Document:

Exhibit

Exhibit 10.2

EXTENSION AMENDMENT
This Extension Amendment (this “Extension Amendment”), dated as of January 24, 2020, is made by and among Coral-US Co-Borrower LLC, a limited liability company organized under the laws of Delaware (the “Original Co-Borrower”) as Borrower and Guarantor, each of the other Loan Parties party hereto, the financial institutions listed on Schedule 1 to this Extension Amendment (the “Extending Class B Revolving Credit Lenders”) and The Bank of Nova Scotia as Administrative Agent (the “Administrative Agent”) and Security Trustee (the “Security Trustee”) under the amended and restated credit agreement dated as of March 7, 2018 (as amended, restated, supplemented or otherwise modified from time to time (including as amended as of April 9, 2018 and as further supplemented on January 10, 2020) prior to the Effective Date (as defined below), and as in effect immediately prior to the occurrence of the Effective Date, the “Existing Credit Agreement”) between, among others, Sable International Finance Limited, an exempted company incorporated under the laws of the Cayman Islands, and the Original Co-Borrower, each as Initial Borrowers, the other Borrowers and Guarantors party thereto from time to time, the Administrative Agent, the Security Trustee and each Lender from time to time party thereto.
RECITALS:
WHEREAS, pursuant to Section 2.16 (Extension of Term Loans; Extension of Revolving Credit Loans) of the Existing Credit Agreement, the Original Co-Borrower, the other Loan Parties, the Extending Class B Revolving Credit Lenders, the Administrative Agent and the Security Trustee are entering into this Extension Amendment in order to establish the terms of the Extended Class B Revolving Credit Commitments (as defined below) and Extended Class B Revolving Facility Loans (as defined below);
WHEREAS, effective as of the Effective Date (after giving effect to the effectiveness of the Extended Class B Revolving Credit Commitments), the Loan Parties and the Extending Class B Revolving Credit Lenders desire to consent to certain Amendments (as defined below) to the Amended Credit Agreement (as defined below) and the other Loan Documents set forth below pursuant to, and as authorized by, Section 10.01 (Amendments, Etc.) of the Amended Credit Agreement;
NOW, THEREFORE, in consideration of the premises and agreements, provisions and covenants herein contained, the Parties (as defined below) hereto agree as follows:
		
	1.
	DEFINED TERMS

As used in this Extension Amendment, the following terms shall have the meanings set forth below:
2    “Amended Credit Agreement” means the Existing Credit Agreement as further amended, supplemented or otherwise modified by this Extension Agreement, without giving effect to the Amendments.
3    “Effective Date” means the date on which the Administrative Agent provides the notice specified in Section 3 of this Extension Amendment.
4    “Extended Class B Revolving Credit Commitments” means the Extended Revolving Credit Commitment of each Extending Class B Revolving Credit Lender, as set forth on Schedule 1 to this Extension Amendment, established and having the terms set forth in Section 2 of this Extension Amendment.
5    “Extended Class B Revolving Facility Loans” means the Loans advanced by the Extending Class B Revolving Credit Lenders from time to time under the Extended Class B Revolving Credit Commitments. For the avoidance of doubt, the Extended Class B Revolving Facility Loans shall constitute “Revolving Credit Loans” for all purposes under the Amended Credit Agreement.
6    “Parties” means each of the Original Co-Borrower, the other Loan Parties, the Administrative Agent, the Security Trustee and the Extending Class B Revolving Credit Lenders. 
7    All other capitalized terms not defined above or elsewhere herein, which are defined in the Amended Credit Agreement, shall have the same meaning in this Extension Amendment, unless specified otherwise.
		
	2.
	EXTENSION OF THE MATURITY DATE OF CLASS B REVOLVING CREDIT COMMITMENTS AND ESTABLISHMENT OF THE EXTENDED CLASS B REVOLVING CREDIT COMMITMENTS.

		
	(a)
	Each Extending Class B Revolving Credit Lender agrees that immediately upon the occurrence of the Effective Date, the Maturity Date of an aggregate principal amount of its Class B Revolving Credit Commitment (and any Revolving Credit Loans held by it thereunder) representing the aggregate principal amount of its Extended Class B Revolving Credit Commitment, shall be extended to January 30, 2026, automatically and without the need for any further action on behalf of any Party; it being acknowledged that the Extended Class B Revolving Credit Commitments constitute Extended Revolving Credit Commitments in respect of the Class B Revolving Credit Commitments.

		
	(b)
	The aggregate principal amount of the Extended Class B Revolving Credit Commitment of each Extending Class B Revolving Credit Lender is set forth opposite its name on Schedule 1 to this Extension Amendment.

		
	(c)
	The Applicable Rate in relation to Extended Class B Revolving Facility Loans, unused Extended Class B Revolving Credit Commitments and Letter of Credit fees payable to Participating Revolving Credit Lenders in respect of Extended Class B Revolving Credit Commitments is: (i) for Eurocurrency Rate Loans and such Letter of Credit fees, 3.25%; (ii) for Base Rate Loans, 2.25%; and (iii) for unused commitment fees, 0.50%.

		
	(d)
	The Revolving Credit Availability Period with respect to the Extended Class B Revolving Credit Commitments shall be the period from and including the Effective Date to and including the date falling 30 days prior to the Maturity Date of the Extended Class B Revolving Credit Commitments.

		
	(e)
	Each Extending Class B Revolving Credit Lender agrees that its Extended Class B Revolving Credit Commitment shall constitute a Participating Revolving Credit Commitment for purposes of the Amended Credit Agreement.

		
	(f)
	Each Extending Class B Revolving Credit Lender that is an L/C Issuer and/or an Alternative L/C Issuer hereby confirms that, on the terms and subject to the conditions of the Amended Credit Agreement, it will continue in its role as a L/C Issuer and/or an Alternative L/C Issuer under the Amended Credit Agreement following the Maturity Date with respect to the Class B Revolving Credit Commitments, and each Loan Party and each Extending Class B Revolving Credit Lender hereby agrees that each such L/C Issuer and/or Alternative L/C Issuer shall be entitled to all rights, privileges and indemnities afforded to such L/C Issuer and/or Alternative L/C Issuer under the Amended Credit Agreement (including, without limitation, the payment of fees in accordance with the terms and conditions of Section 2.03(h) of the Amended Credit Agreement).

		
	(g)
	The Original Co-Borrower, each Extending Class B Revolving Credit Lender and the Administrative Agent hereby agree that this Section 2 satisfies the Original Co-Borrower’s obligation to deliver a Revolver Extension Request in accordance with the terms of Section 2.16 (Extension of Term Loans; Extension of Revolving Credit Loans) of the Existing Credit Agreement in respect of the Class B Revolving Credit Commitments.

		
	(h)
	The obligations with respect to the Extended Class B Revolving Credit Commitments (i) shall be Secured Obligations (as defined in the applicable Intercreditor Agreement) and (ii) shall, except as set forth in this Extension Amendment, have the same terms as the Class B Revolving Credit Commitments as provided in the Existing Credit Agreement and the other Loan Documents before giving effect to this Extension Amendment; it being understood that the Extended Class B Revolving Credit Commitments (and all principal, interest and other amounts in respect thereof) will constitute Obligations under the Amended Credit Agreement and have the same rights and obligations under the Amended Credit Agreement and other Loan Documents as the Class B Revolving Credit Commitments following occurrence of the Effective Date (except as modified hereby).

		
	3.
	NOTICE OF EFFECTIVE DATE

The Administrative Agent shall, as soon as reasonably practicable, notify the Original Co-Borrower and the Extending Class B Revolving Credit Lenders once it has received all of the documents and evidence set out on Schedule 3 to this Extension Amendment in form and substance satisfactory to the Administrative Agent (acting reasonably, on the instructions of the Extending Class B Revolving Credit Lenders).
		
	4.
	POST-EFFECTIVE DATE ACTIONS

The Company shall complete or cause to be completed each of the actions described on Schedule 4 to this Extension Amendment as soon as commercially reasonable and by no later than the date set forth in Schedule 4 to this Extension Amendment with respect to such action or such later date as the Administrative Agent and/or the Security Trustee, as applicable, may reasonably agree.
		
	5.
	AMENDMENTS TO CREDIT AGREEMENT

		
	(a)
	Each Extending Class B Revolving Credit Lender (and, for the avoidance of doubt, its successors and assigns), the Administrative Agent and each Loan Party hereby (i) irrevocably consents and agrees, effective as of the Effective Date (after giving effect to the effectiveness of the Extended Class B Revolving Credit Commitments), to (A) all amendments, waivers, consents or other modifications to the Amended Credit Agreement and any other agreements set forth in the “blackline” of the Amended Credit Agreement attached as Exhibit A to this Extension Amendment (where such amendments, waivers, consents or other modifications are indicated textually by the deletion of stricken text (in the same manner as the following example: stricken text) and the addition of underlined text (indicated textually in the same manner as the following example: underlined text)) (the “January 2020 Amendments”) and (B) all consequential amendments, waivers, consents or other modifications, whether effected by one instrument or through a series of amendments, to the Amended Credit Agreement or any other Loan Document to be made either to implement the January 2020 Amendments, to the extent necessary to give effect to or otherwise implement the January 2020 Amendments, or to conform any Loan Document to reflect the January 2020 Amendments (the “January 2020 Consequential Amendments”, together with the January 2020 Amendments, the “Required Lender Amendments”) and (ii) irrevocably agrees that, upon receipt of the consent of the Required Lenders in accordance with Section 10.01 (Amendments, Etc.) of the Amended Credit Agreement, without any further action required on the part of any party hereto, the Amended Credit Agreement shall be amended and restated in the form of Exhibit A to this Joinder Agreement (giving effect to the amendments, waivers, consents or other modifications indicated textually in Exhibit A to this Joinder Agreement).

		
	(b)
	Each Extending Class B Revolving Credit Lender (and, for the avoidance of doubt, its successors and assigns) hereby irrevocably consents and agrees, in its capacity as a Lender (and, if it is a Hedge Bank, in its capacity as a Hedge Bank), and agrees to cause, unless it is unable or prohibited from doing so, any of its Affiliates or Approved Funds that are Revolving Credit Lenders or Hedge Banks to irrevocably consent in their capacity as Revolving Credit Lenders or Hedge Banks, effective as of the Effective Date (after giving effect to the effectiveness of the Extended Class B Revolving Credit Commitments), to:  

		
	(A)
	all amendments, waivers, consents or other modifications to the Amended Credit Agreement and any other agreements set forth in the changed pages “blackline” of the Amended Credit Agreement attached as Exhibit B to this Extension Amendment (where such amendments, waivers, consents or other modifications are indicated textually by the deletion of stricken text (in the same manner as the following example: stricken text) and the addition of underlined text (indicated textually in the same manner as the following example: underlined text)) (the “Additional Amendments”); and/or

		
	(A)
	all consequential amendments, waivers, consents or other modifications, whether effected by one instrument or through a series of amendments, to the Amended Credit Agreement or any other Loan Document to be made either to implement the Affected Lender Amendments, to the extent necessary to give effect to or otherwise implement the Affected Lender Amendments, or to conform any Loan Document to reflect the Affected Lender Amendments (the “Additional Consequential Amendments”, together with the Additional Amendments, the “Affected Lender Amendments”; and the Affected Lender Amendments and the Required Lender Amendments, together the “Amendments”).

		
	(c)
	This Extension Amendment shall constitute the irrevocable and written consent of each Extending Class B Revolving Credit Lender (and, for the avoidance of doubt, its successors and assigns), in its capacity as a Lender (and, if it is a Hedge Bank, in its capacity as a Hedge Bank) to the Amendments and the agreement of each Extending Class B Revolving Credit Lender to procure, unless it is unable or prohibited from doing so, that each of its Affiliates or Approved Funds that is a Revolving Credit Lender or a Hedge Bank provides irrevocable and written consent in that capacity in respect of the Amendments for the purposes of Section 10.01 (Amendments, Etc.) of the Amended Credit Agreement, Clause 28 (Consents, Amendments and Override) of the Existing Intercreditor Agreement (as applicable), and any clause in any other Loan Document relating to amendments of that Loan Document, without any further action required on the part of any party thereto; provided that, in each case, in relation to each Extending Class B Revolving Credit Lender, in its capacity as a Lender (and, if it is a Hedge Bank, in its capacity as a Hedge Bank), if (i) the Administrative Agent determines that Extending Class B Revolving Credit Lender can split its votes (and that Extending Class B Revolving Credit Lender has instructed the Administrative Agent to do so) or (ii) greater than 50% of the Commitments or participations thereof, as applicable, of that Extending Class B Revolving Credit Lender are held on the “public side” or on behalf of third parties, such consent shall not be deemed to be given in respect of any Commitment or participation thereof, as applicable, in respect of which such Extending Class B Revolving Credit Lender was prohibited from so consenting.

		
	(d)
	Each Extending Class B Revolving Credit Lender (and, for the avoidance of doubt, its successors and assigns) in its capacity as a Lender (and, if it is a Hedge Bank, in its capacity as a Hedge Bank) hereby irrevocably waives, and agrees to cause, unless it is unable or prohibited from doing so, any of its Affiliates or Approved Funds that are Revolving Credit Lenders or Hedge Banks to irrevocably waive in their capacity as Revolving Credit Lenders or Hedge Banks, receipt of any amendment, consent or similar fee in connection with the foregoing consent to any or all of the Amendments (other than any such fee pursuant to a written agreement between Sable Holding Limited and such Affiliate or Approved Fund on or about the date hereof in connection with this Extension Agreement), notwithstanding that other consenting Lenders under the Amended Credit Agreement or Hedge Banks under the applicable Intercreditor Agreement may be paid a fee in consideration of such Lenders’ or Hedge Banks’ consent to any or all of the Amendments; provided that, in each case, in relation to each Extending Class B Revolving Credit Lender, in its capacity as a Lender (and, if it is a Hedge Bank, in its capacity as a Hedge Bank), if (i) the Administrative Agent determines that Extending Class B Revolving Credit Lender can split its votes (and that Extending Class B Revolving Credit Lender has instructed the Administrative Agent to do so) or (ii) greater than 50% of the Commitments or participations thereof, as applicable, of that Extending Class B Revolving Credit Lender are held on the “public side” or on behalf of third parties, such waiver shall not be deemed to be given in respect of any Commitment or participation thereof, as applicable, in respect of which such Extending Class B Revolving Credit Lender was prohibited from providing such waiver.

		
	(e)
	Each Extending Class B Revolving Credit Lender (and, for the avoidance of doubt, its successors and assigns), in its capacity as a Lender (and, if it is a Hedge Bank, in its capacity as a Hedge Bank) hereby acknowledges and agrees, and agrees to cause, unless it is unable or prohibited from doing so, any of its Affiliates or Approved Funds that are Revolving Credit Lenders or Hedge Banks to acknowledge and agree in their capacity as Revolving Credit Lenders or Hedge Banks, that the Administrative Agent and/or the Security Trustee may, but shall not be required to, send to it any further formal amendment request in connection with all, or any, of the applicable Amendments, and the Administrative Agent and/or the Security Trustee (as applicable) shall be authorized to consent on behalf of it, as a Lender under one or more Facilities and as a Hedge Bank under the applicable Intercreditor Agreement, to any such Amendments (and the Administrative Agent and/or the Security Trustee shall be authorized to enter into any necessary documentation in connection with the same), and such consent shall be taken into account in calculating whether the Required Lenders, or the relevant requisite Lenders and/or Hedge Banks, have consented to the relevant Amendments in accordance with Section 10.01 (Amendments, Etc.) of the Amended Credit Agreement, Clause 28 (Consents, Amendments and Override) of the Existing Intercreditor Agreement (as applicable), and any clause relating to amendments in any other Loan Document; provided that, in each case, in relation to each Extending Class B Revolving Credit Lender in its capacity as a Lender (and if it is a Hedge Bank, in its capacity as a Hedge Bank), if (i) the Administrative Agent determines that Extending Class B Revolving Credit Lender can split its votes (and that Extending Class B Revolving Credit Lender has instructed the Administrative Agent to do so) or (ii) greater than 50% of the Commitments or participations thereof, as applicable, of that Extending Class B Revolving Credit Lender are held on the “public side” or on behalf of third parties, such acknowledgement and agreement shall not be deemed to be given in respect of any Commitment or participation thereof, as applicable, in respect of which such Extending Class B Revolving Credit Lender was prohibited from providing such acknowledgement and agreement.

		
	6.
	USE OF PROCEEDS 

The proceeds of the Extended Class B Revolving Facility Loans in respect of the Extended Class B Revolving Credit Commitments shall be used for any purpose not otherwise prohibited under the Amended Credit Agreement, including, without limitation, to finance general corporate and/or working capital purposes, the redemption, refinancing, repayment or prepayment of existing indebtedness of the Restricted Group, and any fees and expenses in connection with this Extension Amendment, the Extended Class B Revolving Credit Commitments or other transactions related thereto.
		
	7.
	MISCELLANEOUS

		
	(a)
	Each Extending Class B Revolving Credit Lender hereby confirms to each other Lender, the Administrative Agent and the Security Trustee that:

		
	(i)
	it has made its own independent investigation and assessment of the financial condition and affairs of each Loan Party and its related entities in connection with its participation in the Amended Credit Agreement and has not relied on any information provided to it by another Lender, the Administrative Agent or the Security Trustee in connection with any Loan Document; and

		
	(ii)
	it will continue to make its own independent appraisal of the creditworthiness of each Loan Party and its related entities while any amount is or may be outstanding under the Amended Credit Agreement or any Commitment hereunder or thereunder is in force.

		
	(b)
	The Facility Office and address for notices of each Extending Class B Revolving Credit Lender for the purposes of Section 10.02 (Notices and Other Communications; Facsimile Copies) of the Amended Credit Agreement is as set forth on Schedule 2 to this Extension Amendment.

		
	(c)
	This Extension Amendment is an “Extension Request”, “Revolver Extension Request” and “Extension Amendment” in respect of the Extended Class B Revolving Credit Commitments for the purposes of the Amended Credit Agreement.

		
	8.
	REAFFIRMATION

Each of the Guarantors acknowledges and consents to the terms and conditions of this Extension Amendment and, by execution hereof, confirms:
		
	(a)
	its Guaranty obligations under the Amended Credit Agreement and other Loan Documents (including separate guarantee and indemnity agreements given) shall include the Extended Class B Revolving Credit Commitments established hereby and shall be owed to each Secured Party, including the Extending Class B Revolving Credit Lenders, but otherwise shall remain in full force and effect and continue unaffected;

		
	(b)
	all liabilities and obligations owed by the Loan Parties under the Amended Credit Agreement, this Extension Amendment and the other Loan Documents are (A) “Secured Liabilities”, “Secured Obligations” or “Secured Debt” (as applicable) as defined in and for the purposes of each Collateral Document to which it is a party and (B) “Secured Obligations” as defined in and for the purposes of the applicable Intercreditor Agreement; and

		
	(c)
	each Extending Class B Revolving Credit Lender shall be entitled to share in the Collateral with the Lenders under the other Facilities in accordance with the applicable Intercreditor Agreement and the Collateral Documents.

Nothing contained herein or in any related documents will operate to reduce or discharge any of the obligations of the Guarantors under the Amended Credit Agreement and other Loan Documents (including separate guarantee and indemnity agreements given).
		
	9.
	EFFECTS ON LOAN DOCUMENTS 

Except as amended by and in accordance with this Extension Amendment, all Loan Documents continue to be in full force and effect and are hereby in all respects ratified and confirmed. Except as provided herein, the execution, delivery and effectiveness of this Extension Amendment shall not operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of the Loan Documents or in any way limit, impair or otherwise affect the rights and remedies of the Lenders or the Administrative Agent under the Loan Documents. On and after the Effective Date, each reference in the Amended Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Amended Credit Agreement, and each reference in the other Loan Documents to “Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Amended Credit Agreement shall mean and be a reference to the Existing Credit Agreement as amended, supplemented or otherwise modified by this Extension Amendment, without giving effect to the Amendments, and by any other amendment effected on or about the date hereof. This Extension Amendment, any other amendment effected or about the date hereof and the Existing Credit Agreement shall be read together and construed as a single instrument.
		
	10.
	AMENDMENTS 

This Extension Amendment may not be amended, modified or waived except by an instrument or instruments in writing signed and delivered on behalf of each of the Parties hereto affected thereby.
		
	11.
	COUNTERPARTS 

This Extension Amendment may be executed in any number of counterparts, each of which shall be an original and all of which, when taken together, shall constitute one agreement. Delivery of an executed counterpart of a signature page to this Extension Amendment by “.pdf” or other electronic means shall be effective as delivery of an original executed counterpart of this Extension Amendment.
		
	12.
	SEVERABILITY

If any provision of this Extension Amendment is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Extension Amendment shall not be affected or impaired thereby and (b) the Parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
		
	13.
	CONTRACTUAL RECOGNITION OF BAIL-IN

Notwithstanding any other term of any Loan Document or any other agreement, arrangement or understanding between the Parties, each Party acknowledges, accepts and agrees that any BRRD Liability arising under or in connection with the Loan Documents may be subject to the exercise of Bail-In Powers by the Relevant Resolution Authority and acknowledges, accepts and agrees to be bound by the effect of:
		
	(a)
	the exercise of Bail-in Powers by the Relevant Resolution Authority in relation to any such BRRD Liability of the Extending Class B Revolving Credit Lenders to the Parties, that (without limitation) may include and result in any of the following, or some combination thereof:

		
	(i)
	the reduction of all, or a portion, of the BRRD Liability or outstanding amounts due thereon;

		
	(ii)
	the conversion of all, or a portion, of the BRRD Liability into shares, other securities or other obligations of the Extending Class B Revolving Credit Lenders (or, in each case, any Affiliate of the Extending Class B Revolving Credit Lenders) or another Person, and the issue to or conferral on the Parties of such shares, securities or obligations;

		
	(iii)
	the cancellation of any such liability; and

		
	(iv)
	the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which any payments are due, including by suspending payment for a temporary period; and

		
	(b)
	a variation of any term of any Loan Document, as deemed necessary by the Relevant Resolution Authority, to give effect to the exercise of Bail-in Powers by the Relevant Resolution Authority.

For the purposes of this Section 13:
8    “Bail-in Legislation” means:
		
	(a)
	in relation to a member state of the European Economic Area which has implemented, or which at any time implements, the BRRD, the relevant implementing law, regulation, rule or requirement as described in the EU Bail-in Legislation Schedule from time to time; and

		
	(b)
	in relation to any other state, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation.

9    “Bail-in Powers” means:
		
	(a)
	any Write-down and Conversion Powers as defined in the EU Bail-in Legislation Schedule, in relation to the relevant Bail-in Legislation; and

		
	(b)
	in relation to any other applicable Bail-In Legislation:

		
	(i)
	any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and

		
	(ii)
	any similar or analogous powers under that Bail-In Legislation.

10    “BRRD” means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms.
11    “BRRD Liability” means a liability in respect of which the relevant Write Down and Conversion Powers in the applicable Bail-in Legislation may be exercised.
12    “EU Bail-in Legislation Schedule” means the document described as such, then in effect, and published by the Loan Market Association (or any successor Person) from time to time.
13    “Relevant Resolution Authority” means the resolution authority with the ability to exercise any Bail-in Powers in relation to the Extending Class B Revolving Credit Lenders (or, in each case, any Affiliate of the Extending Class B Revolving Credit Lenders).
		
	14.
	ACKNOWLEDGEMENT REGARDING ANY SUPPORTED QFCS

To the extent that any Loan Documents provide support, through a guarantee or otherwise, for any Secured Hedge Agreement or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):
		
	(a)
	in the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

		
	(b)
	as used in this Section 14, the following terms have the following meanings:

		
	(i)
	“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

		
	(ii)
	“Covered Entity” means any of the following:

		
	(A)
	a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

		
	(B)
	a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b);

		
	(C)
	a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

		
	(iii)
	“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

		
	(iv)
	“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

		
	15.
	APPLICABLE LAW; JURISDICTION; TRIAL BY JURY

THIS EXTENSION AMENDMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS EXTENSION AMENDMENT, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. Each of the Parties submits to the exclusive jurisdiction of the federal and state courts in the Borough of Manhattan in the City of New York in any suit or proceeding arising out of or relating to this Extension Amendment or the transactions contemplated hereby. Nothing in this Section 15 shall limit any of the Parties’ right to bring proceedings in any other courts of competent jurisdiction in more than one jurisdiction (whether concurrently or not) to the extent permitted by applicable law. EACH OF THE PARTIES IRREVOCABLY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, SUIT, CLAIM OR COUNTER-CLAIM BOUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THE MANDATE DOCUMENTS OR THE PERFORMANCE OF SERVICES THEREUNDER.
[Signature pages follow]

BANK OF AMERICA, N.A., LONDON BRANCH, as Extending Class B Revolving Credit Lender

By:                    
Name:
Title:

BNP PARIBAS FORTIS SA/NV, as Extending Class B Revolving Credit Lender

By:                    
Name:
Title:

CITIBANK N.A., LONDON BRANCH, as Extending Class B Revolving Credit Lender

By:                    
Name:
Title:

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Extending Class B Revolving Credit Lender

By:                    
Name:
Title:

FIRST CARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED, as Extending Class B Revolving Credit Lender

By:                    
Name:
Title:

GOLDMAN SACHS BANK USA, as Extending Class B Revolving Credit Lender

By:                    
Name:
Title:

ING CAPITAL LLC, as Extending Class B Revolving Credit Lender

By:                    
Name:
Title:

JPMORGAN CHASE BANK, N.A., as Extending Class B Revolving Credit Lender

By:                    
Name:
Title:

ROYAL BANK OF CANADA, as Extending Class B Revolving Credit Lender

By:                    
Name:
Title:

SOCIETE GENERALE, LONDON BRANCH, as Extending Class B Revolving Credit Lender

By:                    
Name:
Title:

THE BANK OF NOVA SCOTIA, as Extending Class B Revolving Credit Lender, L/C Issuer and Swing Line Lender

By:                    
Name:
Title:

THE BANK OF NOVA SCOTIA, as Administrative Agent

By:                    
Name:
Title:

THE BANK OF NOVA SCOTIA, as Security Trustee

By:                    
Name:
Title:

Coral-US Co-Borrower LLC, as a Borrower and a Guarantor

By:                    
Name:
Title:

Sable International Finance Limited, as a Borrower and a Guarantor

By:                    
Name:
Title:

C&W Senior Secured Parent Limited, as a Guarantor

By:                    
Name:
Title:

Sable Holding Limited, as a Guarantor

By:                    
Name:
Title:

CWIGroup Limited, as a Guarantor

By:                    
Name:
Title:

Cable and Wireless (West Indies) Limited, as a Guarantor

By:                    
Name:
Title:

Columbus International Inc., as a Guarantor

By:                    
Name:
Title:

Schedule 1 

EXTENDING CLASS B REVOLVING CREDIT LENDERS AND EXTENDED CLASS B REVOLVING CREDIT COMMITMENTS

	
		
	Extending Class B Revolving Credit Lenders
	Extended Class B Revolving Credit Commitment

	Bank of America, N.A., London Branch
	$56,000,000

	BNP Paribas Fortis SA/NV
	$69,500,000

	Citibank N.A., London Branch
	$50,000,000

	Credit Suisse AG, Cayman Islands Branch
	$50,000,000

	FirstCaribbean International Bank (Bahamas) Limited
	$32,500,000

	Goldman Sachs Bank USA
	$50,000,000

	ING Capital LLC
	$50,000,000

	JPMorgan Chase Bank, N.A.
	$40,000,000

	Royal Bank of Canada
	$57,500,000

	Societe Generale, London Branch
	$50,000,000

	The Bank of Nova Scotia
	$69,500,000

	TOTAL:
	$575,000,000

SCHEDULE 2     

FACILITY OFFICE AND ADDRESS FOR NOTICES OF EXTENDING CLASS B REVOLVING CREDIT LENDERS

ADMINISTRATIVE AGENT:
Administrative Agent’s Office
	
		
	Agent Name
	The Bank of Nova Scotia, London

	Address:
	201 Bishopsgate, 6th Floor
London, EC2M 3NS

	Attn:
	BNS London Loan Ops

	Email:
	 

	Phone:
	 

	Fax:
	 

EXTENDING CLASS B REVOLVING CREDIT LENDERS:
Bank of America, N.A., London Branch 
Address: 2 King Edward Street, London EC1A 1HQ
Attn: Gaurav Ahuja / Shirley Fliflet
Phone: 

BNP Paribas Fortis SA/NV 
Address: Montagne du Parc 3 - 1000 Brussels, Belgium
Attn: Valérie Jourdan / Jean-Philippe Rouane

Citibank N.A., London Branch
Address: Citigroup Centre, 33 Canada Square, London E14 5LB
Attn: Wouter Tamsma
Phone: 

Credit Suisse AG, Cayman Islands Branch
Address: Eleven Madison Avenue, 8th Floor, New York, NY 10010
Attn: Loan Operations – Agency Manager
Email: Fax: 

FirstCaribbean International Bank (Bahamas) Limited
Address: FirstCaribbean Financial Center, Shirley Street, P. O. Box N-7125, Nassau, Bahamas
Attn: Wendy Major
Email:  
Phone: 
Fax: 

With a copy to: Isabel de Caries
Email:
Phone: 

Goldman Sachs Bank USA
Attn: Tony Dick/Nikita Wadhwa
Address: Plumtree Court, 25 Shoe Lane, London EC4A 4AU
Email:
Phone: 

ING Capital LLC  
Address: 1133 Avenue of the Americas, New York, NY 10036   
Attn: Sue Mack 
Email: 
Phone: 
Fax: 

JPMorgan Chase Bank, N.A.
Address: 500 Stanton Christiana Rd., Newark, DE 19713
Attn: Vithal Giri
Email: 
Phone: 
Fax: 

Royal Bank of Canada 
Address: Thames Court, 1 Queenhithe, London EC4V 3DQ
Attn: Cein Mahood-Gallagher
Phone: 

Societe Generale, London Branch 
Address: One Bank Street, London E14 4SG 
Attn: Chenaab Randhawa
Phone: 

The Bank of Nova Scotia
Address: 201 Bishopsgate, 6th Floor, London EC2M 3NS
Attn: BNS London Loan Ops
Email: 
Phone: 
Fax: 

SCHEDULE 3     

CONDITIONS PRECEDENT TO EFFECTIVE DATE
		
	1.
	Execution and delivery of this Extension Amendment by each Loan Party.

		
	2.
	Such certified Organization Documents, certificates of good standing (to the extent such concept exists) from the applicable secretary of state of the state of organization of each Loan Party (other than Columbus International Inc.), certificates of resolutions/authorizations or other action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party as the Administrative Agent may reasonably request evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Extension Amendment and the other Loan Documents to which that Loan Party is a party.

		
	3.
	An opinion from Ropes & Gray International LLP, Delaware and New York counsel to the Loan Parties, in form and substance reasonably satisfactory to the Administrative Agent.

		
	4.
	An opinion from Ropes & Gray International LLP, English law counsel to the Loan Parties, in form and substance reasonably satisfactory to the Administrative Agent.

		
	5.
	An opinion from Maples and Calder, Cayman law counsel to the Loan Parties, in form and substance reasonably satisfactory to the Administrative Agent.

		
	6.
	An opinion from Chancery Chambers, Barbados law counsel to the Loan Parties, in form and substance reasonably satisfactory to the Administrative Agent.

		
	7.
	The Administrative Agent shall have received, at least three Business Days prior to the Effective Date, all documentation and other information about each Loan Party required under applicable “know your customer” and anti-money laundering rules and regulations, including under the Beneficial Ownership Regulation (31 C.F.R. § 1010.230) (such information to include, for the avoidance of doubt, a certification regarding beneficial ownership as required by such regulation for each entity that qualifies as a “legal entity customer” thereunder) and the USA Patriot Act, and satisfactory to each Lender party hereto (acting reasonably), in each case, that has been requested by the Administrative Agent (for itself or on behalf of any Lender) in writing at least ten days prior to the Effective Date.

8.    
SCHEDULE 4     

POST-EFFECTIVE DATE ACTIONS
Within 60 days of the Effective Date, all documents listed below to be executed by the relevant Loan Party and delivered to the Administrative Agent and the Lenders:
		
	1.
	Re-confirmation of a Barbados law-governed Deed of Charge over Shares dated April 2, 2015 and made between Sable Holding Limited as Chargor and The Bank of Nova Scotia (as successor to BNP Paribas) as Security Trustee in respect of the shares of Columbus International Inc.

		
	1.
	Re-confirmation of a Barbados law-governed Confirmation Deeds dated July 13, 2016, July 31, 2017, June 25, 2019 and January 10, 2020, in each case made between Columbus International Inc. (formerly known as Columbus Cable (Barbados) Limited), Sable Holding Limited and The Bank of Nova Scotia, as Security Trustee.

EXHIBIT A
JANUARY 2020 AMENDMENTS
[Incorporated by reference to Exhibit 10.1 – Exhibit A in this Current Report on Form 8-K]

EXHIBIT B
ADDITIONAL AMENDMENTS
[Incorporated by reference to Exhibit 10.1 – Exhibit B in this Current Report on Form 8-K]Exhibit 10.1

 

Ecoark
Holdings, Inc.

 

January
26, 2020

 

Holder
of Common Stock Purchase Warrants

 

Re:     Inducement
Offer to Exercise Common Stock Purchase Warrants

 

Dear
Holder:

 

Ecoark
Holdings, Inc. (the “Company”) is pleased to offer to you the opportunity to exercise all of the Common Stock
Purchase Warrants issued on August 21, 2019 set forth on the signature page hereto (collectively, the “Existing Warrants”)
and currently held by you (the “Holder”). The Existing Warrants and the shares underlying the Existing Warrants
(“Existing Warrant Shares”) have been registered pursuant to registration statement Form S-1 (File No. 333-234037)
which registration statement is currently effective and, upon exercise of the Existing Warrants pursuant to this letter agreement,
will be effective for the issuance or sale, as the case may be, of the Warrant Shares. Capitalized terms not otherwise defined
herein shall have the meanings set forth in the Existing Warrant.

 

In
consideration for exercising in full all of the Existing Warrants held by you and set forth on the signature page hereto (the
“Warrant Exercise”) at an exercise price of $0.51, the Company hereby offers to issue you or your designee
a new Common Stock Purchase Warrant (“New Warrant” and the shares underlying the New Warrants, the “New
Warrant Shares”) pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (“Securities Act”),
to purchase up to a number of shares of Common Stock equal to 150% of the number of Existing Warrant Shares issued pursuant
to the Warrant Exercise hereunder, which New Warrant shall be substantially in the form of attached hereto (except for customary
legends and other language typical for an unregistered warrant), will be exercisable immediately, and have a term of exercise
of five years, and an exercise price equal to $0.90.

 

The
original New Warrant certificates will be delivered within two Business Days following the date hereof. Notwithstanding anything
herein to the contrary, in the event the Warrant Exercise would otherwise cause the Holder to exceed the beneficial ownership
limitations (“Beneficial Ownership Limitation”) set forth in Section 1(f) of the Existing Warrants, the Company
shall only issue such number of Warrant Shares to the Holder that would not cause the Holder to exceed the maximum number of Warrant
Shares permitted thereunder with the balance to be held in abeyance until notice from the Holder that the balance (or portion
thereof) may be issued in compliance with such limitations, which abeyance shall be evidenced through the Existing Warrants which
shall be deemed prepaid thereafter, and exercised pursuant to a Notice of Exercise in the Existing Warrant (provided no additional
exercise price shall be payable to the Company).

 

Expressly
subject to the paragraph immediately following this paragraph below, Holder may accept this offer by signing this letter below,
with such acceptance constituting Holder’s exercise in full of the Existing Warrants for an aggregate exercise price set forth
on the Holder’s signature page hereto (the “Warrants Exercise Price”).

 

Additionally,
the Company agrees to the representations, warranties and covenants set forth on Annex A attached hereto. Holder represents
and warrants that it is an “accredited investor” as defined in Rule 501 of the Securities Act, and agrees that the
New Warrants will contain restrictive legends when issued, and neither the New Warrants nor the shares of Common Stock issuable
upon exercise of the New Warrants will be registered under the Securities Act, except in the discretion of the Company.

 

    1

     

    

 

The
Holder understands that the New Warrants and the shares of Common Stock underlying New Warrants are not, and may never be, registered
under the Securities Act, or the securities laws of any state and, accordingly, each certificate, if any, representing such securities
shall bear a legend substantially similar to the following:

 

“THIS
SECURITY HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE
UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY,
MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS. THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED
BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)
UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.”

 

Certificates
evidencing shares of Common Stock underlying the New Warrants shall not contain any legend (including the legend set forth above),
(i) while a registration statement covering the resale of such Common Stock is effective under the Securities Act, (ii) following
any sale of such Common Stock pursuant to Rule 144 under the Securities Act, (iii) if such Common Stock is eligible for sale under
Rule 144, without the requirement for the Company to be in compliance with the current public information required under Rule
144 as to such Common Stock and without volume or manner-of-sale restrictions, (iv) if such Common Stock may be sold under
Rule 144 and the Company is then in compliance with the current public information required under Rule 144 as to such Common Stock,
or (v) if such legend is not required under applicable requirements of the Securities Act (including judicial interpretations
and pronouncements issued by the staff of the Securities and Exchange Commission (the “Commission”) and the
earliest of clauses (i) through (v), the “Delegend Date”)). The Company shall cause its counsel to issue a
legal opinion to the transfer agent promptly after the Delegend Date if required by the Company and/or the transfer agent to effect
the removal of the legend hereunder, which opinion shall be in form and substance reasonably acceptable to the Holder. If such
Common Stock may be sold under Rule 144 without the requirement for the Company to be in compliance with the current public information
required under Rule 144 or if such legend is not otherwise required under applicable requirements of the Securities Act (including
judicial interpretations and pronouncements issued by the staff of the Commission) then such Common Stock shall be issued free
of all legends. The Company agrees that following the Delegend Date or at such time as such legend is no longer required under
this Section 2.3(b), it will, no later than two (2) Trading Days following the delivery by the Holder to the Company or the transfer
agent of a certificate representing the Common Stock underlying the New Warrants issued with a restrictive legend (such second
Trading Day, the “Legend Removal Date”), deliver or cause to be delivered to the Holder a certificate representing
such shares that is free from all restrictive and other legends or, at the request of the Holder shall credit the account of the
Holder’s prime broker with the Depository Trust Company System as directed by the Holder.

 

    2

     

    

 

In
addition to the Holder’s other available remedies, the Company shall pay to a Holder, in cash, (i) as partial liquidated
damages and not as a penalty, for each $1,000 of Shares or Warrant Shares (based on the VWAP of the Common Stock on the date such
Warrant Shares are submitted to the Transfer Agent) delivered for removal of the restrictive legend, $10 per Trading Day (increasing
to $20 per Trading Day five (5) Trading Days after such damages have begun to accrue) for each Trading Day after the Legend Removal
Date until such certificate is delivered without a legend and (ii) if the Company fails to (a) issue and deliver (or cause to
be delivered) to the Holder by the Legend Removal Date a certificate representing the Securities so delivered to the Company by
the Holder that is free from all restrictive and other legends and (b) if after the Legend Removal Date the Holder purchases (in
an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of all or any
portion of the number of shares of Common Stock, or a sale of a number of shares of Common Stock equal to all or any portion of
the number of shares of Common Stock that the Holder anticipated receiving from the Company without any restrictive legend, then,
an amount equal to the excess of the Holder’s total purchase price (including brokerage commissions and other out-of-pocket
expenses, if any) for the shares of Common Stock so purchased (including brokerage commissions and other out-of-pocket expenses,
if any) (the “Buy-In Price”) over the product of (A) such number of Warrant Shares that the Company
was required to deliver to the Holder by the Legend Removal Date multiplied by (B) the lowest closing sale price of the Common
Stock on any Trading Day during the period commencing on the date of the delivery by the Holder to the Company of the applicable
Warrant Shares (as the case may be) and ending on the date of such delivery and payment under this clause (ii).

 

From
the date hereof until the end of the 100 Trading Day following the date hereof, other than an Exempt Issuance (as defined below),
neither the Company nor any subsidiary of the Company (the Company acknowledging that it does not currently have any subsidiaries)
shall issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares of Common Stock or
any securities of the Company or any subsidiaries which would entitle the holder thereof to acquire at any time Common Stock,
including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible
into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock, other than the offer
and issuance of New Warrants to Other Holders (defined below). “Exempt Issuance” means the issuance of (a)
shares of Common Stock or options to employees, officers or directors of the Company pursuant to any stock or option plan duly
adopted for such purpose, by a majority of the non-employee members of the Board of Directors or a majority of the members of
a committee of non-employee directors established for such purpose for services rendered to the Company, (b) securities upon the
exercise or exchange of or conversion of any Securities issued hereunder and/or other securities exercisable or exchangeable for
or convertible into shares of Common Stock issued and outstanding on the date of this Agreement, provided that such securities
have not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price,
exchange price or conversion price of such securities (other than in connection with stock splits or combinations) or to extend
the term of such securities, (c) up to 500,000 shares of Common Stock to be paid to consultants and advisors for services rendered,
provided that such shares of Common Stock are issued as “restricted securities” (as defined in Rule 144) and carry
no registration rights that require or permit the filing of any registration statement in connection therewith during the prohibition
period in Section 4.12(a) of that certain Securities Purchase Agreement dated as of November 11th, 2019, and (d) securities issued
pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided
that such Common Stock or securities are issued as “restricted securities” (as defined in Rule 144) and carry no registration
rights that require or permit the filing of any registration statement in connection therewith during the prohibition period in
Section 4.12(a) of that certain Securities Purchase Agreement dated as of November 11th, 2019, and provided that any such issuance
shall only be to a Person (or to the equityholders of a Person) which is, itself or through its subsidiaries, an operating company
or an owner of an asset in a business synergistic with the business of the Company and shall provide to the Company additional
benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities
primarily for the purpose of raising capital or to an entity whose primary business is investing in securities.

 

    3

     

    

 

On
or before 9:00 a.m. ET on January 27, 2020, the Company shall issue a press release disclosing all material terms of the transactions
contemplated hereunder. From and after the issuance of such press release, the Company represents to you that it shall have publicly
disclosed all material, non-public information delivered to you by the Company, or any of their respective officers, directors,
employees or agents in connection with the transactions contemplated hereunder. In addition, effective upon the issuance of such
press release, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement,
whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, agents,
employees or Affiliates on the one hand, and you and your Affiliates on the other hand, shall terminate. The Company represents,
warrants and covenants that, upon acceptance of this offer, the shares underlying the Existing Warrants shall be issued free of
any legends or restrictions on resale by Holder and all of the Warrant Shares shall be delivered electronically through the Depository
Trust Company within 1 Business Day of the date the Company receives the Warrants Exercise Price (or, with respect to Warrant
Shares that would otherwise be in excess of the Beneficial Ownership Limitation, within 2 Business Days of the date the Company
is notified by Holder that its ownership is less than the Beneficial Ownership Limitation). The terms of the Existing Warrants,
including but not limited to the obligations to deliver the Warrant Shares, shall otherwise remain in effect as if the acceptance
of this offer were a formal Notice of Exercise (including but not limited to any liquidated damages and compensation in the event
of late delivery of the Warrant Shares).

 

As
soon as practicable (and in any event within 30 calendar days of the date of this letter agreement), the Company shall file a
registration statement on Form S-3 (or other appropriate form if the Company is not then S-3 eligible) providing for the resale
by the Purchasers of the New Warrant Shares issued and issuable upon exercise of the New Warrants.  The Company shall use
commercially reasonable efforts to cause such registration to become effective within 90 days following the Closing Date and to
keep such registration statement effective at all times until no Purchaser owns any New Warrants or New Warrant Shares issuable
upon exercise thereof.

 

From
the date hereof until such time as the Holder no longer holds any of the New Warrants, the Company shall be prohibited from effecting
or entering into an agreement to effect any issuance by the Company or any of its direct or indirect subsidiaries of Common Stock
or Common Stock Equivalents (or a combination of units thereof) involving a Variable Rate Transaction. As used herein, “Common
Stock Equivalents” means any securities of the Company or any of its direct or indirect subsidiaries which would entitle
the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option,
warrant or other instrument that is convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof
to receive, Common Stock. Also, as used herein, “Variable Rate Transaction” means a transaction in which the Company
(i) issues or sells any debt or equity securities that are convertible into, exchangeable or exercisable for, or include the right
to receive, additional shares of Common Stock either (A) at a conversion price, exercise price or exchange rate or other price
that is based upon, and/or varies with, the trading prices of or quotations for the shares of Common Stock at any time after the
initial issuance of such debt or equity securities or (B) with a conversion, exercise or exchange price that is subject to being
reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent
events directly or indirectly related to the business of the Company or the market for the Common Stock or (ii) enters into, or
effects a transaction under, any agreement, including, but not limited to, an equity line of credit, whereby the Company may issue
securities at a future determined price. The Holder shall be entitled to obtain injunctive relief against the Company to preclude
any such issuance, which remedy shall be in addition to any right to collect damages.

 

    4

     

    

 

The
Company acknowledges and agrees that the obligations of the Holders under this letter agreement are several and not joint with
the obligations of any other holder or any other holders of Warrants to Purchase Common Stock of the Company (each, an “Other
Holder”) under any other agreement related to the exercise of such warrants (“Other Warrant Exercise Agreement”),
and the Holder shall not be responsible in any way for the performance of the obligations of any Other Holder or under any such
Other Warrant Exercise Agreement. Nothing contained in this letter agreement, and no action taken by the Holders pursuant hereto,
shall be deemed to constitute the Holder and the Other Holders as a partnership, an association, a joint venture or any other
kind of entity, or create a presumption that the Holder and the Other Holders are in any way acting in concert or as a group with
respect to such obligations or the transactions contemplated by this letter agreement and the Company acknowledges that the Holder
and the Other Holders are not acting in concert or as a group with respect to such obligations or the transactions contemplated
by this letter agreement or any Other Warrant Exercise Agreement. The Company and the Holder confirm that the Holder has independently
participated in the negotiation of the transactions contemplated hereby with the advice of its own counsel and advisors. The Holder
shall be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this
letter agreement, and it shall not be necessary for any Other Holder to be joined as an additional party in any proceeding for
such purpose.

 

The
Company hereby represents and warrants as of the date hereof and covenants and agrees from and after the date hereof until 100
Trading Days after the date hereof, that none of the terms offered to any Other Holder with respect to any Other Warrant Exercise
Agreement (or any amendment, modification or waiver thereof), is or will be more favorable to such Other Holder than those of
the Holder and this letter agreement. If, and whenever on or after the date hereof until 100 Trading Days after the date hereof,
the Company enters into an Other Warrant Exercise Agreement, then (i) the Company shall provide notice thereof to the Holder promptly
following the occurrence thereof and (ii) the terms and conditions of this letter agreement shall be, without any further action
by the Holder or the Company, automatically amended and modified in an economically and legally equivalent manner such that the
Holder shall receive the benefit of the more favorable terms and/or conditions (as the case may be) set forth in such Other Warrant
Exercise Agreement (including the issuance of additional Warrant Shares), provided that upon written notice to the Company at
any time the Holder may elect not to accept the benefit of any such amended or modified term or condition, in which event the
term or condition contained in this letter agreement shall apply to the Holder as it was in effect immediately prior to such amendment
or modification as if such amendment or modification never occurred with respect to the Holder. The provisions of this paragraph
shall apply similarly and equally to each Other Warrant Exercise Agreement.

 

***************

 

    5

     

    

 

Within
one business day from the Holder’s execution of this letter, the Holder shall make available for “Delivery Versus
Payment” to the Company immediately available funds equal to the number of Existing Warrants being exercised multiplied
by $0.51 and the Company shall deliver the Existing Warrant Shares via “Delivery Versus Payment” to the Holder
and shall deliver the New Warrants registered in the name of the Holder.

 

Please
do not hesitate to call me if you have any questions.

 

	 	Sincerely yours,
	 	 	 
	 	ECOARK HOLDINGS, INC.
	 	 	 
	 	By: 	 
	 	Name:  	William B Hoagland, CFA
	 	Title:	Principal Financial Officer

 

Accepted
and Agreed to:

 

Name
of Holder: __________________________________________________________

 

Signature
of Authorized Signatory of Holder: ____________________________________

 

Name
of Authorized Signatory: _______________________________________________

 

Title
of Authorized Signatory: ________________________________________________

 

Existing
Warrant Shares: ______________

 

Aggregate
Exercise Price: _____________

 

New
Warrants: (150% of total Existing Warrants being exercised): ___________

 

DTC
Instructions:

 

    

     

    

 

Annex
A

 

Representations,
Warranties and Covenants of the Company. The Company hereby makes the following representations and warranties to the Holder:

 

(a) Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by this letter agreement and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery
of this letter agreement by the Company and the consummation by the Company of the transactions contemplated hereby have been
duly authorized by all necessary action on the part of the Company and no further action is required by the Company, its board
of directors or its stockholders in connection therewith. This letter agreement has been duly executed by the Company and, when
delivered in accordance with the terms hereof, will constitute the valid and binding obligation of the Company enforceable against
the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii)
as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii)
insofar as indemnification and contribution provisions may be limited by applicable law.

 

(b) No
Conflicts. The execution, delivery and performance of this letter agreement by the Company and the consummation by the Company
of the transactions contemplated hereby do not and will not: (i) conflict with or violate any provision of the Company’s
certificate or articles of incorporation, bylaws or other organizational or charter documents; or (ii) conflict with, or constitute
a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any
 liens, claims, security interests, other encumbrances or defects upon any of the properties or assets of the Company in
connection with, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice,
lapse of time or both) of, any material agreement, credit facility, debt or other material instrument (evidencing Company debt
or otherwise) or other material understanding to which such Company is a party or by which any property or asset of the Company
is bound or affected; or (iii) conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction,
decree or other restriction of any court or governmental authority to which the Company is subject (including federal and state
securities laws and regulations), or by which any property or asset of the Company is bound or affected, except, in the case of
each of clauses (ii) and (iii), such as could not have or reasonably be expected to result in a material adverse effect upon the
business, prospects, properties, operations, condition (financial or otherwise) or results of operations of the Company, taken
as a whole, or in its ability to perform its obligations under this letter agreement.

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