ordinary shares and 8.9% of Inter's preferred shares, with a total interest in the capital stock of 31.1%.  For this reason, Inter's ability to raise additional capital to finance its growth strategy without diluting its controlling shareholder's ownership below 50% of the voting capital is limited.
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1.1.2.Upon completion of the Corporate Restructuring, Inter's controlling shareholder will control Inter&Co and, indirectly, Inter, through ownership of Class B Shares, which are entitled to 10 votes per share. Due to the regulation applicable to Banco Inter, this structure is being proposed with the main objective of allowing it to raise additional capital in the future by issuing equity instruments, especially shares, in order to implement its growth strategy, thus preserving the governance and control structure required by the Central Bank.
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	1.2.
	Approval of Corporate Reorganization

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1.2.1Subject to the terms and conditions set forth in this Merger Agreement, the Boards of Directors of the Companies, ad referendum of the Shareholders' Meetings of the respective Companies, shall approve the Corporate Reorganization and submit to the shareholders of the Companies the proposed Corporate Reorganization, whose steps are detailed below.
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	2.
	DESCRIPTION OF THE CORPORATE REORGANIZATION

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	2.1.
	Stages of Corporate Reorganization

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2.1.1 The Corporate Reorganization shall comprise the following steps, which shall be interdependent and linked to each other, coordinated so as to occur, preferably, on the same date. The consummation of the Corporate Reorganization shall be subject to the applicable corporate approvals and to the verification of compliance by Inter with the Conditions for Implementation (as defined below).
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	2.1.1.1.
	Merger of Shares. The merger of all shares issued by Inter by HoldFin, at their book asset value, resulting in the issuance by HoldFin, in favor of Inter's common and preferred shareholders, including unit holders ("Inter Shareholders"), of two classes of mandatorily redeemable preferred shares issued by HoldFin ("Merger of Shares"), being:

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		(i)
	a class redeemable in BDRs (as defined below), pursuant to the BDR Option (as defined below), and

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		(ii)
	the other class redeemable in cash pursuant to the Cash-Out Option (as defined below) ("Redeemable PNs).

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2.1.1.1(a). For every 6 (six) common and/or preferred shares issued by Inter, 1 (one) Redeemable PN issued by HoldFin will be delivered, that is, 0.1666666666667 Redeemable PN will be delivered for every 1 (one) common or preferred share issued by Inter and, for every 2 (two) units of Inter, 1 (one) Redeemable PN issued by HoldFin will be delivered.
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2.1.1.1(b). own assets, there being no legal succession, subject to the following:
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2.1.1.1(c). The Cash-Out Option will be limited to one billion, one hundred thirty-one million, one hundred eighty-nine thousand, fifty-four reais and sixty centavos (R$1,131,189,054.60), an amount equivalent to ten percent (10%) of the total amount of Outstanding Shares2 , calculated based on the economic value of the Inter shares defined in the Cash-Out Report (as defined below) ("Cash-Out Cap").
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2.1.1.1(d). The Cash-Out Option will be:
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(i) made available only and exclusively to Inter's shareholders that hold shares issued by it on April 15, 2022, which is the date of disclosure by Inter of a Material Fact on the resumption of the Corporate Reorganization ("Cut-off Date" and "Legitimate Shareholders", respectively); and
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	Thus understood as the common or preferred shares issued by Inter, with the exception of those: (i) belonging to Inter's controlling shareholders (as indicated in Inter's Reference Form), (ii) belonging to persons linked to Inter's controlling shareholders (as determined by B3 through the 1st B3 Official Letter), (iii) belonging to Inter's administrators, and (iv) held in treasury. B3 issued, on April 13, 2022, the 3rd B3 Official Letter, which reformed part of the 1st B3 Official Letter to allow the shareholder SoftBank to integrate the concept of Outstanding Shares.

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(ii) limited to the number of shares owned by the Legitimate Shareholders held on the Cut-off Date ("Share Quantity Limit").
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2.1.1.1(e). The Cash-Out Option will be available to those Legitimate Shareholders who exercise this option within six (6) business days as of and including the business day following the date of the New Reorganization EGM (as defined below) ("Option Period"), subject, in any event, to the Limit on the Amount of Shares.
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2.1.1.1(f). In case, after the manifestation of the Legitimate Shareholders who validly opt for the Cash-Out Option, it represents a disbursement to HoldFin:
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(i) in an amount less than or equal to the Cash-Out Cap, then the Legitimate Shareholders will receive exclusively Cash-Out Option Redeemable PNs, which will be redeemed by payment in cash of the economic value of the Inter shares as determined pursuant to the Cash-Out Report (as defined below); or
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(ii) in an amount greater than the Cash-Out Cap, then the Legitimate Shareholders will automatically receive: (x) the PNs Redeemable corresponding to the Cash-Out Option, proportionally prorated among them ("Apportionment"), so that, in any case, the maximum disbursement will be equivalent to the Cash-Out Cap; and (y) PNs Redeemable in BDRs backed by Class A Shares (as defined below), in an amount apt to supplement the balance of the Cash-Out Option not met due to the Apportionment. In case of Apportionment of PNs redeemable in BDRs backed by Class A Shares, Inter must inform the market of the result of the Apportionment of such shares up to 2 (two) business days after the end of the period for acceptance of the Cash-Out Option.
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2.1.1.1(g). The Cash-Out Option will not be available: (i) to Inter's shareholders other than the Legitimate Shareholders; and (ii) to shares and/or units (x) acquired after the Cut-Off Date; and/or (y) that exceed the Limit on the Amount of Shares. In such cases, the BDR Option (as defined below) will apply.
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2.1.1.1(h). Investors with a donating position of Inter shares on the Cut-off Date, in the scope of share loan transactions, will be considered Legitimate Shareholders both for purposes of the Cash-Out Option and for the definition of the Share Amount Limit, and will be entitled to exercise the Cash-Out Option. To this end, such shareholders must have the Inter's share position deposited at B3's central depository at the time of their decision to exercise the Cash-Out Option. Thus, the corresponding borrowing investors will not be considered as Legitimate Shareholders in the respective amounts of their outstanding loan positions on the Cut-off Date , nor for the definition of the Stock Quantity Limit.
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2.1.1.2 Redemption. As a subsequent and interdependent act of the Merger of Shares, there will be, on the same date, the redemption of all Redeemable PNs ("Redemption") through the delivery, to the Inter:
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(i)of Level I Certificates of Deposit of Securities - BDRs, issued in accordance with CVM Instruction 332, of April 4, 2000, as amended, backed by Class A Shares ("BDR Options"), and the BDRs may be subsequently cancelled, if the holder so decides, so that the holder receives Class A Shares (as defined below) directly, upon instructions given to B3 through its respective custody agents, pursuant to B3 regulations. Each Redeemable PN Share issued by HoldFin will be redeemed through the delivery of 1 (one) BDR; or
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(ii)the amount of R$38.70 (thirty-eight reais and seventy centavos) per Redeemable PN, corresponding to six (6) times3 the economic value per preferred and/or common share of Inter, established pursuant to the terms of the Cash-Out Report (as defined below) , subject to the Cash-Out Cap and the Apportionment procedure, with the referred amount of R$38.70 (thirty-eight reais and seventy cents) subject to adjustment by the DI rate from the date on which the New Reorganization EGM is held (as defined below) up to the date of the effective payment ("Cash-Out Option").
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2.1.1.2(a) Redeemable PNs will have full voting rights, priority in capital reimbursement in the event of liquidation, without premium, and will be automatically redeemed, upon their cancellation, against HoldFin's capital and/or profit reserves upon completion of the Corporate Reorganization, without the need, therefore, for a special meeting.
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2.1.2 Inter&Co's capital structure will have two (2) classes of shares, as follows:
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	(a)
	Class A Shares, which will carry one (1) vote per share, which will be admitted for trading on Nasdaq, stock exchange in the United States of America ("Class A Shares"); and

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	(b)
	Class B Shares, which will confer ten (10) votes per share, owned exclusively by Inter's indirect controlling shareholder and Inter&Co's controlling shareholder, which will not be admitted to trading on Nasdaq or any other organized market ("Class B Shares").

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2.1.3 Class A Shares and Class B Shares will have the same economic rights.
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	3
	On February 18, 2022, a reverse split of all shares issued by HoldFin was approved and implemented, in the proportion of 2:1 (two shares issued by HoldFin now representing one share issued by HoldFin after the reverse split), which resulted in the adjustment of the proportion attributed between the shares and units of Inter per Redeemable PN, which was 3 (three) times in the original structure of the Corporate Reorganization, to 6 (six) times, without any change, therefore, in the economic conditions of the established relationship, preserved in the Corporate Reorganization.

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2.1.6. Details about Inter&Co and the rights to which the Class A Shares and BDRs will be entitled are described at in Inter's Reference Form and will be described in the call documents for the Extraordinary General Meeting, which will be called in due course and will resolve, among other matters, on: (i) the ratification of the hiring of the appraiser for purposes of the Corporate Reorganization; (ii) the approval of the appraisal report prepared by the appraiser; (iii) the Corporate Reorganization; and (iv) this Protocol and Justification, through which the terms and conditions for the Corporate Reorganization were established and which contains the appraisal reports and other pertinent documents, signed by the Companies' managements ("New Reorganization EGM").
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2.2. BDRs Option; BDRs Program Level 1
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2.2.1 Inter's shareholders that wish to directly hold Class A Shares after receiving BDRs backed by Class A Shares may undo their BDRs at any time in order to receive Class A Shares, upon instructions given to B3 through their respective custody agents, pursuant to B3's regulations.
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2.2.2. Inter&Co has applied to the CVM for registration as a Sponsored Level I BDR Program and for admission to trading of BDRs backed by Class A Shares at B3, with Banco Bradesco S.A. as depositary institution:
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		(i)
	on July 16, 2021, B3 granted the request for admission to trading of BDRs backed by Class A Shares ; and

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		(ii)
	on October 29, 2021, the CVM approved the registration of the Sponsored Level I BDR Program , conditioned  to the maintenance of Inter's registration as a publicly-held company in category A before the CVM for at least 12 (twelve) months after the conclusion of Corporate Reorganization.

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2.2.3 Inter&Co will, prior to the date of the New Reorganization EGM, file a foreign issuer registration application and a Level II BDR program registration application with the CVM and B3, which will be analyzed by those entities within the applicable regulatory deadlines.  OBTAINING THESE REGISTRATIONS IS NOT A CONDITION FOR THE CORPORATE REORGANIZATION TO TAKE EFFECT, IF APPROVED BY THE SHAREHOLDERS IN THE NEW EGM REORGANIZATION AND IF THE CONDITIONS FOR ITS IMPLEMENTATION ARE MET. Once the CVM and B3 approve the registration of the Level II BDR program, Level I BDRs will be automatically substituted by Level II BDRs.
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2.2.4 Inter&Co will make, on this date, public filing of an amendment to the registration statement with the Securities and Exchange Commission ("SEC") relating to the new terms and conditions for the potential resumption of the Corporate Reorganization. The holding of the New Reorganization EGM will be conditioned upon the SEC declaring the amendment to the registration statement filed with the SEC effective.  If such declaration of effectiveness does not
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occur prior to the New Reorganization EGM, Inter will cancel or postpone the date for holding the New Reorganization EGM .
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2.3 Cash-Out Option; Funding for the Cash-Out
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2.3.1 As mentioned in item 2.1.1.1(d), the Cash-Out Option will be available only and exclusively to the Legitimate Shareholders, in compliance with: (i) the Limit on the Amount of Shares, as ascertained on the Cut-Off Date; and (ii) the Cash-Out Cap .
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2.3.2. The amount to be disbursed, per PN Redeemable under the Cash-Out Option, will be R$38.70 (thirty-eight reais and seventy centavos), subject to the Cash-Out Cap, as defined by the Cash-Out Report (as defined below), which calculated an amount of R$6,45 (six reais and forty-five cents) per Inter common and/or preferred share, or R$19.35 (nineteen reais and thirty-five cents) per Inter unit, to be paid to the Legitimate Shareholders who validly elect to exercise the Cash-Out Option ("Cash-Out Option Amount").
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2.3.3 To finance the payment of the Cash-Out, HoldFin will use resources originating from: (i) of financing to be contracted by it with financial institutions, in the amount of up to R$1,150,000,000.00 (one billion and one hundred and fifty million reais), which will be formalized until the date of the New Reorganization EGM and whose main characteristics are described in Exhibit 2.3.3 of this instrument ("Cash-Out Financing") .
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2.4 Option Period ; Shareholder Manifestation; Dealing Rules
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2.4.1. The Cash-Out Option will be available to those Legitimate Shareholders who exercise this option within six (6) business days from and including the business day following the date of the New Reorganization EGM ("Option Period"), subject, in any event, to the Limit on the Amount of Shares.
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2.4.2. the Option Period was determined in order to assure the Legitimate Shareholders sufficient time after the New Reorganization EGM to make their decision.
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2.4.2. During the Option Period, the Legitimate Shareholder who has chosen the Cash-Out Option may only migrate to the BDRs Option and vice versa, if the shareholder's custody agent provides for this possibility. Thus, prior to making his decision, the Legitimized Shareholder should contact the institution where his shares are held in custody to ascertain the procedures required by the latter .
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2.4.3. the Option Period Ends:
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		(i)
	the Legitimate Shareholder cannot change his decision and there will be no migration between options;

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		(ii)
	Inter's Shareholder who is in the BDR Option may trade with his shares issued by Inter until the effective implementation of the Corporate Restructuring, when the BDRs will be delivered to him;

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		(iii)
	the Legitimate Shareholder that has adhered to the Cash-Out Option may not trade with its shares issued by Inter, observing that: (a) said prohibition, in the event of Apportionment, shall apply exclusively to the portion of the shares corresponding to the Cash-Out Redemption, as per the result of the Apportionment that may be disclosed by Inter; and (b) with the implementation of the Corporate Reorganization, such shareholder shall receive the amount corresponding to the Cash-Out Option, subject to the Apportionment ; and

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		(iv)
	Inter will communicate to the market, within two (2) Business Days after the end of the Option Period, whether the amount corresponding to the Cash-Out Option will represent an amount less than, equal to, or greater than the Cash-Out Cap, including the Apportionment result, if any, i.e. the proportion of Redeemable PNs of each class that will be delivered to the Legitimate Shareholders who have entered into the Cash-Out Option .

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2.4.4. The Legitimate Shareholder that does not manifest during the Option Period, does not observe the procedures to be disclosed by Inter for the exercise of the Cash-Out Option or, further, does not exercise the Withdrawal Rights, as defined below, will receive the BDRs Option.
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3. CONDITIONS FOR THE CONCLUSION OF THE CORPORATE REORGANIZATION
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3.1. The completion of the Corporate Reorganization is conditioned to the implementation of the following events ("Implementation Conditions"):
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		(i)
	Approval of the Corporate Reorganization by Inter's Shareholders at New Reorganization EGM and by HoldFin's shareholders up to the date of the New Reorganization EGM (inclusive) ;

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		(ii)
	(a) declaration of effectiveness by the SEC on the supplement to the registration statement to be submitted by Inter&Co to the SEC prior to the New Reorganization EGM ; (b) no order suspending the aforementioned declaration of effectiveness; and (c) no commencement or threat of any such proceedings by the SEC ;

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		(iii)
	By the date of the New Reorganization EGM, HoldFin shall obtain a binding commitment, from one or more financial institutions, with respect to the Cash-Out Financing, in an amount sufficient to meet the Redemption of the Cash Redeemable PNs, subject to the Cash-Out Cap;

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		(iv)
	All conditions precedent to the disbursement of the Cash-out Financing must have been met; and

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		(v)
	Approval of the corporate acts of the New Extraordinary General Meeting Reorganization by the Central Bank.

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3.2 If the Conditions for Implementation are not met, the Corporate Reorganization shall not be implemented, and the resolutions made and/or acts performed in connection with the intended Corporate Reorganization shall be null and void, and the status quo ante shall be maintained by Inter, HoldFin and Inter&Co.
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4. REPLACEMENT RELATIONS, APPRAISERS, AND APPRAISAL REPORTS
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4.1 Substitution Relationships
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4.1.1. Upon completion of the Corporate Reorganization, c ach holder of Inter's common shares and preferred shares, including unit holders, will maintain, in Inter&Co's total capital, the same proportional interest that it held in Inter's total capital immediately prior to completion of the Corporate Reorganization, except for the effects of: (i) of the payment of the Cash-Out Option; and (ii) of the payment of the reimbursement for the exercise of the Withdrawal Rights (as defined below) in favor of the shareholders that make such option.
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4.1.2. As a result of the Merger of Shares, Redeemable PNs issued by HoldFin, all registered and with no par value, will be issued in favor of Inter's shareholders, in replacement of the common and preferred shares issued by Inter held by them . Based on the share price criteria in the period indicated in the Cash-Out Report (as defined below), which results in the same replacement ratio if the book value of the shares or discounted cash flow criteria of Inter and HoldFin were adopted on the Base Date (as defined below), each six (6) common and/or preferred shares issued by Inter will correspond to one (1) PN Redeemable issued by HoldFin, and each two (2) units of Inter will correspond to one (1) PN Redeemable issued by HoldFin ("Replacement Ratio Merger of Shares").
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4.1.3 Each 1 (one) Redeemable PN issued by HoldFin, in turn, will entitle the holder to receive:
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		(i)
	1 (one) BDR, with each BDR being backed by 1 (one) Class A Share; or

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		(ii)
	R$38.70 (thirty-eight reais and seventy cents), corresponding to the Cash-Out Option Value, which will be subject to updating by the DI rate from the date on which the New Reorganization EGM is held until the date of actual payment.

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4.1.4 In addition, Report 264 (as defined below) was prepared to calculate, on a comparative basis, the replacement ratio of Inter's shareholders' shares for HoldFin shares, valuing the two assets according to the same criteria and on the Base Date (as defined below), based on the
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discounted cash flow criterion. According to Report 264 (as defined below), by the discounted cash flow methodology on the Base Date, as provided for in article 8, item II, of CVM Instruction No. 565, of June 15, 2015, as amended ("ICVM 565"): (a) the value of Inter is R$ 44,132 million; and (b) the value of HoldFin is R$ 13,881 million.
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4.1.5. Thus: (a) the application of the theoretical share replacement ratio based on such comparative criterion would result in the exchange of 6 (six) Inter shares (preferred or common) or 2 (two) Inter units for 1 (one) Redeemable PN Share issued by HoldFin, such ratio being equivalent to the Share Merger Replacement Ratio; (b) for this reason, the option referred to in article 264, paragraph 3, of the Brazilian Corporation Law is not available to the dissenting shareholder of Inter; and, therefore, (c) the reimbursement, for those exercising the Right of Withdrawal, will be calculated based on the equity book value of the Inter share .
​
4.1.6. Any fractions of BDRs resulting from the Merger of Shares, followed by the Redemption with delivery of the BDRs, shall be grouped in whole numbers to be sold in the spot market managed by B3 after the consummation of the Corporate Reorganization, pursuant to a notice to shareholders to be disclosed by Inter. The amounts earned in said sale will be made available net of fees to the former Inter Shareholders holding the respective fractions, in proportion to their interest in each security sold. No additional amounts in cash or shares (or BDRs) will be paid by Inter&Co to Inter's Shareholders who opt for the BDR Option. The amount resulting from such sale of tranches may be less than the Cash-Out Option.
​
4.2. Appraisers; Appraisal Reports
​
4.2.1. The independent members of Inter's Board of Directors separately evaluated and recommended to Inter's Board of Directors, and all members of the Board of Directors approved, unanimously and without any restrictions, the hiring of PricewaterhouseCoopers Corporate Finance & Recovery Ltda, headquartered at Avenida Francisco Matarazzo 1.400, Torre Torino, City of São Paulo, State of São Paulo, registered with the CNPJ under no. 05.487.514/0001-37 ("PwC" or "Appraiser"), to prepare the appraisal report containing the evaluations indicated below, in compliance with the terms of the B3 Notices:
​
		(i)
	the value of the shares issued by Inter, based on their economic value, pursuant to item 10.1 of the Level 2 Regulations of B3 and following the parameters of CVM Instruction 361, of March 5, 2002, as amended ("Cash-Out Report"); and

​
		(ii)
	value of the shares issued by Inter and HoldFin, evaluated the two assets based on the discounted cash flow methodology on December 31, 2021 ("Base Date"), for purposes of comparing the replacement ratio, pursuant to article 264, of the Brazilian Corporation Law, and article 8, II, of ICVM 565 ("Report 264").

​
4.2.2 Considering the new terms of the Corporate Restructuring, PwC updated the Cash-Out
​

16

​

Report on April 14, 2022, having calculated a value of R$6.45 (six reais and forty-five cents) per share issued by Inter, or R$19.35 (nineteen reais and thirty-five cents) per unit. The Report 264 underwent the necessary updates in relation to the value of the shares issued by Inter and HoldFin, evaluating both equity based on the discounted cash flow methodology on the Base Date.
​
4.2.3. The independent members of the Board of Directors of Inter, separately, evaluated and recommended to the Board of Directors of Inter, , which approved, unanimously and without any restrictions, the contracting of KPMG Auditores Independentes, with head office at Rua Arquiteto Olavo Redig de Campos, 105, 6th floor, tower A, São Paulo, SP, CEP 04711-904, enrolled in the CNPJ under no. 57.755.217/0001-29 ("KPMG" or "Auditor"), to: (a) prepare a report on the value of the shares issued by Inter to be incorporated by HoldFin, within the scope of the Merger of Shares, based on the net book value of the shares issued by Inter, on the Base Date, for purposes of verification of the capital increase of HoldFin, as provided for in article 252 of the Brazilian Corporations Law ("Share Merger Report" and, together with the Cash-Out Report and Report 264, the "Valuation Reports"); and (b) prepare the reasonable assurance report on the pro forma financial information of Inter considering the completion of the Corporate Reorganization, relative to the Base Date, pursuant to article 7 of ICVM 565, which will be included in the management proposal of the New EGM Reorganization.
​
4.2.4 The Appraisal Reports found:
​
		(i)
	the amount of R$6.45 (six reais and forty-five), corresponding to the economic value per Inter preferred and/or common share, as determined by the Cash-Out Report;

​
		(ii)
	the comparative share replacement ratio, based on the discounted cash flow method, of six (6) Inter shares for one (1) HoldFin share, which is the same as that calculated based on the Share Merger Replacement Ratio; and

​
		(iii)
	the amount of R$3.30 (three reais and thirty cents), corresponding to the net book value per Inter preferred and/or common share on the Base Date, as determined by the Share Merger Report.

​
4.2.5 The appointment of PwC and KPMG, as well as the Cash-Out Report, the 264 Report and the Merger of Shares Report shall be submitted for ratification at the New Reorganization EGM, observing the resolution quorums described in item 5.2 below and that will be included in the manual for participation in the New Reorganization EGM to be disclosed by Inter. PwC and KPMG are considered independent experts for the purposes of issuing the Reports within the scope of the Corporate Reorganization.
​
4.2.6 The Auditor and the Appraiser were selected for the work considering, among others, their wide and notorious experience in the preparation of reports and appraisals of this nature. The Auditor and the Appraiser expressly declare (a) there is no current or potential conflict or
​

17

​

communion of interests with the shareholders of the Companies or, further, with respect to the Merger of Shares; and (b) the shareholders or managers of the Companies have not directed, limited, hindered or practiced any acts that have or may have compromised the access, use or knowledge of information, assets, documents or work methodologies relevant to the quality of their conclusions.
​
4.2.7. Inter will bear all costs related to hiring PwC and KPMG for the preparation of the Appraisal Reports.
​
4.3 Inter and HoldFin Asset Evolution
​
4.3.1. The Merger of Shares and the SoftBank Share Transfer (as defined below) will result in an increase in HoldFin's net equity in the amount of R$5,819,783,248.07 (five billion eight hundred and nineteen million seven hundred and eighty-three thousand two hundred and forty-eight reais and seven cents), with the issuance of up to 294.647,051 (two hundred and ninety-four million six hundred and forty-seven thousand and fifty-one) Redeemable PNs, equivalent to the book value of the shares to be incorporated, under the terms of the Share Merger Report, of which (i) up to R$441,970,576.25 (four hundred and forty-one million, nine hundred and seventy thousand five hundred and seventy-six reais and twenty-five cents) will be allocated to the capital stock increase; and (ii) the remainder will be allocated to the formation of capital reserve.
​
4.3.2. between the date hereof and the effective date of the Merger of Shares:
​
		(i)
	Inter's capital stock will be increased to reflect the effects of the capital increase approved by the Board of Directors on April 4, 2022 related to the vesting of certain Inter's long-term incentive programs (as defined below), in the amount of R$ 3,873,885.00, with the issuance of 4,830,964 preferred shares and 2,415,482 common shares , which is pending approval by the Central Bank.

​
		(ii)
	the capital stock of HoldFin will be increased to reflect: (a) the contribution of shares held by SoftBank, at book value, in consideration for the issuance of common shares of HoldFin, in all things equal to the shares currently held by the controlling shareholder, under the Amended and Restated Reorganization Agreement described below ("SoftBank Share Contribution"); and (b) the contribution to HoldFin by Inter&Co of its own shares, at book value, to match the BDR Option, in consideration for the issuance of Redeemable PNs .

​
4.3.3 Except for the effects of any exercise of the Withdrawal Rights and Inter's capital increase indicated in item 4.3.2(i) above, there will be no change in Inter's capital stock, nor in the number of shares into which it is divided.
​
4.3.4 In the event that the Right of Withdrawal is exercised, the value of HoldFin's equity increase will be proportionally reduced to reflect the shares that, due to the payment of the
​

18

​

reimbursement, are no longer incorporated.
​
4.3.5. Equity variations after the Base Date will be calculated and reflected in the companies in which they occur.
​
5. CORPORATE APPROVALS
​
5.1. The effectiveness of the Corporate Reorganization, including the Merger of Shares, shall depend on the completion of:
​
		(i)
	Separate meeting of the independent members of Inter's Board of Directors, with the exclusive purpose of evaluating the terms and conditions of the Corporate Reorganization and issuing its recommendation to the members of Inter's Board of Directors;

​
		(ii)
	Meeting of the members of Inter's Board of Directors, with the exclusive purpose of deliberating on the terms and conditions of the Corporate Reorganization and calling the New Reorganization EGM;

​
		(iii)
	HoldFin's Extraordinary General Meeting, to ratify the signing of this instrument and, by means of a statutory amendment, approve the creation of the Redeemable PNs;

​
		(iv)
	The New Reorganization EGM, to be convened after the execution of this instrument, pursuant to item 2.1.6 above ;

​
		(v)
	Extraordinary General Meeting of HoldFin, to resolve on the following items on the agenda (summarized herein): (i) ratification of the hiring of KPMG to prepare the Share Merger Report; (ii) approval of the Share Merger Report; (iii) approval of this Protocol and Justification; (iv) approval of the Share Merger, in the context of the Corporate Reorganization; and (v) approval of the Redemption;

​
		(vi)
	Extraordinary General Meeting of HoldFin to resolve on the capital increase of HoldFin due to the Incorporation of Shares .

​
5.2 Pursuant to the B3 Notices, the matters for which the New Reorganization EGM will be convened will be validly resolved if the following installation and resolution quorums have been met at the New Reorganization EGM:
​
(a) on first call:
​
​

19

​

​
	​

	​

	​

	​

	NO.
	ORDER OF THE DAY
	INSTALLATION QUORUM
	DELIBERATION QUORUM

	(i)
	Ratification of the hiring of PwC to prepare the Cash-Out Report and the 264 Report 
	2/3 of the Inter's capital stock, provided that 20% of the total Outstanding Shares are present
	Majority of the Outstanding Shares present at the New Reorganization EGM (as provided in the B3 Notices) and observing the provisions of article 252 of the Brazilian Corporation Law

	(ii)
	Ratification of the hiring of KPMG to prepare the Share Merger Report 
	2/3 of Inter's capital stock
	Majority of the Outstanding Shares present at the New Reorganization EGM (as provided in the B3 Notices) and observing the provisions of article 252 of the Brazilian Corporation Law.

	(iii)
	Approval of the Cash-Out Report, Report 264 and the Merger of Shares Report
	2/3 of Inter's capital stock
	Majority of the Outstanding Shares present at the New Reorganization EGM (as provided in the B3 Notices) and observing the provisions of article 252 of the Brazilian Corporation Law.

	(iv)
	Protocol Approval and Justification
	2/3 of Inter's capital stock
	Majority of the Outstanding Shares present at the New Reorganization EGM (as provided in the B3 Notices) and observing the provisions of article 252 of the Brazilian Corporation Law

	(v)
	Approval of the Merger of Shares, in the context of the Corporate Reorganization, with the consequent delisting of Inter from B3's Level 2 of Corporate Governance
	2/3 of Inter's capital stock
	Majority of the Outstanding Shares present at the New Reorganization EGM (as provided in the B3 Notices) and observing the provisions of article 252 of the Brazilian Corporation Law 

	(vi)
	The suppression, under the terms of the B3 Official Letter, of article 52, paragraph seven, of Inter's Bylaws, which provides for the obligation to make the public offering for the acquisition of shares issued by Inter provided for in item 11.3 of the Level 2 of Corporate Governance Regulations of B3
	2/3 of Inter's capital stock
	Majority of the Outstanding Shares present at the New Reorganization EGM (as provided in B3 Notices) 

	(vii)
	Authorization for Inter's managers to subscribe to the new shares to be issued by HoldFin , on behalf of Inter's shareholders
	2/3 of Inter's capital stock
	Majority of the Outstanding Shares present at the New Reorganization EGM (as provided in the B3 Notices) and observing the provisions of article 252 of the Brazilian Corporation Law

​
(b) on second call:
​
	​

	​

	​

	​

	NO.
	ORDER OF THE DAY
	INSTALLATION QUORUM
	DELIBERATION QUORUM

	(i)
	Ratification of the hiring of PwC to prepare the Cash-Out Report and the 264 Report 
	Any number of Outstanding Shares
	Majority of the Outstanding Shares present at the New Reorganization EGM (as provided in the B3 Notices) and observing the provisions of article 252 of the Brazilian Corporation Law

	(ii)
	Ratification of the hiring of KPMG to prepare the Share Merger Report
	Any number of Outstanding Shares
	Majority of the Outstanding Shares present at the New Reorganization EGM (as provided in the B3 Notices) and observing the provisions of article 252 of the Brazilian Corporation Law 

	(iii)
	Approval of the Cash-Out Report, Report 264 and the Merger of Shares Report
	Any number of Outstanding Shares
	Majority of the Outstanding Shares present at the New Reorganization EGM (as provided in the B3 Notices) and observing the provisions of article 252 of the Brazilian Corporation Law 

​
​

20

​

​
	NO.
	ORDER OF THE DAY
	INSTALLATION QUORUM
	DELIBERATION QUORUM

	(iv)
	Protocol Approval and Justification
	Any number of Outstanding Shares
	Majority of the Outstanding Shares present at the New Reorganization EGM (as provided in the B3 Notices) and observing the provisions of article 252 of the Brazilian Corporation Law 

	(v)
	Approval of the Merger of Shares, in the context of the Corporate Reorganization, with the consequent delisting of Inter from B3's Level 2 of Corporate Governance
	Any number of Outstanding Shares
	Majority of the Outstanding Shares present at the New Reorganization EGM (as provided in the B3 Notices) and observing the provisions of article 252 of the Brazilian Corporation Law 

	(vi)
	The suppression, under the terms of the B3 Official Letter, of article 52, paragraph seven, of Inter's Bylaws, which provides for the obligation to make the public offering for the acquisition of shares issued by Inter provided for in item 11.3 of the Level 2 Regulations of Corporate Governance of B3
	Any number of Outstanding Shares
	Majority of the Outstanding Shares present at the New Reorganization EGM (as provided in B3 Notices) 

	(vii)
	Authorization for Inter's managers to subscribe to the new shares to be issued by HoldFin on behalf of Inter's shareholders.
	Any number of Outstanding Shares
	Majority of the Outstanding Shares present at the New Reorganization EGM (as provided in the B3 Notices) and observing the provisions of article 252 of the Brazilian Corporation Law

​
5.3 "Outstanding Shares" shall be deemed to be the common or preferred shares issued by Inter, except for those: (i) belonging to Inter's controlling shareholders (as indicated in Inter's Reference Form), (ii) belonging to persons linked to Inter's controlling shareholders (as determined by B3 through the 1st B3 Official Letter), (iii) belonging to Inter's administrators, and (iv) held in treasury. B3 issued, on April 13, 2022, the 3rd B3 Official Letter, which reformed part of the 1st B3 Official Letter to allow the shareholder SoftBank to integrate the concept of Outstanding Shares.
​
6. WITHDRAWAL RIGHTS
​
6.1 As provided for in article. 252, paragraph 2, of the Brazilian Corporation Law, the Merger of Shares shall give rise to withdrawal rights to Inter's shareholders who hold common or preferred shares (including those that integrate units), on an uninterrupted basis, since the end of the trading session on April 14, 2022 (last trading session before the date of the first Material Fact on the adjusted Corporate Reorganization) and who do not vote in favor of the Corporate Reorganization, or who do not attend the New Corporate Reorganization EGM, and such right shall be exercised within 30 days from the publication of the minutes of the New Corporate Reorganization EGM ("Withdrawal Rights").
​
6.2 The amount to be paid to the holder of each common or preferred share will correspond to the net book value of Inter's share on December 31, 2021, according to Inter's financial
​

21

​

statements to be submitted for approval at an ordinary shareholders' meeting to be held on April 28, 2022, corresponding to R$3.30 (three reais and thirty cents) per share4 .
​
7. TREATMENT OF STOCK OPTION PLANS
​
7.1. Inter intends, upon completion of the Corporate Reorganization, to migrate the long-term incentive plans currently existing at Inter and/or create new plans within Inter&Co, which will be established within the premises usually adopted by Inter for retention of its executives, as well as within the shareholder dilution percentage currently adopted by Inter, namely 4% of its outstanding shares.
​
7.2 Should any beneficiary of the Inter Plans be disconnected from Inter after the Merger of Shares, the provisions of the contracts originally entered into between Inter and the respective beneficiaries shall apply.
​
8. SUBMISSION OF THE CORPORATE REORGANIZATION TO THE BRAZILIAN OR FOREIGN AUTHORITIES
​
8.1. Considering that this is an operation between companies of the same group, there is no need to talk about submission of the Corporate Reorganization to any Brazilian or foreign antitrust authorities.
​
8.2 The completion of the Corporate Reorganization is conditioned to compliance with the Implementation Conditions.
​
9. GENERAL PROVISIONS
​
9.1 Except as otherwise provided herein, the costs and expenses incurred in connection with the Corporate Reorganization shall be borne by Inter, including expenses related to the fees of its respective advisors, auditors, appraisers and attorneys.
​
9.2 The managements of Inter and HoldFin engaged the advice of investment banks of international repute to assist their respective boards of directors in the informed decision-making process with respect to the financial parameters of the Corporate Reorganization. Such financial institutions have not indicated any impediment or conflict for the performance of this work.
​
9.3 This Protocol and Justification may only be amended by means of a written instrument signed by the Parties.
​

	4
	Calculated based on dividing the value of total equity on December 31, 2021, divided by the number of shares then existing.

​

22

​

9.4 The eventual declaration by any court of nullity or ineffectiveness of any of the covenants contained in this Merger Agreement shall not affect the validity and effectiveness of the other covenants, which shall be fully complied with, and the Companies shall be obliged to use their best efforts to validly adjust themselves in order to obtain the same effects of the covenant that has been annulled or has become ineffective.
​
9.5 The failure or delay of any of the Companies to exercise any of its rights under this Merger Agreement shall not be deemed a waiver or novation and shall not affect the subsequent exercise of such right. Any waiver shall be effective only if specifically granted and in writing.
​
9.6 This Protocol and Justification is irrevocable and irreversible, and the obligations assumed herein by the Companies are also binding upon their successors in any capacity.
​
9.7 The assignment of any of the rights and obligations agreed upon in this Merger Agreement without the prior and express written consent of the Companies is prohibited.
​
9.8 The Parties and the two witnesses execute this Protocol and Justification by electronic means, in such a way that the Parties declare and expressly agree, for the purposes of Art. 10, Paragraph 2 of Provisory Measure No. 2,200-2, of August 24, 2001, that their signatures by such means are binding, effective and confer authenticity, integrity and legal validity to the document executed herein, making this Protocol and Justification an extrajudicial executive instrument for all legal purposes.
​
10. APPLICABLE LAW AND DISPUTE RESOLUTION
​
10.1 This Protocol and Justification shall be governed and interpreted according to the Brazilian legislation.
​
10.2 Any and all disputes that may arise between the Parties as a result of this Merger Agreement or related hereto shall be finally settled by arbitration, administered by the Market Arbitration Chamber instituted by B3 ("Market Arbitration Chamber"), pursuant to the Arbitration Rules of said institution in effect at the time of commencement of the arbitration. Should the Arbitration Regulation of the Market Arbitration Chamber be omitted in any aspect, the Parties hereby agree to apply the provisions of Law No. 9307/1996 as a supplement.
​
10.3 The Arbitration Panel shall consist of three (3) arbitrators ("Arbitration Panel") to be appointed in accordance with the Arbitration Rules of the Market Arbitration Chamber. None of the arbitrators to be appointed need to be members of the Market Arbitration Chamber's body of arbitrators, as provided for by Law No. 9307/96.
​
10.4 The place of arbitration shall be the City of São Paulo, State of São Paulo, Brazil, where the award shall be rendered. The language of the arbitration shall be Portuguese.
​
​

23

​

10.5 The arbitrators shall decide based on the applicable Brazilian legislation, being forbidden the judgment by equity.
​
10.6 The arbitration proceedings and any documents and information disclosed in connection with the arbitration shall be confidential.
​
10.7 The arbitral award shall be final and binding on the Parties and their successors, and the Parties waive any right of appeal. Each Party has the right to resort to the Judiciary Power in order to (i) impose the commencement of arbitration; (ii) obtain injunctions for protection or preservation of rights, prior to the commencement of arbitration, if so required, including to execute any measure calling for specific performance pursuant to paragraph 3 of art. 118 of the Corporation Law, and any such action shall not be deemed a waiver of arbitration as the sole means of dispute resolution chosen by the Parties; (iii) to enforce any decision of the Arbitration Tribunal, including the arbitration award; (iv) the judicial measures set forth in Law No. 9307/1996, including any action to seek annulment of the arbitration award when permitted by law; or (v) enforcement of this Merger Agreement as an extrajudicial execution instrument. In the case of injunctive or specific execution measures submitted to the Judiciary Branch in the cases foreseen herein, the Arbitration Tribunal, when constituted, shall consider them, being free to maintain or modify the decision issued by the Judiciary Branch. For all judicial measures provided for herein, the Parties choose the courts of the City of Belo Horizonte, State of Minas Gerais, with the exception of any other, however privileged it may be, except for the measures provided for in item (iii) above, which may be proposed in any competent court.
​
10.8 The costs of arbitration shall be paid in accordance with the Market Arbitration Chamber's Arbitration Rules, and the liability for costs, including administration fees, fees of arbitrators, experts and technical assistants, as well as contractual attorneys' fees, shall be defined by the Arbitration Tribunal in the arbitration award.
​
10.9 The Parties hereby declare to be bound by this arbitration clause and undertake to participate in any arbitration that may be proposed, which is related to this instrument, as well as to comply with the arbitration award.
​
[rest of page intentionally blank]
​
​

24

​

Appendix 2.3.3
​
On April 26, 2022, HoldFin obtained a commitment letter from Banco BTG Pactual S.A., Banco Bradesco BBI S.A., Banco Itaú BBA S.A., and Banco ABC S.A. to provide financing to redeem Cash Redeemable Shares up to the amount of the Cash Redemption Threshold.  Pursuant to this commitment letter, HoldFin will pay (i) a commitment fee of 0.2% per year over the commitment amount; (ii) a structuring fee of 0.57% pro rata (90 days) over the commitment amount and (iii) 0.10% of the amount over the effective disbursement.
​
The main expected terms of the Cash-Out Financing are summarized below:
​
	

	​

	​
​

		    
	R$1.15 billion (corresponding to the Cash-Out Cap and the estimated value of the correction by the DI rate between the date of the New AGE Reorganization and the date of conclusion of the Corporate Reorganization).

	​
	​
	​

	Debtor
	​
	HoldFin

	​
	​
	​

	Debt Instrument
	​
	Debentures to be issued by HoldFin

	​
	​
	​

	Due date
	​
	12 months from disbursement

	​
	​
	​

	Mandatory early redemption (cash sweep)
	​
	Liquidity events, including from equity investments issued by HoldFin or Inter&Co, or reduction of Inter's capital

	​
	​
	​

	Interest
	​
	DI Rate, plus spread of 1.95%

	​
	​
	​

	Nominal Value and Interest Payments
	​
	Expiration (bullet)

​
HoldFin's management expects to repay the Cash-Out Financing with proceeds from a potential public offering of Inter&Co shares, dividends paid by Inter or through a capital reduction of Inter (subject to appropriate regulatory approvals). HoldFin has agreed to initiate, within twenty (20) business days from the date of disbursement, regulatory procedures to obtain approval for a capital reduction of Inter. Such capital reduction will be used to discharge the Cash-Out Financing if other sources of funds are not available on acceptable terms. It is expected that Financing Cash-Out will be collateralized by future receivables from such possible reduction of Inter's capital. Under a commercial agreement, Inter is expected to agree to make certain investments in interbank certificates of deposit issued by Banco BTG Pactual S.A. Banco Itaú BBA S.A. and Banco ABC S.A., remunerated at 100% of the DI rate. These investments will not be collateralized under the Cash-Out Financing.
​

25

​

The binding instrument formalizing the Cash-Out Financing has certain conditions precedent, such as signing of the corresponding definitive agreements, confirmation of HoldFin's representations and warranties, compliance with minimum capital requirements and obligations to pay commissions and other fees. If these conditions are not met, the Corporate Reorganization will not be implemented.

26Exhibit 10.1

 

PRODUCT OFF-TAKE AGREEMENT

 

This PRODUCT OFF-TAKE AGREEMENT
(this “Agreement”) is entered into as of this 26th day of April 2022 (the “Effective Date”) by and
between VIVAVENTURES ENERGY GROUP, INC., a Nevada corporation, with their principal place of business located at 2 Park Plaza, Suite 800,
Irvine, CA 92614 (“Seller”) and HOT OIL TRANSPORT, LLC, a Nevada limited liability company with its principal place
of business located at 1363 Mesquite, NV 89027, (“Buyer”). Seller and Buyer are each individually referred to herein
as a “Party” and collectively as the “Parties”.

 

WHEREAS, Seller intends to
produce, among other things, asphalt meeting the specifications for PG 64-22 grade as set forth by the Nevada Department of Transportation
(“NDOT”) and the American Association of State Highway and Transportation Officials (“AASHTO”) identified
on Schedule 1 (hereinafter the “Product”) from a to-be-scaled processing plant to be located in Uintah County, Utah,
and as may be relocated from time to time by Seller (defined and described herein as the “Plant”); and

 

WHEREAS, Seller has the right
to sell to others Product produced from the Plant; and

 

WHEREAS, Buyer desires to
purchase and Seller desires to sell certain quantities of Product from the Plant once the Plant begins to produce the Product, on the
terms and conditions contained herein; and

 

NOW, THEREFORE, in consideration
of the aforesaid premises and the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties hereby agree as follows:

 

ARTICLE
I

DEFINITIONS

 

Unless the context indicates
otherwise, as used in this Agreement, the following terms have the meanings indicated below:

 

“Acceptance Period”
has the meaning set forth in Section 3.3.

 

“Affiliate”
means, with respect to a Person, any other Person which controls, either directly or indirectly, such Person or which is controlled directly
or indirectly by such Person, or is directly or indirectly controlled by a Person which directly or indirectly controls such Person. “Control”
for purposes of the immediately preceding sentence means the power to direct or cause the direction of the management and policies of
a Person, whether through the ownership directly or indirectly of more than fifty percent (50%) of the voting securities, by contract
or otherwise.

 

“Applicable
Law” means all statutes, ordinances, rules, regulations, orders, and directives of any Governmental Authority, including
those applicable to environmental pollution, and all presidential proclamations, in each case, which apply to either Party.

 

“Business
Day” means a day (except Saturdays and Sundays and public holidays) when deposit-taking banks are open in Utah, for the
business of over-the-counter deposit-taking.

 

“Committed Quarterly
Quantity” has the meaning set forth in Section 2.2(b).

 

 

 

 

    	 	1	 

     

    

 

“Delivery Point”
has the meaning set forth in Section 5.1.

 

“Delivery
Week” means the one calendar week that includes the Delivery Date, beginning Monday 12:00 AM local time through Sunday
11:59 PM local time.

 

“Delivery
Date” means the date the Product produced at the Plant is delivered into the Storage Tanks provided by Buyer.

 

“Estimated Quarterly
Quantity” has the meaning set forth in Section 2.2(b).

 

“Event of Default”
has the meaning set forth in Section 8.1.

 

“Expert”
has the meaning set forth in Section 3.5(b).

 

“Financing Parties”
has the meaning set forth in Section 13.3.

 

“Force Majeure”
shall have the meaning given to that term in Section 10.1.

 

"Governmental Authority"
means a duly authorized body having jurisdiction in certain matters of a public nature with the right to command or to act; and the right
and power of public officers to require obedience to their orders lawfully issued in the scope of their public duties.

 

“Information”
has the meaning set forth in Section 12.4.

 

“Initial Delivery
Date” has the meaning set forth in Section 2.3.

 

“Loading Capabilities”
has the meaning set forth in Section 5.1(a).

 

“Off-Specification
Product” has the meaning set forth in Section 3.3.

 

“Original Index”
has the meaning set forth in Section 3.5(a).

 

"Person" means an
individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, association or unincorporated
organization, or any other form of business or professional entity.

 

“Planned Events”
has the meaning set forth in Section 2.1.

 

“Plant”
as defined in the Recitals.

 

“Plant Completion
Date” means the date on which start up, commissioning and testing of the Plant has been successfully completed and the Plant
has commenced commercial operation, as determined by Seller in its sole discretion reasonably exercised.

 

“Project”
means the Plant and related improvements currently intended to be constructed by Seller in Uintah County, Utah.

 

 

 

 

    	 	2	 

     

    

 

“Quarter”
means a three (3) calendar month period during the Term.

 

“Ramp Up Period”
means the period from the Effective Date until the later of the Storage Tanks being installed and Buyer’s testing process being
established at the Plant.

 

“Ratably”
means the timing of product movements on a monthly basis in accordance with a mutually agreed delivery schedule.

 

“Product”
as defined in the Recitals.

 

“Unit Price”
means the price per ton of Product as determined in accordance with Section 3.1.

 

“Storage Tanks”
has the meaning set forth in Section 3.3.

 

“Taxes, Fees, and/or
Other Similar Levies” means all taxes, fees and similar levies imposed by a Governmental Authority, including but not limited
to: federal manufacturers excise taxes, environmental taxes, state and local motor fuel excise taxes, state and local sales and use taxes,
gross receipts or franchise taxes, business and occupation taxes, state and local inspection fees, and federal, state and local oil spill
taxes or fees.

 

“Term”
shall have the meaning given to that term in Section 2.3.

 

“Year”
shall mean each twelve (12) month period commencing on the first day of the Term and on each subsequent anniversary thereof.

 

Terms not otherwise defined
in this Article I shall have the meanings ascribed to such terms elsewhere in this Agreement.

 

article
ii

 

AGREEMENT TO PURCHASE; WEIGHT; TERM

 

2.1              
Purchase of Products. During the Term of this Agreement, Buyer agrees to purchase and receive Product from Seller at the Plant,
and Seller agrees to sell and deliver Product to Buyer at the Plant, in accordance with the terms and conditions of this Agreement and
at the prices determined under this Agreement. It is understood and agreed that the Parties will work cooperatively and in good faith
to achieve delivery of the Product quantities to be sold hereunder Ratably during each Year of the Term; provided the Parties agree that
planned Plant maintenance, planned Plant outages, and other production interruptions (collectively “Planned Events”),
and Force Majeure events, may cause slippage in schedules for deliveries of Product and actual deliveries hereunder, and the failure to
adhere to any monthly delivery schedule shall not constitute a breach by Buyer or Seller of this Agreement and the Committed Quarterly
Quantity shall be ratably reduced for the time of the Force Majeure or Planned Event. Seller shall endeavor to give Buyer thirty (30)
days advance notice in writing of Planned Events.

 

2.2              
Weight.

 

(a)               
Quantity to be Sold and Purchased. The quantity of Product to be sold and purchased pursuant to this Agreement shall be (i) one
thousand (1,000) tons of Product per week, or (ii) the entirety of any lesser amount that may be produced by Seller during any given week.
Buyer shall also have the first right of refusal to purchase all or any portion of additional Product that may be produced by Seller within
the state of Utah upon the same terms and conditions, except that the Purchase Price shall be at market rate as determined in Seller’s
sole discretion. Once notified by Seller of the existence or planned production amounts in excess of 1,000 tons per week, if any, Buyer
shall have 5 business days to elect to purchase the same. The exact amount of the Product to be sold and purchased hereunder shall be
determined in accordance with this Section 2.2.

 

 

 

 

    	 	3	 

     

    

 

(b)               
Rolling Quarterly Forecast. On or before the 10th day of each calendar month during the Term, commencing with the Quarter
immediately prior to the projected Plant Completion Date, Seller shall provide Buyer with a production forecast of the estimated quantity
of Product that will be produced at the Plant and available for purchase for the following three (3)-month period (as such estimate may
be adjusted from month-to-month, the “Estimated Quarterly Quantity”). By the tenth (10th) day of the calendar
month immediately preceding each Quarter during the Term commencing with the Quarter immediately prior to the Plant Commencement Date,
Seller shall advise Buyer of the amount of such Estimated Quarterly Quantity that will be sold to Buyer during each month of such Quarter
(the “Committed Quarterly Quantity”). Buyer acknowledges that production of the Estimated Quarterly Quantity may be
reduced because of lower production. Seller shall have no obligation to deliver any Product for any month prior to the Plant Completion
Date. Notwithstanding the foregoing, during the Plant scale-up process, Seller shall deliver weekly quantity estimates and weekly quantity
commitments. The parties obligations with respect to these weekly forecasts shall be the same as those applicable to the quarterly forecasts.

 

(c)               
Purchase Commitment. During each month during a Quarter, Buyer agrees to purchase and Seller agrees to sell Ratably the Committed
Quarterly Quantity of Product produced by the Plant determined pursuant to Section 2.2(b); provided however, Buyer does not have
an obligation to purchase Product that fails to meet the specifications defined in Schedule 1, determined
as provided in Sections 3.3. In the event that Buyer fails to take at least ninety percent (90%) of the Committed Quarterly Quantity
of Product in any Quarter for reasons not excused pursuant to Article X, Buyer shall use commercially reasonable efforts to make
up such shortfall in the immediately following Quarter. Upon demand by Seller, and as Seller’s exclusive
remedy for such failure, Buyer shall promptly reimburse Seller each Quarter for all reasonable and actually incurred costs
(including storage and energy costs) incurred by Seller by reason of placing such shortfall into the market for sale to other Persons
or in holding shortfall for Buyer to pick up at a later date; provided that if Buyer fails to take at least ninety percent (90%) of the
Committed Quarterly Quantity of Product in any two (2) consecutive Quarters (or in any two (2) consecutive weeks during the six months
following the Initial Delivery Date), such failure of Buyer shall be a material breach of this Agreement.

 

2.3              
Term. This Agreement shall be effective as of the Effective Date with the Term of the Agreement commencing on the first day of
the month during which the first delivery of Product by Seller to Buyer hereunder occurs (the date thereof, the “Initial Delivery
Date”) and continuing for ten (10) years (such period, the “Term”); unless terminated as described herein.
Termination may occur as follows:

 

(a)               
Abandonment or Termination of Project. Buyer acknowledges that Seller may terminate the Project prior to the Plant Completion Date.
Accordingly, Seller may terminate this Agreement without cause if Seller determines, in its sole judgment, to suspend, terminate or abandon
the Project for any reason prior to the Plant Completion Date, by Seller providing written notice of such termination to Buyer (the “Project
Termination”). Notwithstanding the foregoing, if within twelve (12) months after the Project Termination, Seller reinstates
or continues the Project, in any manner whatsoever, Seller shall provide written notice to Buyer of such reinstatement or continuation,
and Buyer shall have a right of first refusal to reinstate this Agreement with the same terms and conditions contained herein. Buyer shall
exercise such right of first refusal by providing Seller written notice of the unconditional exercise of such right within twenty (20)
Business Days after receipt of such notice of reinstatement or continuation and agreeing to be bound by the terms and conditions of this
Agreement (as may be modified by reason of this Section 2.3(a). If Buyer fails to provide Seller with the timely exercise such
right of first refusal, such right of first of refusal shall immediately lapse and be of no further force or effect and Seller shall be
free to use or offer to others such capacity on such terms and conditions as Seller may determine in its sole discretion.

 

The termination right of Seller
pursuant to Section 2.3(a) shall be Seller’s exclusive remedy for the events identified therein. Any termination pursuant
to this Section 2.3 (a) shall be without any further liability or obligation of either Party with respect to this Agreement (other
than Buyer’s first right of refusal set forth in Section 2.3(a) above), except that Buyer shall be reimbursed for its out-of-pocket
costs and expenses incurred in preparing to perform this Agreement in an amount not to exceed $10,000.

 

2.4        Options
To Renew. Subject to Seller’s right to continue operating at the current Plant site, this
Agreement shall automatically renew for two successive ten (10) year terms (each, a “Renewal
Term”), unless either party terminates this Agreement by written notice to the
other party not less than three (3) months prior to the expiration of the Initial Term or any Renewal Term, as applicable. 

 

 

 

    	 	4	 

     

    

 

ARTICLE III

 

PRICE

 

3.1              
Price of Product. Seller shall charge Buyer, and Buyer agrees to pay Seller, on the basis of an average 1,000 tons per week,
a price per ton using the “Argus Rockies Rail Low” price for asphalt in the Rocky Mountain region as set forth in the most
recent edition of Argus Americas Asphalt report, produced by Argus Media Group, as of the Delivery Date (the “Unit Price”).
The “Purchase Price” for each weekly shipment shall equal the Unit Price multiplied by the quantity of Product purchased;
provided, however, that the Purchase Price for each weekly shipment shall be reduced by $1,500 to compensate Buyer for costs associated
with testing, providing the Storage Tanks for Buyer’s minimum quantity purchases, and certifying the quality of the Product. At
Seller’s election, and at Seller’s sole cost and expense (except as to any personnel retained by Buyer to perform Product
testing), Seller may install testing facilities at the Plant to facilitate Buyer’s testing processes. Upon Seller’s installation
of such testing facilities Buyer shall no longer be entitled to the $1,500 per week reduction in the Purchase Price.

 

3.2              
Production Suspension. Notwithstanding anything to the contrary set forth in this Agreement, in the event the Unit Price
drops below $250, Seller shall have the right, at its sole discretion, to suspend production of Product upon written notice to Buyer.

 

3.3              
Off-Specification Price Adjustment. Promptly after the Effective Date Buyer shall deliver to Seller’s business premises
two (2) 30,000 hot oil storage tanks (each a “Storage Tank” and collectively “Storage Tanks”) for the short-term
temporary storage of Product pending pickup by Buyer. The Storage Tanks cannot be removed without 60 days advance written notice to Seller.
After any Product is delivered into a Storage Tank, and prior to loading any Product in Buyer’s trucks, Buyer may perform any desired
quality testing of the Product. After the Ramp-Up Period, if the Product fails to meet the specifications enumerated in Schedule
1 (“Off-Specification Product”), Buyer will have the option to reject in writing the Off-Specification
Product prior to loading the Product in Buyer’s trucks (the “Acceptance Period”). In no event shall the Acceptance
Period exceed seventy-two (72) hours after Product is delivered into a Storage Tank. By loading Product in Buyer’s trucks Buyer
shall be deemed to have accepted the Product as being in accordance with the Specifications in Schedule 1 even if
in fact such Product is Off-Specification Product. If within the Acceptance Period Buyer rejects any Off-Specification Product Buyer shall
have no obligation to purchase the same. During the Ramp-Up Period the parties acknowledge and agree that Buyer will have the right to
conduct Product testing at its facilities in Las Vegas, Nevada (“Buyer Facilities”) and therefore such Acceptance Period shall
be extended to four (4) business days after Product is delivered to the Buyer Facilities, provided that such transport and delivery of
the Product to the Buyer Facilities complies in all material respects with best practices for transporting the Product as mutually agreed
by the parties.

 

3.4              
Storage Tank Operation and Product Testing. The storage tanks will be operated by Seller in accordance with the mutually
agreed operating procedures. After the Ramp-Up Period Buyer will be responsible for testing the product produced before shipping.

 

3.5              
Discontinued Index Prices.

 

(a)               
Discontinuance of Original Index. If at any time during the Term, the Argus Americas Asphalt report, produced by Argus Media
Group (the “Original Index”) ceases to be published or is not published for any applicable period to the calculation
of a price or value under this Agreement, the Parties shall in good faith (i) select an alternative index that reflects as nearly as possible
the same information as published in the Original Index; or (ii) negotiate an interim pricing methodology until the Original Index recommences
publishing or an alternative index can be identified to replace the Original Index.

 

(b)               
Alternative Index Dispute Resolution. If the Parties are unable to agree on an alternative index or interim pricing methodology
within thirty (30) days, then the issue shall be submitted to a mutually-agreed qualified expert, who is not a current or former employee
of either Party or its Affiliates (the “Expert”) for resolution (the cost of which shall be shared equally between
the Parties). If the Parties are unable to agree upon the Expert, both Parties shall submit the identity of their designated Expert and
those Experts shall select another Expert meeting the same qualifications. The decision of a majority of the Experts shall control. The
Expert’s decision shall be rendered within thirty (30) days after submission of the issue to the Expert, and will be final and binding,
absent fraud or manifest error. Until the Expert renders his/her decision, the last published Original Index shall be used for pricing
purposes hereunder (but shall be subject to re-pricing based upon the Expert’s decision), and historical true-up dating from the
date of which the Original Index ceased to be available.

 

 

 

    	 	5	 

     

    

 

ARTICLE
IV

 

PAYMENT

 

4.1              
Invoicing. Seller will electronically invoice Buyer following each weekly delivery of Product at the Delivery Point as
provided in Section 5.1(a).

 

4.2              
Payment. All invoices will be payable to Seller by either (i) automatic draft of Buyer’s bank account through Seller’s
Electronic Funds Transfer (EFT) program, (ii) by wire transfer, or (iii) ACH (as detailed below), in each case no later than thirty (30)
calendar days from the date of each invoice pursuant to Section 4.1 or Section 2.2(c), as the case may be. Seller shall
provide payment routing information by separate cover. All payments shall be made in U.S. dollars without any adjustments, discounts,
or setoffs. Any payment by wire transfer shall be free of charges to Seller in order for Seller’s account to be credited in full
in same day (usable) funds. Payments not made within agreed or designated terms shall bear interest from original due date at the rate
of 18% per annum or, if lower, the highest rate permitted under applicable law; provided, however, that (i) if Buyer disputes the amount
set forth on an invoice, Buyer shall notify Seller thereof and pay any undisputed amount, and the parties shall promptly use commercially
reasonable efforts to resolve the dispute as to the remainder, and (ii) any dispute not brought within six (6) months after the date of
delivery of the invoice shall be deemed waived by Buyer. Payments falling due on: (i) Saturday, are payable by the preceding Business
Day; (ii) Sunday, are payable by the following Business Day; (iii) a Utah bank holiday, are payable by the preceding Business Day, unless
the bank holiday is a Sunday or Monday in which case payment is due by the next Business Day.

 

4.3              
Credit; Adequate Assurances. Seller shall have the right to change the terms of such credit in its reasonable sole discretion.
The change in credit terms shall be effective immediately upon Buyer’s receipt of Seller’s notice of the change. The condition
of Buyer’s account and the financial responsibility of Buyer must at all times be satisfactory to Seller or shipments may be suspended
or payment terms revised by Seller in its discretion. Seller’s duty to perform, and Buyer’s right to purchase, hereunder is
at all times subject to approval, and continuing approval, by Seller of Buyer’s creditworthiness. Without limitation of any of Seller’s
other rights and remedies, if Buyer fails to pay any amount promptly when due or if Seller needs assurance, or further assurance, of Buyer’s
creditworthiness, Seller may, demand different payment terms, suspend deliveries or shipments, impose different credit terms, or impose
different requirements for collateral assurance of payment including but not necessarily limited to stand-by letters of credit or cash
deposits. Any stand-by letters of credit will need to be in a format and from a bank acceptable to Seller in its sole discretion. Upon
Seller delivering an electronic notice of a collateral requirement, Buyer shall post such collateral, in form and substance acceptable
to Seller, within five (5) Business Days. As security for the payment of the Purchase Price, Buyer
hereby grants to Seller a lien on and security interest in and to all of its right, title, and interest in and to the Product, wherever
located, and whether now existing or hereafter arising or acquired from time to time, and in all accessions thereto and replacements or
modifications thereof, as well as all proceeds (insurance or otherwise) of the foregoing.

 

4.4              
Disputed Invoices. In the event Buyer disagrees with any invoice, it shall immediately notify Seller of the reasons for the dispute;
provided that, with respect to any undisputed portion of such invoice, Buyer shall remain obligated pay Seller for such portion under
the agreed payment terms. Notwithstanding the foregoing, with respect to any undisputed portion of such invoice, Buyer shall tender payment
as required pursuant to Section 4.2 or Section 2.2(c), as the case may be. The Parties shall endeavor to resolve the disputed
portion within thirty (30) days. Failing resolution, the matter shall be promptly referred to a mutually acceptable independent expert
for determination. Promptly after resolution of any dispute, and upon receipt of invoice for the remaining portion, payment shall be made
to Seller under the agreed payment terms without interest for the period of time the invoice is in dispute.

 

4.5              
Taxes.

 

(a)               
Taxes, Fees and/or Other Similar Levies. Unless Buyer has a resale permit, any and all Taxes, Fees and/or Other Similar Levies
imposed or assessed by a Governmental Authority, the taxable incident of which is the transfer of title or the delivery of the Product
hereunder, or the receipt of payment therefor, whether now or hereafter imposed by Applicable Law, regardless of the character, method
of calculation or measure of the levy or assessment, shall be added to the prices herein stated and shall be paid by Buyer. Further, Buyer
shall pay any and all Taxes, Fees, and/or Other Similar Levies imposed or assessed by any Governmental Authority, with respect to Product
delivered hereunder the taxable incidence of which occurs after transfer of title to such Product to Buyer. Seller shall pay, without
adding costs to the sales price of the Product, any and all Taxes, Fees, and/or Similar Levies imposed or assessed by any Governmental
Authority, with respect to removal of the product from the ground and all taxes with respect to product delivered hereunder the taxable
incidence of which occurs before transfer of title to such Product to Buyer.

 

 

 

    	 	6	 

     

    

 

(b)               
Exemptions. If Buyer claims exemption from any of the aforesaid Taxes, Fees and/or Other Similar Levies, then Buyer, in lieu of
payment of or reimbursement of such Taxes, Fees and/or Other Similar Levies to Seller, shall furnish Seller with a properly completed
and executed document in the form prescribed by the appropriate taxing authority; provided that Buyer shall be obligated to indemnify,
defend and reimburse Seller for any such Taxes, Fees and/or Other Similar Levies (including any applicable penalties and interest) that
Seller is required to pay due to subsequent discovery of taxability or under audit by any relevant taxing authority. Buyer shall promptly
notify Seller in writing of any change in the status of its exemption or registration. In addition, Buyer shall promptly furnish Seller
any new or updated documentation of such exemption. 

 

(c)               
Personal Taxes. Notwithstanding anything contained herein to the contrary, neither Party shall be responsible for the income, franchise,
ad valorem or similar taxes of the other Party. Each Party agrees to defend, indemnify and hold the other Party harmless from and against
any such tax asserted by any Governmental Authority to be due and payable by the other Party.

 

ARTICLE V

 

DELIVERY;
TITLE; RISK OF LOSS

 

5.1              
Delivery.

 

(a)               
Delivery and Loading Capacities. Subject to completion of the Project and commencement of the Term, all Product sold under
this Agreement will be delivered to Buyer at the Delivery Point, and title to and risk of loss of Product delivered under this Agreement
shall pass from Seller to Buyer at the Delivery Point. Product will be loaded by Seller into trucks provided by Buyer at the Plant. All
shipping costs shall be paid by Buyer. Seller assumes no liability in connection with the shipment and in no event shall a carrier be
construed to be an agent of Seller. The Plant shall have capabilities to load industry standard trucks as supplied by Buyer (the “Loading
Capabilities”), such Loading Capabilities, including, for example, a load rack, shall be provided at Seller’s sole cost
and expense. Buyer shall provide trucks that will permit up to a 40 ton payload of Product per tanker truck. Notwithstanding anything
to the contrary in this Section, if Product is made available by Seller but is not removed by Buyer within seventy-two (72) hours after
being loaded in the applicable Storage Tank, then Buyer shall promptly reimburse Seller for all reasonable and actually incurred costs
incurred by Seller by reason of (1) obtaining additional storage space for the Product, (2) heating and maintaining the quality of the
Product, and (3) placing such unshipped Product into the market for sale to other Persons. Seller
shall have no liability to Buyer under the preceding sentence for Product that Buyer fails to promptly take delivery of. For purposes
of this Agreement, the “Delivery Point” shall mean when Product exits the flange of Seller’s loading rack into
Buyer’s truck(s).

 

(b)               
Scheduling of Deliveries. The Parties shall establish a mutually acceptable schedule for each delivery of Product. Seller
anticipates normal operating loading at the Plant from 6:00 a.m. to 6 p.m. (local time), seven (7) days per week, excluding holidays.

 

(c)               
Rejection of Trucks and Storage Tanks. Seller reserves the right in its sole discretion to (i) reject any trucks or Storage
Tanks presented for loading/storage which Seller reasonably believes would present an unsafe or could reasonably present potentially unsafe
situation or condition; and (ii) refuse to load Product under any condition Seller reasonably deems unsafe, which is caused by, among
other things, drivers, personnel, equipment, procedures and/or weather conditions. In the event of a malfunction of the Storage Tanks,
Buyer shall promptly notify Seller of the same and the parties shall negotiate in good faith regarding any corrective steps needed to
ensure timely delivery of Product according to the specifications set forth in Schedule 1.

 

(d)               
Storage Pending Delivery. Seller hereby grants Buyer a nonexclusive license, which shall commence upon the Plant Completion
Date, to place Buyer’s Storage Tanks on Plant property for the sole purpose of temporary storage of the Product pending delivery
to Buyer’s trucks. The location of the Storage Tanks shall be in Seller’s sole discretion. The cost of placing Buyer’s
Storage Tanks on Plant property shall be borne solely by Seller. Seller shall ensure that the installation of the Storage Tanks comply
with all applicable Federal and state laws, regulations, and codes. Buyer shall indemnify and hold harmless Seller from any and all claims,
actions, damages, liabilities, costs and expenses, including reasonable attorneys’ fees and expenses, arising out of third-party
claims for bodily injury or damage to any real or tangible property, to the extent caused by the fault, action or negligence of Buyer,
its employees, agents, or contractors. Additionally, Buyer shall reimburse, Seller the actual cost to repair or replace any real or tangible
property damaged by the fault or negligence of Buyer, its employees, or agents, or contractors. Seller shall indemnify and hold harmless
Buyer from any and all claims, actions, damages, liabilities, costs and expenses, including reasonable attorneys’ fees and expenses,
arising out of third-party claims for bodily injury of damage to any real or tangible property, to the extent caused by the fault, action
or negligence of Seller, its employees, agents, or contractors. Additionally, Seller shall reimburse Buyer the actual cost to repair or
replace any real or tangible property damaged by the fault or negligence of Seller, its employees, or agents, or contractors. Upon expiration
or early termination of this Agreement, Buyer shall remove the Storage Tanks at its sole cost and expense upon seven (7) days written
notice from Seller. 

 

 

 

 

    	 	7	 

     

    

 

5.2              
Right to Witness. Each Party shall be entitled to have its representatives present during all loadings, tests, and measurements
involving Product. Buyer agrees that carriers, agents and employees will comply with all safety regulations of Seller when such agents
or employees are on the premises of Seller. In addition, each Party shall permit the other Party and its duly authorized representatives
to have access to the laboratory test records and other documents maintained by the other Party or its subcontractors relating to
performance of any obligation of such Party under this Agreement.

 

ARTICLE
VI

 

MEASUREMENT
AND SPECIFICATIONS

 

6.1              
Quantity Determination. Seller shall read meters located at or near the Delivery Point to determine bill of lading weight
for each loading of Product into the Truck Tanks. Seller shall maintain such meters according to applicable industry standards. If the
applicable measurement method described in this Section 6.1 is unavailable, the Parties shall establish another mutually acceptable
method for determining the weight of Product loaded.

 

article
vii

 

WARRANTY;
LIMITATION OF LIABILITY

 

7.1              
Warranty. Subject to the liability limitations set forth in this Agreement, Seller warrants that Product delivered shall (a) be
free from lawful security interests, liens, taxes, and encumbrances except those generated in the ordinary course of business, (b) meet
the specifications described in Schedule 1, and (c) such Product delivered by it and the services provided by it
hereunder will be produced and provided in compliance in all material respects with Applicable Law. SELLER MAKES NO OTHER REPRESENTATIONS
OR WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION, THE WARRANTIES OF MERCHANTABILITY OR FITNESS OF PRODUCT FOR ANY PARTICULAR
PURPOSE (EVEN IF SUCH PURPOSE IS KNOWN TO SELLER). ANY IMPLIED WARRANTIES ARE EXPRESSLY DISCLAIMED AND EXCLUDED.

 

7.2              
Limitation of Remedies. SELLER'S LIABILITY AND BUYER'S EXCLUSIVE REMEDY FOR ANY CAUSE OF ACTION ARISING OUT OF THIS AGREEMENT
IS EXPRESSLY LIMITED, AT SELLER’S OPTION, TO REPLACEMENT OF THE PRODUCT AT THE SPECIFIED DELIVERY POINT OR REFUND NOT TO EXCEED
THE PURCHASE PRICE, WHETHER OR NOT SUCH REMEDY SHALL BE DEEMED TO FAIL IN ITS ESSENTIAL PURPOSE. FOR CLARIFICATION, SUCH REPLACEMENT OF
PRODUCT MUST COMPLY WITH THE WARRANTIES AND CERTIFICATIONS SET FORTH IN THIS ARTICLE VII. Any claims, losses or damages arising
from or related to any delivery of Product must be submitted to Seller by Buyer no later than expiration of the Acceptance Period or shall
be deemed waived. In the event that Buyer submits a claim to Seller in accordance with this section, and Seller provides the contract
remedy as applicable to such claim, all in accordance with this section, neither the claim, nor the event that forms the basis thereof,
shall constitute a material breach of this Agreement, and Buyer shall not be permitted to terminate this Agreement for such claim or event.

 

7.3              
Limitations of Liability. IN NO EVENT SHALL SELLER BE LIABLE FOR SPECIAL, INDIRECT, INCIDENTAL, CONSEQUENTIAL, EXEMPLARY
OR PUNITIVE DAMAGES WHETHER BASED ON BREACH OF WARRANTY, CONTRACT, STRICT LIABILITY, NEGLIGENCE OR ANY OTHER LEGAL THEORY OF RECOVERY,
OR IN ANY OTHER MANNER ARISING OUT OF THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY OR OTHERWISE, INCLUDING, BUT NOT LIMITED TO,
LOST PROFITS OR LOSS OF USE OR SERVICE THIS PROVISION SHALL SURVIVE THE EXPIRATION OR TERMINATION OF THIS AGREEMENT. In no event
shall Seller’s liability exceed the total amount paid by Buyer to Seller for the totality of all shipments (including both Product
and shipping) for any cause of action or future claim arising out of this Agreement.

 

ARTICLE VIII

 

Default;
Remedies; TERMINATION

 

8.1              
Default. This Agreement may be terminated by a non-defaulting Party, upon no less than ten (10) Business Days’ notice
to the defaulting Party, if one or more of the following events have occurred and remain uncured within the specified time period (each,
an “Event of Default”):

 

 

 

 

    	 	8	 

     

    

 

(a)               
the other Party fails to pay any amount owed hereunder within fifteen (15) Business Days after the due date for such payment, except for
any amounts being disputed in good faith;

 

(b)               
the other Party defaults, in any material respect, in the performance or observance of any term, covenant or agreement contained in this
Agreement and (A) such default is not cured within thirty (30) days following receipt by the defaulting Party of written notice of such
default from the non-defaulting Party, or (B) following the expiration of such thirty (30)-day period, the defaulting Party is not diligently
trying to cure such default which cannot be cured during such thirty (30)-day period;

 

(c)               
the other Party commences any case, proceeding or any other action: (1) under any existing or future law of any jurisdiction relating
to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking
to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition
or other relief with respect to it or its debt; or (2) seeking appointment of a receiver, trustee, custodian or other similar official
for it or for all or any substantial part of its assets or the other Party shall make a general assignment for the benefit of its creditors;

 

(d)               
there is commenced against the other Party any case, proceeding or other action of a nature referred to in Section 8.1(c) that
has not been dismissed within sixty (60) days;

 

(e)               
there is commenced against the other Party any case, proceeding or other action seeking issuance of a warrant of attachment, execution
or similar process against all or any substantial part of its assets, in each case, that has not been dismissed within sixty (60) days;
or

 

(f)                
the other Party takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set
forth in Sections 8.1(c), 8.1(d), or 8.1(e); or

 

(g)               
Buyer fails at any time to comply fully with Seller’s reasonable credit or payment terms, or Seller shall reasonably believe that
Buyer is in any danger of bankruptcy, insolvency, or otherwise unable to pay timely its trade or other obligations as they mature; or
Seller determines, in Seller’s reasonable judgment, that Buyer is not worthy of commercial credit in an amount to satisfy all obligations
of Buyer which may arise under this Agreement; or Buyer shall fail to comply with the requirements of, and/or provide adequate assurance(s)
within the time period and as provided in, Section 4.3, including, but not limited to, the posting of any required collateral pursuant
to the provisions of Section 4.3.

 

8.2              
Remedies. No termination of this Agreement pursuant to Section 8.1 shall relieve the defaulting Party of any of its
obligations that arose prior to the date of such termination. In addition, no remedy in Article VIII is intended to be exclusive,
and each shall be cumulative and in addition to any other remedy provided hereunder or available to a non-defaulting Party at law or in
equity subject to the limitations set forth in Article VII. The exercise of any right reserved hereunder shall be without prejudice
to any claim for damages or any other rights under this Agreement or applicable law. The prevailing party in any proceeding shall pay
all of other Party’s costs (including reasonable attorneys' fees and court costs) arising out of or relating in any way to the defaulting
Party’s breach its obligations under this Agreement

 

ARTICLE
IX

 

INDEMNITY

 

9.1              
.. Buyer agrees to indemnify, defend and hold Seller and its Affiliates, and their respective employees and agents, harmless from and against
any claims, causes of action, losses, damages, liabilities, costs or expenses arising or resulting from Buyer's or its employees', agents',
or contractors' (a) handling, storage, sales, transportation, use, misuse or disposal of Product purchased hereunder after the Delivery
Point, including, but not limited to, liability for environmental violations and employee or consumer health or safety, (b) negligence
or willful misconduct in connection with this Agreement while Buyer or any of its Affiliates, agents or employees are at the Plant site,
or (c) failure to comply with the terms of this Agreement. Seller agrees to indemnify, defend and hold Buyer and its Affiliates and their
respective employees and agents, harmless from and against any claims, cause of action, losses, damages, liabilities, costs or expenses
arising or resulting from Seller’s or its employees’, agents’, or contractors’ (a) handling, storage, sale, transportation,
use, misuse or disposal of Product purchased hereunder prior to arrival at the Delivery Point, including, but not limited to, liability
for environmental violations and employee or consumer health or safety, (b) negligence or willful misconduct in connection with this Agreement
while Seller or any of its Affiliates, agents or employees are at the Plant site, or (c) failure to comply with the terms of this Agreement.
This Article IX shall survive the expiration or termination of this Agreement or any part thereof.

 

 

 

 

    	 	9	 

     

    

 

article
x

 

FORCE
MAJEURE

 

10.1          
Force Majeure. Neither Party will be liable to the other for failure to make or accept deliveries under this Agreement to
the extent that such failure is caused by a Force Majeure event. As used in this Agreement, a “Force
Majeure” event means any event, cause or circumstance beyond the reasonable control of the Party claiming suspension
of its obligations, including but not limited to, acts of God, fire, flood, or governmental regulation, governmental direction or government
request, accident, strikes, lockouts, wars, protests, pandemics, epidemics, and unavoidable breakdowns of production or transportation
facilities. In addition, nothing in this Agreement may be construed as requiring either Party to settle any strikes or labor differences.
Moreover, notwithstanding anything herein to the contrary, in no event will a Force Majeure event excuse any Party’s obligations
to make payments due pursuant to this Agreement. Either Party shall have the right to: (i) suspend the Term of this Agreement if a Force
Majeure event occurs and continues for sixty (60) consecutive days, provided that the other Party receives written notification, and (ii)
terminate the Agreement if the Force Majeure event occurs and continues for six months or more. Any termination of this Agreement pursuant
to this Section 10.1 shall be without any further liability or obligation of either Party (other than any obligation or liability
arising or accrued prior to the date of such termination).

 

10.2          
Notification. Upon the occurrence of any event provided for in Section 10.1, the Party affected thereby shall promptly
give written notice (setting forth the particulars) to the other Party, and shall resume the keeping and performance of their respective
obligations after such event has come to an end. During the existence of any such event, each Party shall bear its own costs resulting
therefrom.

 

10.3          
Duty to Mitigate. In the event that a Party is affected by a Force Majeure event, it shall endeavor to mitigate the effects
of such Force Majeure event on the performance of its obligations hereunder.

 

10.4          
No Extension of Term. No curtailment or suspension of deliveries or acceptance of deliveries pursuant to this Section shall
operate to extend the Term or terminate this Agreement (except pursuant to any termination effective pursuant to Section 10.1)
or any part thereof.

 

ARTICLE
XI

 

AUDIT

 

11.1          
Audits. Each Party, through its authorized representatives, has the right to witness custody transfer measurement procedures.
In addition, each Party shall permit the other Party and its duly authorized representatives to have access to the laboratory test records
and other documents maintained by the other Party or its subcontractors relating to performance of any obligation of such Party under
this Agreement. Each Party shall keep and maintain in accordance with generally accepted accounting practices the complete books, invoices,
and records relating to its performance hereunder for a period of at least three (3) years after the performance to which such books,
invoices and records relate.  Either Party has the right, upon reasonable notice during normal business hours, at its expense, to
audit such books, invoices and records, including the work sites, personnel and subcontractors, for the sole purpose of verifying compliance
with the terms and conditions of this Agreement. Each Party shall have the right to reproduce documents reviewed during audit to be used
for auditor work paper documentation. Each Party will not be liable for any of the other Party’s, or such Party’s subcontractor’s,
costs resulting from any such audit.  This Section 11.1 shall survive termination of this Agreement for a period of three
(3) years.

 

ARTICLE
XII

 

BUSINESS
ETHICS AND CONFIDENTIALITY

 

12.1          
Compliance. The Parties shall each comply with all laws, regulations, rules and orders applicable to the observance or performance
of their respective obligations under this Agreement.

 

 

 

 

    	 	10	 

     

    

 

12.2          
Accurate Records. The Parties acknowledge that all reports and billings rendered by one Party to the other Party under this
Agreement shall reasonably reflect the facts of all activities and transactions handled.

 

12.3          
Notification. During the Term and for a period of three (3) years after termination of this Agreement, each Party shall
notify the other Party in writing promptly upon discovery of any failure to comply with Section 12.1 or upon either Party having
reason to believe that any data supplied pursuant to Section 12.2 is no longer accurate and complete, and in the latter event such
Party shall then provide the other Party with the accurate and complete data in question.

 

12.4          
Confidential Information. The Parties agree that all information, documentation, data and reports provided by either Party
in the course of the performance of services and supply of Product under this Agreement but specifically excluding information on the
quality of Product which is normally divulged in the marketing of such Product shall constitute confidential information (“Information”).
The Parties agree not to divulge Information to any outside source (including governmental agencies) unless:

 

(a)               
prior written approval to divulge or use the Information has been received from the other Party, which approval shall not be unreasonably
withheld or delayed; or

 

(b)               
such disclosure is to any Affiliate of a Party, or to such Party’s or any such Affiliate’s auditors, accountants or legal
counsel; or

 

(c)               
such disclosure is to any Person that advances, provides or commits (actively or prospectively) funds to finance all or any part of the
costs associated with the Plant and all activities relating thereto, and any guarantors or prospective guarantors thereof, including banks,
financial institutions, investors and note holders, as well as any trustee, agent or advisor acting on behalf of any of the foregoing;
provided each such Person is obligated to maintain the confidentiality of such Information; or

 

(d)               
the Information is determined to be part of the public knowledge or literature; or

 

(e)               
the Information was known by the other Party prior to its disclosure by the divulging Party, having become known by the other Party in
a bona fide manner; or

 

(f)                
the Information is required by law, regulation, rules of any securities exchange, or court order to be disclosed provided that the request
for such disclosure is proper and the disclosure does not exceed that which is required.

 

12.5          
Disclosure. Notwithstanding Section 12.4(f) above, upon receiving a request for Information from any Governmental
Authority or subdivision or from any party in a proceeding pending before any court or governmental body, the Party to whom the request
has been made shall provide the other Party written notice of such request as soon as reasonably practicable. The Parties shall reasonably
cooperate with each other in exercising any applicable rights to oppose the disclosure of the requested Information.

 

article
xiii

 

MISCELLANEOUS

 

13.1       Compliance
with Law. This Agreement is subject to all federal or state laws, municipal ordinances, or any orders or regulations of any regulatory
body having, or purporting to have, jurisdiction or control of any of the matters involved herein. The Parties agree to comply with such
laws, ordinances, orders or regulations relating to the handling, use, sale and transportation of Product
covered by this Agreement, and Buyer agrees to require each subsequent purchaser for resale to similarly obligate itself.

 

13.2       Notice
of Other Suppliers. Buyer will (and its Affiliates and any of its Affiliates’ representatives
will) notify Seller immediately if Buyer enters into any transaction relating to the acquisition of asphalt cement made through an oil
sands separation process, and shall identify such supplier to Seller.

 

 

 

    	 	11	 

     

    

 

13.3          
Assignment. This Agreement shall inure to the benefit of and shall be binding upon Seller and Buyer and their respective successors
and assigns; provided that Buyer shall not delegate, transfer, pledge or assign its rights or obligations under this Agreement
without the prior written consent of Seller in each instance (other than to any Affiliate of Buyer). For avoidance of doubt and without
limiting Seller’s rights hereunder, Seller may assign this Agreement in connection with the sale or transfer of the Plant, and may
make a collateral assignment of the Agreement to any bank, financial institution, trust company or other lender providing debt or other
financing to Seller or otherwise in connection with construction or operation of the Plant, or any agent acting on behalf of the foregoing
(collectively, the “Financing Parties”), in each case, without consent of Buyer. In the event that Plant-related debt
is contemplated or obtained, Buyer agrees to cooperate with the reasonable requests of the Financing Parties, including requests to enter
into a written acknowledgment of such collateral assignment with such Financing Parties or their agents and to otherwise deliver customary,
estoppel certificates, and other instruments related to this Agreement and the collateral assignment.

 

13.4          
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF UTAH, WITHOUT
REGARD TO THE CONFLICTS OF LAW PRINCIPLES. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT, OR ANY OTHER THEORY).

 

13.5          
Waiver and Amendment. No waiver shall be deemed to have been made by any Party of any of its rights under this Agreement
unless the waiver is in writing and is signed on its behalf by its authorized officer. Any such waiver shall constitute a waiver only
with respect to the specific matter described in such writing and shall in no way impair the rights of the Party granting such waiver
in any other respect or at any other time. To be binding, any amendment of this Agreement must be effected by an instrument in writing
signed by the Parties.

 

13.6          
Headings. The headings contained in this Agreement are for convenience of reference only and shall not in any way affect
the meaning or interpretation of this Agreement.

 

13.7          
Notices. All notices, demands, instructions, waivers, consents or other communications that are required or may be given
under this Agreement shall be in writing and shall be deemed to have been duly given: (i) when received, if personally delivered; (ii)
when transmitted, if transmitted by electronic or digital transmission method subject to the sender confirming receipt, provided, that
a notice given in accordance with this sentence but received on a non-working day or after business hours in the place of receipt will
be deemed to be given on the next working day in that place. In each case notice shall be sent to the following addresses:

 

To Seller, at:

 

VIVAKOR, INC.

Attn: Matthew Nicosia

2 Park Plaza, Suite 800

Irvine, CA 92614

Phone: 949-281-2606

Email: matt@vivakor.com

 

with a copy to (which
shall not affect the validity of the notice):

 

PARR BROWN GEE &
LOVELESS

Attn: Doug Waddoups

101 South 200 East,
Suite 700

Salt Lake City, Utah
84111

Phone: 801-532-7840

Email: dwaddoups@parrbrown.com

 

 

 

 

    	 	12	 

     

    

 

To Buyer, at:

 

HOT OIL TRANSPORT,
LLC

Attn: ROBERT GENE CHRISENBERY

P.O. Box 1176

Farmington, Utah 84025

Email: gene.msa@outlook.com

Phone: 435-659-1984

 

With a copy to:

 

JAMES HULSE

1363 Amen Court

Mesquite, NV 89027

 

The
above addresses may be changed by giving written notice of such change to the other party. All notices or communications shall be deemed
given when actually received or refused at the intended address.

 

13.8          
Entire Agreement. This Agreement, including the Schedule hereto, which is hereby incorporated by reference, sets forth the
entire understanding and agreement between the Parties as to matters covered herein and supersedes any prior understanding, agreement
or statement (written or oral) of intent between the Parties with respect to the subject matter hereof. In the event that there is a conflict
between this Agreement and any Schedule hereto, the terms of this Agreement shall prevail.

 

13.9          
No Partnership. Nothing contained in this Agreement shall constitute, or be construed to be, to create a partnership or
joint venture between the Parties, or their respective Affiliates, successors and assigns, nor shall either Party be liable for any debts
incurred on behalf of the other Party, or be able to bind the other Party.

 

13.10       
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original
and all of which together shall be deemed to be one and the same instrument. Electronic signatures shall have the same effect as originals.

 

13.11       
Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision
shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application
thereof to any Party or any circumstance, is invalid or unenforceable, (i) a suitable and equitable provision shall be substituted therefor
in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision; and
(ii) the remainder of this Agreement and the application of such provision to the other Party or circumstances shall not be affected by
such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision,
or the application thereof, in any other jurisdiction.

 

13.12       
Third-Party Rights. This Agreement is for the sole benefit of the Parties hereto and their permitted assigns and nothing
herein express or implied shall give or be construed to give to any person, other than the Parties hereto and such assigns, any legal
or equitable rights hereunder.

 

13.13       
Press Releases. No press releases, media interviews, and any other public announcements relating to the Plant or the Agreement
will be made by either Party unless determined jointly by the Parties and mutually agreed by the Parties in writing.

 

13.14       
Representations. Each Party represents and warrants to the other that such Party has all company or corporate authority
to execute this Agreement and this Agreement, on the Effective Date, constitutes a valid and binding agreement, enforceable in accordance
with its terms.

 

 

 

 

    	 	13	 

     

    

 

13.15       
Rules of Interpretation. In the Agreement and in the Schedule hereto, except to the extent that context otherwise requires:
(a) words singular and plural in number shall be deemed to include the other and pronouns having masculine or feminine gender shall be
deemed to include the other; (b) any reference to any Person (including a Party) includes its successors and assigns and, in the case
of any Governmental Authority, any Person succeeding to its functions and capacities; (c) references to Sections and Schedules are references
to Sections and Schedules to the Agreement; (d) any reference to a document or agreement, including this Agreement, includes a reference
to that document or agreement as novated, amended, supplemented or restated from time to time; (e) if any payment, act, matter or thing
hereunder would occur on a day that is not a Business Day, then such payment, act, matter or thing shall, unless otherwise expressly provided
for herein, shall occur on the next Business Day; (f) the terms “includes” or “including” means “including,
but not limited to,” regardless of whether so stated; (g) any reference to a particular Applicable Law shall be construed also as
a reference to all other Applicable Laws made under the particular Applicable Law referred to and to all such Applicable Laws as amended,
re-enacted, consolidated or replaced or as their application or interpretation is affected by other Applicable Laws from time to time
and whether before or after the Effective Date; and (i) the word “will” shall be construed to have the same meaning and effect
as the word “shall”.

 

IN WITNESS WHEREOF, the Parties
have caused their duly authorized representatives to execute this Agreement as of the day and year first above written.

 

	
    VIVAVENTURES ENERGY GROUP, INC.,

    a Nevada corporation
	
    HOT OIL TRANSPORT, LLC,

    a Nevada limited liability company

	
     

    By: /s/ Matthew Nicosia

    Matthew Nicosia

    Title: Chief Executive Officer

     
	
     

    By: /s/ Robert E. Chrisenbery

    Name:Robert E. Chrisenbery

    Title: Manager

     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	14

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