Document:

MEMBERSHIP
INTEREST PURCHASE AGREEMENT

 

between

 

Donald
A. Kessel,

 

Robert
B. Foss,

 

and

 

U.S.
Energy Corp.

 

dated
as of

 

March
1, 2020

 

    	 

    	 

    

 

TABLE
OF CONTENTS

 

	Article I	 	DEFINITIONS	1
	 	 	 	 
	Article II	 	PURCHASE AND SALE	7
	Section 2.01.	 	Purchase and Sale	7
	Section 2.02.	 	Purchase Price	7
	Section 2.03.	 	Transactions to be Effected at the Closing	8
	Section 2.04.	 	Closing	8
	 	 	 	 
	Article III	 	REPRESENTATIONS AND WARRANTIES OF SELLER	9
	Section 3.01.	 	Authority of Seller	9
	Section 3.02.	 	Organization, Authority and Qualification of the Company	9
	Section 3.03.	 	Capitalization	9
	Section 3.04.	 	No Subsidiaries	10
	Section 3.05.	 	No Conflicts; Consents	10
	Section 3.06.	 	Financial Statements	10
	Section 3.07.	 	Liabilities	10
	Section 3.08.	 	Absence of Certain Changes, Events, and Conditions	11
	Section 3.09.	 	Material Contracts	11
	Section 3.10.	 	Title to Assets; Real Property	12
	Section 3.11.	 	Condition and Sufficiency of Assets	13
	Section 3.12.	 	Intellectual Property	13
	Section 3.13.	 	Inventory	13
	Section 3.14.	 	Accounts Receivable	14
	Section 3.15.	 	Customers	14
	Section 3.16.	 	Insurance	14
	Section 3.17.	 	Legal Proceedings; Governmental Orders	15
	Section 3.18.	 	Compliance With Laws; Permits	15
	Section 3.19.	 	Environmental Matters	15
	Section 3.20.	 	Employee Matters	17
	Section 3.21.	 	Taxes	17
	Section 3.22.	 	Books and Records	19
	Section 3.23.	 	Brokers	19
	Section 3.24.	 	Accredited Investor; Investment Intent	19
	Section 3.25.	 	Merits and Risks of an Investment in the Issued Shares	20
	Section 3.26.	 	Full Disclosure	20
	 	 	 	 
	Article IV	 	REPRESENTATIONS AND WARRANTIES OF BUYER	20
	Section 4.01.	 	Organization and Authority of Buyer	20
	Section 4.02.	 	No Conflicts; Consents	20
	Section 4.03.	 	Investment Purpose	21
	Section 4.04.	 	Brokers	21
	Section 4.05.	 	Legal Proceedings	21
	 	 	 	 
	Article V	 	COVENANTS	21
	Section 5.01.	 	Confidentiality	21
	Section 5.02.	 	Governmental Approvals and Consents	22

 

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	Section 5.03.	 	Books and Records	22
	Section 5.04.	 	Release	22
	Section 5.05.	 	Further Assurances	22
	 	 	 	 
	Article VI	 	TAX MATTERS	23
	Section 6.01.	 	Tax Covenants	23
	Section 6.02.	 	Termination of Existing Tax Sharing Agreements	23
	Section 6.03.	 	Tax Indemnification	23
	Section 6.04.	 	Straddle Period	24
	Section 6.05.	 	Contests	24
	Section 6.06.	 	Cooperation and Exchange of Information	24
	Section 6.07.	 	Tax Treatment of Indemnification Payments	25
	Section 6.08.	 	Payments to Buyer	25
	Section 6.09.	 	Survival	25
	Section 6.10.	 	Overlap	25
	 	 	 	 
	Article VII	 	CONDITIONS TO CLOSING	25
	Section 7.01.	 	Conditions to Obligations of All Parties	25
	Section 7.02.	 	Conditions to Obligations of Buyer	25
	Section 7.03.	 	Conditions to Obligations of Seller	26
	 	 	 	 
	Article VIII	 	INDEMNIFICATION	26
	Section 8.01.	 	Survival	26
	Section 8.02.	 	Indemnification By Seller	26
	Section 8.03.	 	Indemnification By Buyer	27
	Section 8.04.	 	Indemnification Procedures	27
	Section 8.05.	 	Indemnification Payments	30
	Section 8.06.	 	Tax Treatment of Indemnification Payments	30
	Section 8.07.	 	Effect of Investigation	30
	Section 8.08.	 	Exclusive Remedies	30
	 	 	 	 
	Article IX	 	MISCELLANEOUS	30
	Section 9.01.	 	Expenses	30
	Section 9.02.	 	Notices	31
	Section 9.03.	 	Interpretation	31
	Section 9.04.	 	Headings	31
	Section 9.05.	 	Severability	31
	Section 9.06.	 	Entire Agreement	32
	Section 9.07.	 	Successors and Assigns	32
	Section 9.08.	 	No Third-party Beneficiaries	32
	Section 9.09.	 	Amendment and Modification; Waiver	32
	Section 9.10.	 	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	32
	Section 9.11.	 	Specific Performance	33
	Section 9.12.	 	Counterparts	33

 

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MEMBERSHIP
INTEREST PURCHASE AGREEMENT

 

This
Membership Interest Purchase Agreement (this “Agreement”), dated as of March 1, 2020, is entered into between
Donald A. Kessel, an individual, and Robert B. Foss, an individual (collectively, “Seller”, or sometimes each
is referred to herein as “each Seller”), on the one hand, and U.S. Energy Corp., a Wyoming corporation (“Buyer”),
on the other hand.

 

RECITALS

 

WHEREAS,
Seller owns all of the issued and outstanding membership interests (the “Membership Interests”), in New Horizon
Resources LLC, a North Dakota limited liability company (the “Company”); and

 

WHEREAS,
Seller wishes to sell to Buyer, and Buyer wishes to purchase from Seller, the Membership Interests, subject to the terms and conditions
set forth herein;

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

Article
I

DEFINITIONS

 

The
following terms have the meanings specified or referred to in this Article I:

 

“Action”
means any claim, action, cause of action, demand, lawsuit, arbitration, inquiry, audit, notice of violation, proceeding, litigation,
citation, summons, subpoena or investigation of any nature, civil, criminal, administrative, regulatory or otherwise, whether
at law or in equity.

 

“Affiliate”
of a Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by,
or is under common control with, such Person. The term “control” (including the terms “controlled by”
and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Agreement”
has the meaning set forth in the preamble.

 

“Ancillary
Documents” means the Assignment and any other agreement, document, certificate or instrument required to be executed
in connection with this Agreement and the transactions contemplated hereby.

 

“Assignment”
has the meaning set forth in Section 2.03(b)(i).

 

“Annual
Financial Statements” has the meaning set forth in Section 3.06.

 

“Balance
Sheet” has the meaning set forth in Section 3.06.

 

    	1

    	 

    

 

“Balance
Sheet Date” has the meaning set forth in Section 3.06.

 

“Benefit
Plan” means any pension, benefit, retirement, compensation, employment, consulting, profit-sharing, deferred compensation,
incentive, bonus, performance award, phantom equity or other equity, change in control, retention, severance, vacation, paid time
off (PTO), medical, vision, dental, disability, welfare, Code Section 125 cafeteria, fringe benefit and other similar agreement,
plan, policy, program or arrangement (and any amendments thereto), in each case whether or not reduced to writing and whether
funded or unfunded, including each “employee benefit plan” within the meaning of Section 3(3) of ERISA, whether or
not tax-qualified and whether or not subject to ERISA, which is or has been maintained, sponsored, contributed to, or required
to be contributed to by the Company for the benefit of any current or former employee, officer, manager, retiree, independent
contractor or consultant of the Company or any spouse or dependent of such individual, or under which the Company or any of its
ERISA Affiliates has or may have any Liability, contingent or otherwise .

 

“Business
Day” means any day except Saturday, Sunday or any other day on which commercial banks located in Houston, Texas are
authorized or required by Law to be closed for business.

 

“Buyer”
has the meaning set forth in the preamble.

 

“Buyer
Indemnitees” has the meaning set forth in Section 8.02.

 

“Cash
Consideration” means cash in the amount of $150,000.00.

 

“CERCLA”
means the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended by the Superfund Amendments
and Reauthorization Act of 1986, 42 U.S.C. §§ 9601 et seq.

 

“Closing”
has the meaning set forth in Section 2.04.

 

“Closing
Date” has the meaning set forth in Section 2.04.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Common
Stock Consideration” means shares of common stock of the Company, par value $0.01 per share (“Common Stock”),
in the aggregate value of $275,000.00. For purposes of determining the number of shares of Common Stock to be included in the
Common Stock Consideration, each share of Common Stock shall be valued based on the volume weighted average price of each share
of Common Stock as traded on the Nasdaq stock market during the 30 trading days immediately prior to the Closing Date.

 

“Company”
has the meaning set forth in the recitals.

 

“Contracts”
means all contracts, leases, deeds, mortgages, licenses, instruments, notes, commitments, undertakings, indentures, joint ventures
and all other agreements, commitments and legally binding arrangements, whether written or oral.

 

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“Direct
Claim” has the meaning set forth in Section 8.04(c).

 

“Disclosure
Schedules” means the Disclosure Schedules delivered by Seller and Buyer concurrently with the execution and delivery
of this Agreement.

 

“Dollars
or $” means the lawful currency of the United States.

 

“Encumbrance”
means any charge, claim, community property interest, pledge, condition, equitable interest, lien (statutory or other), option,
security interest, mortgage, easement, encroachment, right of way, right of first refusal, or restriction of any kind, including
any restriction on use, voting, transfer, receipt of income or exercise of any other attribute of ownership.

 

“Environmental
Claim” means any Action, Governmental Order, lien, fine, penalty, or, as to each, any settlement or judgment arising
therefrom, by or from any Person alleging liability of whatever kind or nature (including liability or responsibility for the
costs of enforcement proceedings, investigations, cleanup, governmental response, removal or remediation, natural resources damages,
property damages, personal injuries, medical monitoring, penalties, contribution, indemnification and injunctive relief) arising
out of, based on or resulting from: (a) the presence, Release of, or exposure to, any Hazardous Materials; or (b) any actual or
alleged non-compliance with any Environmental Law or term or condition of any Environmental Permit.

 

“Environmental
Law” means any applicable Law, and any Governmental Order or binding agreement with any Governmental Authority: (a)
relating to pollution (or the cleanup thereof) or the protection of natural resources, endangered or threatened species, human
health or safety, or the environment (including ambient air, soil, surface water or groundwater, or subsurface strata); or (b)
concerning the presence of, exposure to, or the management, manufacture, use, containment, storage, recycling, reclamation, reuse,
treatment, generation, discharge, transportation, processing, production, disposal or remediation of any Hazardous Materials.
The term “Environmental Law” includes, without limitation, the following (including their implementing regulations
and any state analogs): the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended by the Superfund
Amendments and Reauthorization Act of 1986, 42 U.S.C. §§ 9601 et seq.; the Solid Waste Disposal Act, as amended by the
Resource Conservation and Recovery Act of 1976, as amended by the Hazardous and Solid Waste Amendments of 1984, 42 U.S.C. §§
6901 et seq.; the Federal Water Pollution Control Act of 1972, as amended by the Clean Water Act of 1977, 33 U.S.C. §§
1251 et seq.; the Toxic Substances Control Act of 1976, as amended, 15 U.S.C. §§ 2601 et seq.; the Emergency Planning
and Community Right-to-Know Act of 1986, 42 U.S.C. §§ 11001 et seq.; the Clean Air Act of 1966, as amended by the Clean
Air Act Amendments of 1990, 42 U.S.C. §§ 7401 et seq.; and the Occupational Safety and Health Act of 1970, as amended,
29 U.S.C. §§ 651 et seq.

 

“Environmental
Notice” means any written directive, notice of violation or infraction, or notice respecting any Environmental Claim
relating to actual or alleged non-compliance with any Environmental Law or any term or condition of any Environmental Permit.

 

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“Environmental
Permit” means any Permit, letter, clearance, consent, waiver, closure, exemption, decision or other action required
under or issued, granted, given, authorized by or made pursuant to Environmental Law.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder.

 

“ERISA
Affiliate” means all employers (whether or not incorporated) that would be treated together with the Company or any
of its Affiliates as a “single employer” within the meaning of Section 414 of the Code or Section 4001 of ERISA.

 

“Financial
Statements” has the meaning set forth in Section 3.06.

 

“GAAP”
means United States generally accepted accounting principles in effect from time to time.

 

“Governmental
Authority” means any federal, state, local or foreign government or political subdivision thereof, or any agency or
instrumentality of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory
authority or quasi-governmental authority (to the extent that the rules, regulations or orders of such organization or authority
have the force of Law), or any arbitrator, court or tribunal of competent jurisdiction.

 

“Governmental
Order” means any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any
Governmental Authority.

 

“Hazardous
Materials” means: (a) any material, substance, chemical, waste, product, derivative, compound, mixture, solid, liquid,
mineral or gas, in each case, whether naturally occurring or manmade, that is hazardous, acutely hazardous, toxic, or words of
similar import or regulatory effect under Environmental Laws; and (b) any petroleum or petroleum-derived products, radon, radioactive
materials or wastes, asbestos in any form, lead or lead-containing materials, urea formaldehyde foam insulation, and polychlorinated
biphenyls.

 

“Indebtedness”
means, without duplication and with respect to the Company, all (a) indebtedness for borrowed money; (b) obligations for the deferred
purchase price of property or services, (c) long or short-term obligations evidenced by notes, bonds, debentures or other similar
instruments, (d) obligations under any interest rate, currency swap or other hedging agreement or arrangement; (e) capital lease
obligations; (f) reimbursement obligations under any letter of credit, banker’s acceptance or similar credit transactions;
(g) guarantees made by the Company on behalf of any third party in respect of obligations of the kind referred to in the foregoing
clauses (a) through (f); and (h) any unpaid interest, prepayment penalties, premiums, costs and fees that would arise or become
due as a result of the prepayment of any of the obligations referred to in the foregoing clauses (a) through (g).

 

“Indemnified
Party” has the meaning set forth in Section 8.04.

 

“Indemnifying
Party” has the meaning set forth in Section 8.04.

 

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“Insurance
Policies” has the meaning set forth in Section 3.16.

 

“Intellectual
Property” means any and all rights in, arising out of, or associated with any of the following in any jurisdiction throughout
the world: (a) issued patents and patent applications (whether provisional or non-provisional), including divisionals, continuations,
continuations-in-part, substitutions, reissues, reexaminations, extensions, or restorations of any of the foregoing, and other
Governmental Authority-issued indicia of invention ownership (including certificates of invention, petty patents, and patent utility
models); (b) trademarks, service marks, brands, certification marks, logos, trade dress, trade names, and other similar indicia
of source or origin, together with the goodwill connected with the use of and symbolized by, and all registrations, applications
for registration, and renewals of, any of the foregoing; (c) copyrights and works of authorship, whether or not copyrightable,
and all registrations, applications for registration, and renewals of any of the foregoing; (d) internet domain names and social
media account or user names, all associated web addresses, URLs, websites and web pages, social media sites and pages, and all
content and data thereon or relating thereto; (e) mask works, and all registrations, applications for registration, and renewals
thereof; (f) industrial designs, and all patents, registrations, applications for registration, and renewals thereof; (g) trade
secrets, know-how, inventions (whether or not patentable), discoveries, improvements, technology, business and technical information,
databases, data compilations and collections, tools, methods, processes, techniques, and other confidential and proprietary information
and all rights therein; (h) computer programs, operating systems, applications, firmware, and other code, including all source
code, object code, application programming interfaces, data files, databases, protocols, specifications, and other documentation
thereof; (i) rights of publicity; and (j) all other intellectual or industrial property and proprietary rights.

 

“Interim
Balance Sheet” has the meaning set forth in Section 3.06.

 

“Interim
Balance Sheet Date” has the meaning set forth in Section 3.06.

 

“Interim
Financial Statements” has the meaning set forth in Section 3.06.

 

“Knowledge
of Seller or Seller’s Knowledge” or any other similar knowledge qualification, means the actual or constructive
knowledge of Seller or any director, managing member, or manager of the Company, after due inquiry.

 

“Law”
means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, other requirement
or rule of law of any Governmental Authority.

 

“Liabilities”
has the meaning set forth in Section 3.07.

 

“Losses”
means losses, damages, liabilities, deficiencies, Actions, judgments, interest, awards, penalties, fines, costs or expenses of
whatever kind, including reasonable attorneys’ fees and the cost of enforcing any right to indemnification hereunder and
the cost of pursuing any insurance providers; provided, however, that “Losses” shall not include punitive
damages, except to the extent actually awarded to a Governmental Authority or other third party.

 

“Material
Adverse Effect” means any event, occurrence, fact, condition or change that is, or could reasonably be expected to become,
individually or in the aggregate, materially adverse to (a) the business, results of operations, condition (financial or otherwise)
or assets of the Company, or (b) the ability of Seller to consummate the transactions contemplated hereby on a timely basis.

 

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“Material
Contracts” has the meaning set forth in Section 3.09(a).

 

“Material
Customers” has the meaning set forth in Section 3.15(a).

 

“Membership
Interests” has the meaning set forth in the recitals.

 

“Organizational
Documents” means (a) in the case of a Person that is a corporation, its articles or certificate of incorporation and
its by-laws, regulations or similar governing instruments required by the laws of its jurisdiction of formation or organization;
(b) in the case of a Person that is a partnership, its articles or certificate of partnership, formation or association, and its
partnership agreement (in each case, limited, limited liability, general or otherwise); (c) in the case of a Person that is a
limited liability company, its articles or certificate of formation or organization, and its limited liability company agreement
or operating agreement; and (d) in the case of a Person that is none of a corporation, partnership (limited, limited liability,
general or otherwise), limited liability company or natural person, its governing instruments as required or contemplated by the
laws of its jurisdiction of organization.

 

“Permits”
means all permits, licenses, franchises, approvals, authorizations, registrations, certificates, variances and similar rights
obtained, or required to be obtained, from Governmental Authorities.

 

“Permitted
Encumbrances” has the meaning set forth in Section 3.10(a).

 

“Person”
means an individual, corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated
organization, trust, association, or other entity.

 

“Post-Closing
Tax Period” means any taxable period beginning after the Closing Date and, with respect to any taxable period beginning
before and ending after the Closing Date, the portion of such taxable period beginning after the Closing Date.

 

“Post-Closing
Taxes” means Taxes of the Company for any Post-Closing Tax Period.

 

“Pre-Closing
Tax Period” means any taxable period ending on or before the Closing Date and, with respect to any taxable period beginning
before and ending after the Closing Date, the portion of such taxable period ending on and including the Closing Date.

 

“Pre-Closing
Taxes” means Taxes of the Company for any Pre-Closing Tax Period.

 

“Purchase
Price” has the meaning set forth in Section 2.02.

 

“Real
Property” means the real property owned, leased or subleased by the Company, together with all buildings, structures
and facilities located thereon.

 

“Release”
means any actual or threatened release, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping,
leaching, dumping, abandonment, disposing or allowing to escape or migrate into or through the environment (including, without
limitation, ambient air (indoor or outdoor), surface water, groundwater, land surface or subsurface strata or within any building,
structure, facility or fixture).

 

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“Representative”
means, with respect to any Person, any and all directors, managing members, managers, officers, employees, consultants, financial
advisors, counsel, accountants and other agents of such Person.

 

“Seller”
has the meaning set forth in the preamble.

 

“Seller
Indemnitees” has the meaning set forth in Section 8.03.

 

“Straddle
Period” has the meaning set forth in Section 6.04.

 

“Taxes”
means all federal, state, local, foreign and other income, gross receipts, sales, use, production, ad valorem, transfer, franchise,
registration, profits, license, lease, service, service use, withholding, payroll, employment, unemployment, estimated, excise,
severance, environmental, stamp, occupation, premium, property (real or personal), real property gains, windfall profits, customs,
duties or other taxes, fees, assessments or charges of any kind whatsoever, together with any interest, additions or penalties
with respect thereto and any interest in respect of such additions or penalties.

 

“Tax
Claim” has the meaning set forth in Section 6.05.

 

“Tax
Return” means any return, declaration, report, claim for refund, information return, or statement or other document
relating to Taxes, including any schedule or attachment thereto, and including any amendment thereof.

 

“Third
Party Claim” has the meaning set forth in Section 8.04(a).

 

“Transaction
Expenses” means all fees and expenses incurred by the Company or Seller at or prior to the Closing in connection with
the preparation, negotiation and execution of this Agreement and the Ancillary Documents, and the performance and consummation
of the transactions contemplated hereby and thereby.

 

Article
II

PURCHASE AND SALE

 

Section
2.01. Purchase and Sale. Subject to the terms and conditions set forth herein, at the Closing, Seller shall sell to Buyer,
and Buyer shall purchase from Seller, all of Seller’s right, title, and interest in and to the Membership Interests, free
and clear of all Encumbrances, for the consideration specified in Section 2.02.

 

Section
2.02. Purchase Price. The aggregate purchase price for the Membership Interests shall be $425,000.00 (the “Purchase
Price”), payable in the form of:

 

(a)
the Cash Consideration and

 

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(b)
the Common Stock Consideration.

 

(c)
Release of Personnel Guarantees

 

Section
2.03. Transactions to be Effected at the Closing.

 

(a)
At the Closing, Buyer shall deliver to Seller:

 

(i)
the Cash Consideration by wire transfer of immediately available funds to an account designated in writing by Seller;

 

(ii)
the Common Stock Consideration; and

 

(iii)
the Ancillary Documents required to be delivered by Buyer, if any, including, but not limited to, any and all documentation required
to achieve a complete release of all personal guarantees provided by the Sellers in furtherance of the business.

 

(b)
At the Closing, Seller shall deliver to Buyer:

 

(i)
an assignment of the Membership Interests to Buyer in form and substance satisfactory to Buyer (the “Assignment”),
duly executed by Seller;

 

(ii)
written resignations, effective as of the Closing Date, of the managers of the Company, to the extent requested by Buyer;

 

(iii)
a certificate pursuant to Treasury Regulations Section 1.1445-2(b) that Seller is not a foreign person within the meaning of Section
1445 of the Code;

 

(iv)
a good standing certificate (or its equivalent) for the Company from the secretary of state or similar Governmental Authority
of the jurisdiction under the Laws in which the Company is organized;

 

(v)
any other Ancillary Documents required to be delivered by Seller; and

 

(vi)
such other documents or instruments as Buyer reasonably requests and are reasonably necessary to consummate the transactions contemplated
by this Agreement.

 

Section
2.04. Closing. Subject to the terms and conditions of this Agreement, the purchase and sale of the Membership Interests contemplated
hereby shall take place at a closing (the “Closing”) to be held at 10:00 a.m., Houston, Texas time, on the
date hereof (the “Closing Date”), at the offices of Jackson Walker L.L.P., 1401 McKinney Street, Suite 1900,
Houston, Texas 77010, or remotely by exchange of documents and signatures (or their electronic counterparts).

 

    	8

    	 

    

 

Article
III

REPRESENTATIONS AND WARRANTIES OF SELLER

 

Except
as set forth in the correspondingly numbered Section of the Disclosure Schedules, each Seller, severally and jointly, represents
and warrants to Buyer that the statements contained in this Article III are true and correct as of the date hereof.

 

Section
3.01. Authority of Seller. Each Seller is an individual. This Agreement has been duly executed and delivered by each Seller,
and (assuming due authorization, execution, and delivery by Buyer) this Agreement constitutes a legal, valid and binding obligation
of each Seller enforceable against each Seller in accordance with its terms. When each Ancillary Document to which each Seller
is a party has been duly executed and delivered by such Seller, such Ancillary Document will constitute a legal and binding obligation
of such Seller enforceable against him in accordance with its terms.

 

Section
3.02. Organization, Authority and Qualification of the Company. The Company is a limited liability company duly organized,
validly existing and in good standing under the Laws of the state of North Dakota and has full limited liability company power
and authority to own, operate or lease the properties and assets now owned, operated or leased by it and to carry on its business
as it has been and is currently conducted. Section 3.02 of the Disclosure Schedules sets forth each jurisdiction in which the
Company is licensed or qualified to do business, and the Company is duly licensed or qualified to do business and is in good standing
in each jurisdiction in which the properties owned or leased by it or the operation of its business as currently conducted makes
such licensing or qualification necessary. All limited liability company actions taken by the Company in connection with this
Agreement and the other Ancillary Documents has been duly authorized prior to the Closing.

 

Section
3.03. Capitalization.

 

(a)
Seller is the record owner of and has good and valid title to the Membership Interests, free and clear of all Encumbrances. The
Membership Interests constitute 100% of the total issued and outstanding membership interests in the Company. The Membership Interests
have been duly authorized and are validly issued, fully-paid and non-assessable. Upon consummation of the transactions contemplated
by this Agreement, Buyer shall own all of the Membership Interests, free and clear of all Encumbrances.

 

(b)
The Membership Interests were issued in compliance with applicable Laws. The Membership Interests were not issued in violation
of the Organizational Documents of the Company or any other agreement, arrangement, or commitment to which Seller or the Company
is a party and are not subject to or in violation of any preemptive or similar rights of any Person.

 

(c)
There are no outstanding or authorized options, warrants, convertible securities or other rights, agreements, arrangements or
commitments of any character relating to any membership interests in the Company or obligating Seller or the Company to issue
or sell any membership interests (including the Membership Interests), or any other interest, in the Company. Other than the Organizational
Documents, there are no voting trusts, proxies or other agreements or understandings in effect with respect to the voting or transfer
of any of the Membership Interests.

 

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Section
3.04. No Subsidiaries. The Company does not own, or have any interest in any shares or have an ownership interest in any other
Person as defined in the definitions.

 

Section
3.05. No Conflicts; Consents. The execution, delivery and performance by Seller of this Agreement and the Ancillary Documents
to which it is a party, and the consummation of the transactions contemplated hereby and thereby, do not: (a) conflict with or
result in a violation or breach of, or default under, any provision of the Organizational Documents of Seller or Company; (b)
conflict with or result in a violation or breach of any provision of any Law or Governmental Order applicable to Seller or the
Company; (c) require the consent, notice or other action by any Person under, conflict with, result in a violation or breach of,
constitute a default or an event that, with or without notice or lapse of time or both, would constitute a default under, result
in the acceleration of or create in any party the right to accelerate, terminate, modify or cancel any Contract to which Seller
or the Company is a party or by which Seller or the Company is bound or to which any of their respective properties and assets
are subject (including any Material Contract) or any Permit affecting the properties, assets or business of the Company; or (d)
result in the creation or imposition of any Encumbrance other than Permitted Encumbrances on any properties or assets of the Company.
No consent, approval, Permit, Governmental Order, declaration or filing with, or notice to, any Governmental Authority is required
by or with respect to Seller or the Company in connection with the execution and delivery of this Agreement and the Ancillary
Documents and the consummation of the transactions contemplated hereby and thereby.

 

Section
3.06. Financial Statements. Complete copies of the Company’s annual financial statements consisting of the balance sheet
of the Company as at December 31 in each of the years 2018 and 2019 and the related statements of income and retained earnings,
members’ equity and cash flow for the years then ended (the “Annual Financial Statements”), and unaudited
financial statements consisting of the balance sheet of the Company as at February 29, 2020 and the related statements of income
and retained earnings, members’ equity and cash flow for the two-month period then ended (the “Interim Financial
Statements” and together with the Annual Financial Statements, the “Financial Statements”) have been
delivered to Buyer. The Financial Statements are based on the books and records of the Company, and fairly present the financial
condition of the Company as of the respective dates they were prepared and the results of the operations of the Company for the
periods indicated. The balance sheet of the Company as of December 31, 2019 is referred to herein as the “Balance Sheet”
and the date thereof as the “Balance Sheet Date” and the balance sheet of the Company as of February 28, 2020
is referred to herein as the “Interim Balance Sheet” and the date thereof as the “Interim Balance
Sheet Date.”

 

Section
3.07. Liabilities. The Company has no liabilities, obligations or commitments of any nature whatsoever, asserted or unasserted,
known or unknown, absolute or contingent, accrued or unaccrued, matured or unmatured, or otherwise (“Liabilities”),
except (a) those which are adequately reflected or reserved against in the Balance Sheet as of the Balance Sheet Date, and (b)
those which have been incurred in the ordinary course of business consistent with past practice since the Balance Sheet Date and
which are not, individually or in the aggregate, material in amount. Without limiting the foregoing, as of the Closing, (i) all
accounts payable received by the Company have been outstanding less than 60 days, (ii) the aggregate Liabilities, not including
any royalty payments held in suspense, of the Company are less than $20,000.00 and (iii) the Company has no Indebtedness outside
of its existing bank facility as disclosed in the Disclosure Schedules.

 

    	10

    	 

    

 

Section
3.08. Absence of Certain Changes, Events, and Conditions. Since the Balance Sheet Date, the Company has operated only in the
ordinary course of business consistent with past practice, and there has not been, with respect to the Company, (i) any transfer,
assignment, sale or other disposition of any of the assets shown or reflected in the Balance Sheet or (ii) any event, occurrence
or development that has had, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

Section
3.09. Material Contracts.

 

(a)
Section 3.09(a) of the Disclosure Schedules lists each of the following Contracts of the Company (such Contracts, together with
all Contracts concerning the occupancy, management or operation of any Real Property (including without limitation, brokerage
contracts) listed or otherwise disclosed in Section 3.10(b) of the Disclosure Schedules, being “Material Contracts”):

 

(i)
each Contract of the Company involving aggregate consideration in excess of $20,000.00 in 2019;

 

(ii)
all Contracts that require the Company to purchase its total requirements of any product or service from a third party or that
contain “take or pay” provisions;

 

(iii)
all Contracts that provide for the indemnification by the Company of any Person or the assumption of any Tax, environmental or
other Liability of any Person;

 

(iv)
all Contracts that relate to the acquisition or disposition of any business, a material amount of equity or assets of any other
Person or any real property (whether by merger, sale of stock or other equity interests, sale of assets or otherwise);

 

(v)
all broker, distributor, dealer, manufacturer’s representative, franchise, agency, sales promotion, market research, marketing
consulting and advertising Contracts to which the Company is a party;

 

(vi)
except for Contracts relating to trade receivables, all Contracts relating to indebtedness (including, without limitation, guarantees)
of the Company;

 

(vii)
all Contracts with any Governmental Authority to which the Company is a party;

 

(viii)
all Contracts that limit or purport to limit the ability of the Company to compete in any line of business or with any Person
or in any geographic area or during any period of time;

 

    	11

    	 

    

 

(ix)
any Contracts to which the Company is a party that provide for any joint venture, partnership or similar arrangement by the Company;

 

(x)
all Contracts between or among the Company on the one hand and Seller or any Affiliate of Seller (other than the Company) on the
other hand; and

 

(xi)
any other Contract that is material to the Company and not previously disclosed pursuant to this Section 3.09.

 

(b)
Each Material Contract is valid and binding on the Company in accordance with its terms and is in full force and effect. None
of the Company or, to Seller’s Knowledge, any other party thereto is in breach of or default under (or is alleged to be
in breach of or default under), or has provided or received any notice of any intention to terminate, any Material Contract. No
event or circumstance has occurred that, with notice or lapse of time or both, would constitute an event of default under any
Material Contract or result in a termination thereof or would cause or permit the acceleration or other changes of any right or
obligation or the loss of any benefit thereunder. Complete and correct copies of each Material Contract (including all modifications,
amendments, and supplements thereto and waivers thereunder) have been made available to Buyer.

 

Section
3.10. Title to Assets; Real Property.

 

(a)
The Company has good and valid (and, in the case of owned Real Property, good and marketable fee simple) title to, or a valid
leasehold interest in, (i) all Real Property and personal property and other assets reflected in the Annual Financial Statements
or acquired after the Balance Sheet Date, other than properties and assets sold or otherwise disposed of in the ordinary course
of business consistent with past practice since the Balance Sheet Date, and (ii) the assets set forth on Section 3.10(a) of the
Disclosure Schedules. All such properties and assets (including leasehold interests) are free and clear of Encumbrances except
for the following (collectively referred to as “Permitted Encumbrances”):

 

(i)
liens for Taxes not yet due and payable;

 

(ii)
mechanics, carriers’, workmen’s, repairmen’s or other like liens arising or incurred in the ordinary course
of business consistent with past practice or amounts that are not delinquent and which are not, individually or in the aggregate,
material to the business of the Company;

 

(iii)
easements, rights of way, zoning ordinances and other similar encumbrances affecting Real Property which are not, individually
or in the aggregate, material to the business of the Company; or

 

(iv)
other than with respect to owned Real Property, liens arising under original purchase price conditional sales contracts and equipment
leases with third parties entered into in the ordinary course of business consistent with past practice which are not, individually
or in the aggregate, material to the business of the Company.

 

    	12

    	 

    

 

(v)
Liens created under mortgages and similar instruments by the Company’s existing bank facility as disclosed in the Disclosure
Schedules.

 

(b)
Section 3.10(b) of the Disclosure Schedules sets forth a description and the location of each well in which the Company has an
interest. With respect to owned Real Property, Seller has delivered or made available to Buyer true, complete and correct copies
of the deeds and other instruments (as recorded) by which the Company acquired such Real Property, and copies of all title insurance
policies, opinions, abstracts and surveys in the possession of Seller or the Company and relating to the Real Property. With respect
to leased Real Property, Seller has delivered or made available to Buyer true, complete and correct copies of any leases affecting
the Real Property. The Company is not a sublessor or grantor under any sublease or other instrument granting to any other Person
any right to the possession, lease, occupancy, or enjoyment of any leased Real Property. The use and operation of the Real Property
in the conduct of the Company’s business do not violate in any material respect any Law, covenant, condition, restriction,
easement, license, permit or agreement. No material improvements constituting a part of the Real Property encroach on real property
owned or leased by a Person other than the Company. There are no Actions pending nor, to the Seller’s Knowledge, threatened
against or affecting the Real Property or any portion thereof or interest therein in the nature or in lieu of condemnation or
eminent domain proceedings.

 

Section
3.11. Condition and Sufficiency of Assets. The buildings, plants, structures, furniture, fixtures, machinery, equipment, vehicles
and other items of tangible personal property of the Company are structurally sound, are in good operating condition and repair,
and are adequate for the uses to which they are being put, and none of such buildings, plants, structures, furniture, fixtures,
machinery, equipment, vehicles and other items of tangible personal property is in need of maintenance or repairs except for ordinary,
routine maintenance and repairs that are not material in nature or cost. The buildings, plants, structures, furniture, fixtures,
machinery, equipment, vehicles and other items of tangible personal property currently owned or leased by the Company, together
with all other properties and assets of the Company, are sufficient for the continued conduct of the Company’s business
after the Closing in substantially the same manner as conducted prior to the Closing and constitute all of the rights, property
and assets necessary to conduct the business of the Company as currently conducted.

 

Section
3.12. Intellectual Property. The Company does not own or license any Intellectual Property.

 

Section
3.13. Inventory. All inventory of the Company, whether or not reflected in the Balance Sheet, consists of a quality and quantity
usable and salable in the ordinary course of business consistent with past practice, except for obsolete, damaged, defective or
slow-moving items that have been written off or written down to fair market value or for which adequate reserves have been established.
All such inventory is owned by the Company free and clear of all Encumbrances, and no inventory is held on a consignment basis.
The quantities of each item of inventory (whether raw materials, work-in-process or finished goods) are not excessive, but are
reasonable in the present circumstances of the Company.

 

    	13

    	 

    

 

Section
3.14. Accounts Receivable. The accounts receivable reflected on the Interim Balance Sheet and the accounts receivable arising
after the date thereof (a) have arisen from bona fide transactions entered into by the Company involving the sale of goods or
the rendering of services in the ordinary course of business consistent with past practice; (b) constitute only valid, undisputed
claims of the Company not subject to claims of set-off or other defenses or counterclaims other than normal cash discounts accrued
in the ordinary course of business consistent with past practice; and (c) subject to a reserve for bad debts shown on the Interim
Balance Sheet or, with respect to accounts receivable arising after the Interim Balance Sheet Date, on the accounting records
of the Company, are collectible in full within 90 days after billing. The reserve for bad debts shown on the Interim Balance Sheet
or, with respect to accounts receivable arising after the Interim Balance Sheet Date, on the accounting records of the Company
have been determined in accordance with GAAP, consistently applied, subject to normal year-end adjustments and the absence of
disclosures normally made in footnotes.

 

Section
3.15. Customers 

 

(a)
Section 3.15(a) of the Disclosure Schedules sets forth (i) each customer who has paid aggregate consideration to the Company for
goods or services rendered in an amount greater than or equal to $25,000.00 for either of the two most recent fiscal years (collectively,
the “Material Customers”); and (ii) the amount of consideration paid by each Material Customer during such
periods. The Company has not received any notice, and has no reason to believe, that any of its Material Customers has ceased,
or intends to cease after the Closing, to use its goods or services or to otherwise terminate or materially reduce its relationship
with the Company.

 

Section
3.16. Insurance. Section 3.16 of the Disclosure Schedules sets forth a true and complete list of all current policies or binders
of fire, liability, product liability, umbrella liability, real and personal property, workers’ compensation, vehicular,
directors’ and officers’ liability, fiduciary liability and other casualty and property insurance maintained by Seller
or its Affiliates (including the Company) and relating to the assets, business, operations, employees, officers and managers of
the Company (collectively, the “Insurance Policies”) and true and complete copies of such Insurance Policies
have been made available to Buyer. Such Insurance Policies are in full force and effect and shall remain in full force and effect
following the consummation of the transactions contemplated by this Agreement. Neither the Seller nor any of its Affiliates (including
the Company) has received any written notice of cancellation of, premium increase with respect to, or alteration of coverage under,
any of such Insurance Policies. All premiums due on such Insurance Policies have either been paid or, if due and payable prior
to Closing, will be paid prior to Closing in accordance with the payment terms of each Insurance Policy. The Insurance Policies
do not provide for any retrospective premium adjustment or other experience-based liability on the part of the Company. All such
Insurance Policies (a) are valid and binding in accordance with their terms; (b) are provided by carriers who are financially
solvent; and (c) have not been subject to any lapse in coverage. There are no claims related to the business of the Company pending
under any such Insurance Policies as to which coverage has been questioned, denied or disputed or in respect of which there is
an outstanding reservation of rights. None of Seller or any of its Affiliates (including the Company) is in default under, or
has otherwise failed to comply with, in any material respect, any provision contained in any such Insurance Policy. The Insurance
Policies are of the type and in the amounts customarily carried by Persons conducting a business similar to the Company and are
sufficient for compliance with all applicable Laws and Contracts to which the Company is a party or by which it is bound.

 

    	14

    	 

    

 

Section
3.17. Legal Proceedings; Governmental Orders.

 

(a)
There are no Actions pending or, to Seller’s Knowledge, threatened (a) against or by the Company affecting any of its properties
or assets (or by or against Seller or any Affiliate thereof and relating to the Company); or (b) against or by the Company, Seller
or any Affiliate of Seller that challenges or seeks to prevent, enjoin or otherwise delay the transactions contemplated by this
Agreement. No event has occurred or circumstances exist that may give rise to, or serve as a basis for, any such Action.

 

(b)
There are no outstanding Governmental Orders and no unsatisfied judgments, penalties or awards against or affecting the Company
or any of its properties or assets.

 

Section
3.18. Compliance With Laws; Permits.

 

(a)
The Company has complied, and is now complying, with all Laws applicable to it or its business, properties or assets.

 

(b)
All Permits required for the Company to conduct its business have been obtained by it and are valid and in full force and effect.
All fees and charges with respect to such Permits as of the date hereof have been paid in full. Section 3.18(b) of the Disclosure
Schedules lists all current Permits issued to the Company, including the names of the Permits and their respective dates of issuance
and expiration. No event has occurred that, with or without notice or lapse of time or both, would reasonably be expected to result
in the revocation, suspension, lapse or limitation of any Permit set forth in Section 3.18(b) of the Disclosure Schedules.

 

Section
3.19. Environmental Matters.

 

(a)
The Company is currently and has been in compliance with all Environmental Laws and has not, and the Seller has not, received
from any Person any: (i) Environmental Notice or Environmental Claim; or (ii) written request for information pursuant to Environmental
Law, which, in each case, either remains pending or unresolved, or is the source of ongoing obligations or requirements as of
the Closing Date.

 

(b)
The Company has obtained and is in material compliance with all Environmental Permits (each of which is disclosed in Section 3.19(b)
of the Disclosure Schedules) necessary for the ownership, lease, operation or use of the business or assets of the Company and
all such Environmental Permits are in full force and effect and shall be maintained in full force and effect by Seller through
the Closing Date in accordance with Environmental Law, and neither Seller nor the Company is aware of any condition, event or
circumstance that might prevent or impede, after the Closing Date, the ownership, lease, operation or use of the business or assets
of the Company as currently carried out. With respect to any such Environmental Permits, Seller has undertaken all measures necessary
to facilitate transferability of the same, and neither the Company nor the Seller is aware of any condition, event or circumstance
that might prevent or impede the transferability of the same, nor have they received any Environmental Notice or written communication
regarding any material adverse change in the status or terms and conditions of the same.

 

    	15

    	 

    

 

(c)
No real property currently owned, operated or leased by the Company is listed on, or has been proposed for listing on, the National
Priorities List (or CERCLIS) under CERCLA, or any similar state list.

 

(d)
Except as disclosed, there has been no Release of Hazardous Materials in contravention of Environmental Law with respect to the
business or assets of the Company or any real property currently owned, operated or leased by the Company, and neither the Company
nor Seller has received an Environmental Notice that any real property currently owned, operated or leased in connection with
the business of the Company (including soils, groundwater, surface water, buildings and other structure located on any such real
property) has been contaminated with any Hazardous Material which could reasonably be expected to result in an Environmental Claim
against, or a violation of Environmental Law or term of any Environmental Permit by, Seller or the Company.

 

(e)
Section 3.19(e) of the Disclosure Schedules contains a complete and accurate list of all active storage tanks owned or operated
by the Company or located on or in the Real Property.

 

(f)
Section 3.19(f) of the Disclosure Schedules contains a complete and accurate list of all off-site Hazardous Materials treatment,
storage, or disposal facilities or locations used by the Company or Seller and any predecessors as to which the Company or Seller
may retain liability, and none of these facilities or locations has been placed or proposed for placement on the National Priorities
List (or CERCLIS) under CERCLA, or any similar state list, and neither Seller nor the Company has received any Environmental Notice
regarding potential liabilities with respect to such off-site Hazardous Materials treatment, storage, or disposal facilities or
locations used by the Company or Seller.

 

(g)
Neither Seller nor the Company has retained or assumed, by contract or operation of Law, any liabilities or obligations of third
parties under Environmental Law.

 

(h)
Seller has provided or otherwise made available to Buyer and listed in Section 3.19(h) of the Disclosure Schedules: (i) any and
all environmental reports, studies, audits, records, sampling data, site assessments, risk assessments, economic models and other
similar documents with respect to the business or assets of the Company or any currently owned, operated or leased real property
which are in the possession or control of the Seller or Company related to compliance with Environmental Laws, Environmental Claims
or an Environmental Notice or the Release of Hazardous Materials; and (ii) any and all material documents concerning planned or
anticipated capital expenditures required to reduce, offset, limit or otherwise control pollution and/or emissions, manage waste
or otherwise ensure compliance with current or future Environmental Laws (including, without limitation, costs of remediation,
pollution control equipment and operational changes).

 

    	16

    	 

    

 

(i)
Neither the Seller nor the Company is aware of or reasonably anticipates any condition, event or circumstance concerning the Release
or regulation of Hazardous Materials that might, after the Closing Date, prevent, impede or materially increase the costs associated
with the ownership, lease, operation, performance or use of the business or assets of the Company as currently carried out.

 

Section
3.20. Employee Matters. The Company has no, and has never had or engaged any employees has never had any, Benefit Plan or
any Liability under any Benefit Plan.

 

Section
3.21. Taxes.

 

(a)
All Tax Returns required to be filed on or before the Closing Date by the Company have been timely filed. Such Tax Returns are
true, complete and correct in all respects. All Taxes due and owing by the Company (whether or not shown on any Tax Return) have
been timely paid.

 

(b)
The Company has withheld and paid each Tax required to have been withheld and paid in connection with amounts paid or owing to
any employee, independent contractor, creditor, customer, member or other party, and complied with all information reporting and
backup withholding provisions of applicable Law.

 

(c)
No claim has been made by any taxing authority in any jurisdiction where the Company does not file Tax Returns that it is, or
may be, subject to Tax by that jurisdiction.

 

(d)
No extensions or waivers of statutes of limitations have been given or requested with respect to any Taxes of the Company.

 

(e)
The amount of the Company’s Liability for unpaid Taxes for all periods ending on or before February 29, 2020 does not, in
the aggregate, exceed the amount of accruals for Taxes (excluding reserves for deferred Taxes) reflected on the Financial Statements.
The amount of the Company’s Liability for unpaid Taxes for all periods following the end of the recent period covered by
the Financial Statements shall not, in the aggregate, exceed the amount of accruals for Taxes (excluding reserves for deferred
Taxes) as adjusted for the passage of time in accordance with the past custom and practice of the Company (and which accruals
shall not exceed comparable amounts incurred in similar periods in prior years).

 

(f)
Section 3.21(f) of the Disclosure Schedules sets forth:

 

(i)
the taxable years of the Company as to which the applicable statutes of limitations on the assessment and collection of Taxes
have not expired;

 

(ii)
those years for which examinations by the taxing authorities have been completed; and

 

(iii)
those taxable years for which examinations by taxing authorities are presently being conducted.

 

    	17

    	 

    

 

(g)
All deficiencies asserted, or assessments made, against the Company as a result of any examinations by any taxing authority have
been fully paid.

 

(h)
The Company is not a party to any Action by any taxing authority. There are no pending or threatened Actions by any taxing authority.

 

(i)
Seller has delivered to Buyer copies of all federal, state, local, and foreign income, franchise and similar Tax Returns, examination
reports, and statements of deficiencies assessed against, or agreed to by, the Company for all Tax periods ending on or after
December 31, 2017.

 

(j)
There are no Encumbrances for Taxes (other than for current Taxes not yet due and payable) upon the assets of the Company.

 

(k)
The Company is not a party to, or bound by, any Tax indemnity, Tax sharing or Tax allocation agreement.

 

(l)
No private letter rulings, technical advice memoranda or similar agreement or rulings have been requested, entered into, or issued
by any taxing authority with respect to the Company.

 

(m)
The Company has not been a member of an affiliated, combined, consolidated or unitary Tax group for Tax purposes. The Company
has no Liability for Taxes of any Person (other than the Company) under Treasury Regulations Section 1.1502-6 (or any corresponding
provision of state, local or foreign Law), as transferee or successor, by contract or otherwise.

 

(n)
Effective on the date of formation, the Company made a valid and timely election to be treated as a partnership for US federal
income tax purposes and has been so treated in all Tax years since the date of formation.

 

(o)
The Company will not be required to include any item of income in, or exclude any item or deduction from, taxable income for any
taxable period or portion thereof ending after the Closing Date as a result of:

 

(i)
any change in a method of accounting under Section 481 of the Code (or any comparable provision of state, local or foreign Tax
Laws), or use of an improper method of accounting, for a taxable period ending on or prior to the Closing Date;

 

(ii)
an installment sale or open transaction occurring on or prior to the Closing Date;

 

(iii)
a prepaid amount received on or before the Closing Date;

 

(iv)
any closing agreement under Section 7121 of the Code, or similar provision of state, local or foreign Law; or

 

    	18

    	 

    

 

(v)
any election under Section 108(i) of the Code.

 

(p)
Seller is not a “foreign person” as that term is used in Treasury Regulations Section 1.1445-2. The Company is not,
nor has it been, a United States real property holding corporation (as defined in Section 897(c)(2) of the Code) during the applicable
period specified in Section 897(c)(1)(a) of the Code.

 

(q)
The Company has not been a “distributing corporation” or a “controlled corporation” in connection with
a distribution described in Section 355 of the Code.

 

(r)
The Company is not, and has not been, a party to, or a promoter of, a “reportable transaction” within the meaning
of Section 6707A(c)(1) of the Code and Treasury Regulations Section 1.6011-4(b).

 

(s)
There is currently no limitation on the utilization of net operating losses, capital losses, built-in losses, tax credits or similar
items of the Company under Sections 269, 382, 383, 384 or 1502 of the Code and the Treasury Regulations thereunder (and comparable
provisions of state, local or foreign Law).

 

Section
3.22. Books and Records. The minute books of the Company have been made available to Buyer, are complete and correct, and
have been maintained in accordance with sound business practices. The minute books of the Company contain accurate and complete
records of all meetings, and actions taken by written consent of, the members and the managers, and no meeting, or action taken
by written consent, of any such members or managers has been held for which minutes have not been prepared and are not contained
in such minute books. At the Closing, all of those books and records will be in the possession of the Company.

 

Section
3.23. Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission
in connection with the transactions contemplated by this Agreement or any Ancillary Document based upon arrangements made by or
on behalf of Seller.

 

Section
3.24. Accredited Investor; Investment Intent. Each Seller is an “accredited investor,” as such term is defined
in Regulation D of the Securities Act of 1933, as amended (the “Securities Act”). Each Seller hereby acknowledges
that the shares of Common Stock included within the Common Stock Consideration (the “Issued Shares”) are not
registered under the Securities Act or registered or qualified for sale under any applicable securities Law of the United States
or any other country or any state or province of the United States or any other country. Each Seller is acquiring the Issued Shares
for its own account and not with a view towards distribution of the Issued Shares, in whole or in part, or of any interest in
the Issued Shares, to any other Person, whether by public distribution or otherwise, in violation of the Securities Act, any applicable
state blue sky Laws or any other applicable securities Laws. Each Seller has sufficient knowledge and experience in financial
and business matters to enable it to evaluate the risks of investment in the Issued Shares and has the ability to bear the economic
risks of such investment.

 

Section
3.25. Merits and Risks of an Investment in the Issued Shares. Each Seller understands and acknowledges that: (A) an investment
in the Buyer involves certain risks, (B) neither the Buyer nor any other Person has made any representation regarding the current
or future value of the Buyer or the Issued Shares, (C) neither the United States Securities and Exchange Commission nor any federal,
state or foreign agency has passed upon the Issued Shares or made any findings or determination as to the fairness of an investment
in the Buyer through the Issued Shares or the accuracy or adequacy of the disclosures made to the Sellers, and (D) no representation,
warranty or promise has been made concerning the liquidity or marketability of the Issued Shares.

 

    	19

    	 

    

 

Section
3.26. Full Disclosure. No representation or warranty by Seller in this Agreement and no statement contained in the Disclosure
Schedules to this Agreement or any certificate or other document furnished or to be furnished to Buyer pursuant to this Agreement
contains any untrue statement of a material fact, or omits to state a material fact necessary to make the statements contained
therein, in light of the circumstances in which they are made, not misleading.

 

Article
IV

REPRESENTATIONS AND WARRANTIES OF BUYER

 

Buyer
represents and warrants to Seller that the statements contained in this Article IV are true and correct as of the date hereof.

 

Section
4.01. Organization and Authority of Buyer. Buyer is a corporation duly organized, validly existing and in good standing under
the Laws of the state of Wyoming. Buyer has full corporate power and authority to enter into this Agreement and the Ancillary
Documents to which Buyer is a party, to carry out its obligations hereunder and thereunder and to consummate the transactions
contemplated hereby and thereby. The execution and delivery by Buyer of this Agreement and any Ancillary Document to which Buyer
is a party, the performance by Buyer of its obligations hereunder and thereunder and the consummation by Buyer of the transactions
contemplated hereby and thereby have been duly authorized by all requisite corporate action on the part of Buyer. This Agreement
has been duly executed and delivered by Buyer, and (assuming due authorization, execution, and delivery by Seller) this Agreement
constitutes a legal, valid, and binding obligation of Buyer enforceable against Buyer in accordance with its terms. When each
Ancillary Document to which Buyer is or will be a party has been duly executed and delivered by Buyer (assuming due authorization,
execution and delivery by each other party thereto), such Ancillary Document will constitute a legal and binding obligation of
Buyer enforceable against it in accordance with its terms.

 

Section
4.02. No Conflicts; Consents. The execution, delivery and performance by Buyer of this Agreement and the Ancillary Documents
to which it is a party, and the consummation of the transactions contemplated hereby and thereby, do not and will not: (a) conflict
with or result in a violation or breach of, or default under, any provision of the Organizational Documents of Buyer; (b) conflict
with or result in a violation or breach of any provision of any Law or Governmental Order applicable to Buyer; or (c) require
the consent, notice or other action by any Person under any Contract to which Buyer is a party. No consent, approval, Permit,
Governmental Order, declaration or filing with, or notice to, any Governmental Authority is required by or with respect to Buyer
in connection with the execution and delivery of this Agreement and the Ancillary Documents and the consummation of the transactions
contemplated hereby and thereby.

 

    	20

    	 

    

 

Section
4.03. Investment Purpose. Buyer is acquiring the Membership Interests solely for its own account for investment purposes and
not with a view to, or for offer or sale in connection with, any distribution thereof. Buyer acknowledges that the Membership
Interests are not registered under the Securities Act, or any state securities laws, and that the Membership Interests may not
be transferred or sold except pursuant to the registration provisions of the Securities or pursuant to an applicable exemption
therefrom and subject to state securities laws and regulations, as applicable.

 

Section
4.04. Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission
in connection with the transactions contemplated by this Agreement or any Ancillary Document based upon arrangements made by or
on behalf of Buyer.

 

Section
4.05. Legal Proceedings. There are no Actions pending or, to Buyer’s knowledge, threatened against or by Buyer or any
Affiliate of Buyer that challenge or seek to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement.

 

Article
V

COVENANTS

 

Section
5.01. Confidentiality. Unless otherwise required by applicable Law or stock exchange requirements, no party to this Agreement
shall make any public announcements in respect of this Agreement or the transactions contemplated hereby or otherwise communicate
with any news media without the prior written consent of the other party (which consent shall not be unreasonably withheld, conditioned
or delayed). From and after the Closing, Seller shall, and shall cause its Affiliates to, hold, and shall use its reasonable best
efforts to cause its or their respective Representatives to hold, in confidence any and all information, whether written or oral,
concerning the Company, except to the extent that Seller can show that such information (a) is generally available to and known
by the public through no fault of Seller, any of its Affiliates or their respective Representatives; or (b) is lawfully acquired
by Seller, any of its Affiliates or their respective Representatives from and after the Closing from sources which are not prohibited
from disclosing such information by a legal, contractual or fiduciary obligation. If Seller or any of its Affiliates or their
respective Representatives are compelled to disclose any information by judicial or administrative process or by other requirements
of Law, Seller shall promptly notify Buyer in writing and shall disclose only that portion of such information which Seller is
advised by its counsel in writing is legally required to be disclosed, provided that Seller shall use reasonable best efforts
to obtain an appropriate protective order or other reasonable assurance that confidential treatment will be accorded such information.

 

Section
5.02. Governmental Approvals and Consents.

 

(a)
Each party hereto shall, as promptly as possible, (i) make, or cause or be made, all filings and submissions required under any
Law applicable to such party or any of its Affiliates; and (ii) use reasonable best efforts to obtain, or cause to be obtained,
all consents, authorizations, orders and approvals from all Governmental Authorities that may be or become necessary for its execution
and delivery of this Agreement and the performance of its obligations pursuant to this Agreement and the Ancillary Documents.
Each party shall cooperate fully with the other party and its Affiliates in promptly seeking to obtain all such consents, authorizations,
orders, and approvals. The parties hereto shall not willfully take any action that will have the effect of delaying, impairing
or impeding the receipt of any required consents, authorizations, orders and approvals.

 

    	21

    	 

    

 

(b)
If any consent, approval, or authorization necessary to preserve any right or benefit under any Contract to which the Company
is a party is not obtained prior to the Closing, Seller shall, subsequent to the Closing, cooperate with Buyer and the Company
in attempting to obtain such consent, approval or authorization as promptly thereafter as practicable. If such consent, approval
or authorization cannot be obtained, Seller shall use its reasonable best efforts to provide the Company with the rights and benefits
of the affected Contract for the term thereof, and, if Seller provides such rights and benefits, the Company shall assume all
obligations and burdens thereunder.

 

Section
5.03. Books and Records. In order to facilitate the resolution of any claims made by or against or incurred by Buyer or the
Company after the Closing, or for any other reasonable purpose, for a period of three years following the Closing, Seller shall:

 

(a)
retain the books and records (including personnel files) of Seller which relate to the Company and its operations for periods
prior to the Closing; and

 

(b)
upon reasonable notice, afford the Representatives of Buyer or the Company reasonable access (including the right to make, at
Buyer’s expense, photocopies), during normal business hours, to such books and records;

 

provided,
however, that any books and records related to Tax matters shall be retained pursuant to the periods set forth in Article
VI.

 

Section
5.04. Release. Each Seller, on behalf of itself and its Affiliates, hereby unconditionally and irrevocably releases and forever
discharges, effective as of the Closing, to the fullest extent applicable Law permits, the Company from any and all debts, liabilities,
obligations, claims, demands, Actions or causes of action, suits, judgments or controversies of any kind whatsoever based on any
agreement or understanding or act or failure to act (including any act or failure to act that constitutes ordinary or gross negligence
or reckless or willful, wanton misconduct), misrepresentation, omission, transaction, fact, event or other matter occurring prior
to the Closing (whether at law or in equity or otherwise, foreseen or unforeseen, matured or unmatured, known or unknown, accrued
or not accrued).

 

Section
5.05. Further Assurances. Following the Closing, each of the parties hereto shall, and shall cause their respective Affiliates
to, execute and deliver such additional documents, instruments, conveyances and assurances and take such further actions as may
be reasonably required to carry out the provisions hereof and give effect to the transactions contemplated by this Agreement.

 

    	22

    	 

    

 

Article
VI

TAX MATTERS

 

Section
6.01. Tax Covenants.

 

(a)
Without the prior written consent of Buyer, Seller shall not, to the extent it may affect, or relate to, the Company, make, change
or rescind any Tax election, amend any Tax Return or take any position on any Tax Return, take any action, omit to take any action
or enter into any other transaction that would have the effect of increasing the Tax liability or reducing any Tax asset of Buyer
or the Company in respect of any Post-Closing Tax Period. Seller agrees that Buyer is to have no liability for any Tax resulting
from any action of Seller, the Company, its Affiliates or any of their respective Representatives, and agrees to indemnify and
hold harmless Buyer (and, after the Closing Date, the Company) against any such Tax or reduction of any Tax asset.

 

(b)
All transfer, documentary, sales, use, stamp, registration, value added and other such Taxes and fees (including any penalties
and interest) incurred in connection with this Agreement and the Ancillary Documents (including any real property transfer Tax
and any other similar Tax) shall be borne and paid by Seller when due. Seller shall, at its own expense, timely file any Tax Return
or other document with respect to such Taxes or fees.

 

(c)
Without limiting Seller’s indemnification obligations hereunder, unless otherwise determined by Buyer with respect to a
Pre-Closing Tax Period, Buyer shall prepare, or cause to be prepared, all Tax Returns required to be filed by the Company after
the Closing Date (whether relating to a Pre-Closing Tax Period or a Post-Closing Tax Period). The preparation and filing of any
such Tax Return of the Company shall be exclusively within the control of Buyer, and Seller shall cooperate with Buyer in connection
with such preparation and filing, as reasonably requested by Buyer.

 

Section
6.02. Termination of Existing Tax Sharing Agreements. Any and all existing Tax sharing agreements (whether written or not)
binding upon the Company shall be terminated as of the Closing Date. After such date none of the Company, Seller nor any of Seller’s
Affiliates and their respective Representatives shall have any further rights or liabilities thereunder.

 

Section
6.03. Tax Indemnification. Seller shall indemnify the Company, Buyer, and each Buyer Indemnitee and hold them harmless from
and against (a) any Loss attributable to any breach of or inaccuracy in any representation or warranty made in Section 3.21; (b)
any Loss attributable to any breach or violation of, or failure to fully perform, any covenant, agreement, undertaking or obligation
in Article VI; (c) all Taxes of the Company or relating to the business of the Company for all Pre-Closing Tax Periods; (d) all
Taxes of any member of an affiliated, consolidated, combined or unitary group of which the Company (or any predecessor of the
Company) is or was a member on or prior to the Closing Date by reason of a liability under Treasury Regulation Section 1.1502-6
or any comparable provisions of foreign, state or local Law; and (e) any and all Taxes of any person imposed on the Company arising
under the principles of transferee or successor liability or by contract, relating to an event or transaction occurring before
the Closing Date. In each of the above cases, together with any out-of-pocket fees and expenses (including attorneys’ and
accountants’ fees) incurred in connection therewith. Seller shall reimburse Buyer for any Taxes of the Company that are
the responsibility of Seller pursuant to this Section 6.03 within ten Business Days after payment of such Taxes by Buyer or the
Company.

 

    	23

    	 

    

 

Section
6.04. Straddle Period. In the case of Taxes that are payable with respect to a taxable period that begins before and ends
after the Closing Date (each such period, a “Straddle Period”), the portion of any such Taxes that are treated
as Pre-Closing Taxes for purposes of this Agreement shall be:

 

(a)
in the case of Taxes (i) based upon, or related to, income, receipts, profits, wages, capital or net worth, (ii) imposed in connection
with the sale, transfer or assignment of property, or (iii) required to be withheld, deemed equal to the amount which would be
payable if the taxable year ended with the Closing Date; and

 

(b)
in the case of other Taxes, deemed to be the amount of such Taxes for the entire period multiplied by a fraction the numerator
of which is the number of days in the period ending on the Closing Date and the denominator of which is the number of days in
the entire period.

 

Section
6.05. Contests. Buyer agrees to give written notice to Seller of the receipt of any written notice by the Company, Buyer or
any of Buyer’s Affiliates which involves the assertion of any claim, or the commencement of any Action, in respect of which
an indemnity may be sought by Buyer pursuant to this Article VI (a “Tax Claim”); provided, that failure
to comply with this provision shall not affect Buyer’s right to indemnification hereunder. Buyer shall control the contest
or resolution of any Tax Claim; provided, however, that Buyer shall obtain the prior written consent of Seller (which consent
shall not be unreasonably withheld or delayed) before entering into any settlement of a claim or ceasing to defend such claim;
and, provided further, that Seller shall be entitled to participate in the defense of such claim and to employ counsel
of its choice for such purpose, the fees and expenses of which separate counsel shall be borne solely by Seller.

 

Section
6.06. Cooperation and Exchange of Information. Seller and Buyer shall provide each other with such cooperation and information
as either of them reasonably may request of the other in filing any Tax Return pursuant to this Article VI or in connection with
any audit or other proceeding in respect of Taxes of the Company. Such cooperation and information shall include providing copies
of relevant Tax Returns or portions thereof, together with accompanying schedules, related work papers and documents relating
to rulings or other determinations by tax authorities. Each of Seller and Buyer shall retain all Tax Returns, schedules and work
papers, records and other documents in its possession relating to Tax matters of the Company for any taxable period beginning
before the Closing Date until the expiration of the statute of limitations of the taxable periods to which such Tax Returns and
other documents relate, without regard to extensions except to the extent notified by the other party in writing of such extensions
for the respective Tax periods. Prior to transferring, destroying or discarding any Tax Returns, schedules and work papers, records
and other documents in its possession relating to Tax matters of the Company for any taxable period beginning before the Closing
Date, Seller or Buyer (as the case may be) shall provide the other party with reasonable written notice and offer the other party
the opportunity to take custody of such materials.

 

    	24

    	 

    

 

Section
6.07. Tax Treatment of Indemnification Payments. Any indemnification payments pursuant to this Article VI shall be treated
as an adjustment to the Purchase Price by the parties for Tax purposes, unless otherwise required by Law.

 

Section
6.08. Payments to Buyer. Any amounts payable to Buyer pursuant to this Article VI shall be satisfied by payment from Seller
through wire transfer of immediately available funds.

 

Section
6.09. Survival. Notwithstanding anything in this Agreement to the contrary, the provisions of Section 3.21 and this Article
VI shall survive for the full period of all applicable statutes of limitations (giving effect to any waiver, mitigation or extension
thereof) plus 60 days.

 

Section
6.10. Overlap. To the extent that any obligation or responsibility pursuant to Article VIII may overlap with an obligation
or responsibility pursuant to this Article VI, the provisions of this Article VI shall govern.

 

Article
VII

CONDITIONS TO CLOSING

 

Section
7.01. Conditions to Obligations of All Parties. The obligations of each party to consummate the transactions contemplated
by this Agreement shall be subject to the fulfillment, at or prior to the Closing, of the following condition: no Governmental
Authority shall have enacted, issued, promulgated, enforced or entered any Governmental Order which is in effect and has the effect
of making the transactions contemplated by this Agreement illegal, otherwise restraining or prohibiting consummation of such transactions
or causing any of the transactions contemplated hereunder to be rescinded following completion thereof.

 

Section
7.02. Conditions to Obligations of Buyer. The obligations of Buyer to consummate the transactions contemplated by this Agreement
shall be subject to the fulfillment or Buyer’s waiver, at or prior to the Closing, of each of the following conditions:

 

(a)
No Action shall have been commenced against Buyer, Seller or the Company, which would prevent the Closing. No injunction or restraining
order shall have been issued by any Governmental Authority, and be in effect, which restrains or prohibits any transaction contemplated
hereby.

 

(b)
Seller shall have duly executed and delivered the Assignment to Buyer.

 

(c)
Buyer shall have received resignations of the managers of the Company, to the extent requested by Buyer.

 

(d)
Seller shall have delivered to Buyer a certificate pursuant to Treasury Regulations Section 1.1445-2(b) that Seller is not a foreign
person within the meaning of Section 1445 of the Code.

 

(e)
Seller shall have delivered to Buyer a good standing certificate (or its equivalent) for the Company from the secretary of state
or similar Governmental Authority of the jurisdiction under the Laws in which the Company is organized.

 

    	25

    	 

    

 

(f)
The other Ancillary Documents shall have been executed and delivered by the parties thereto and true and complete copies thereof
shall have been delivered to Buyer.

 

(g)
Seller shall have delivered to Buyer such other documents or instruments as Buyer reasonably requests and are reasonably necessary
to consummate the transactions contemplated by this Agreement.

 

Section
7.03. Conditions to Obligations of Seller. The obligations of Seller to consummate the transactions contemplated by this Agreement
shall be subject to the fulfillment or Seller’s waiver, at or prior to the Closing, of each of the following conditions:

 

(a)
No injunction or restraining order shall have been issued by any Governmental Authority, and be in effect, which restrains or
prohibits any material transaction contemplated hereby.

 

(b)
The Ancillary Documents to which Buyer is a party, if any, shall have been executed and delivered by Buyer.

 

(c)
Buyer shall have delivered to Seller the Purchase Price.

 

Article
VIII

INDEMNIFICATION

 

Section
8.01. Survival. Subject to the limitations and other provisions of this Agreement, the representations and warranties contained
herein (other than any representations or warranties contained in Section 3.21 which are subject to Article VI) shall survive
the Closing and shall remain in full force and effect until the date that is one year from the Closing Date; provided,
that the representations and warranties in Section 3.01, Section 3.02, Section 3.03, Section 3.04, Section 3.05, Section 3.07,
Section 3.10, Section 3.19, Section 3.20, Section 3.23, Section 3.23, Section 3.24, Section 3.25, Section 4.01, Section 4.02,
and Section 4.04 shall survive indefinitely. All covenants and agreements of the parties contained herein (other than any covenants
or agreements contained in Article VI which are subject to Article VI) shall survive the Closing indefinitely or for the period
explicitly specified therein. Notwithstanding the foregoing, any claims asserted in good faith with reasonable specificity (to
the extent known at such time) and in writing by notice from the non-breaching party to the breaching party prior to the expiration
date of the applicable survival period shall not thereafter be barred by the expiration of the relevant representation or warranty
and such claims shall survive until finally resolved.

 

Section
8.02. Indemnification By Seller. Subject to the other terms and conditions of this Article VIII, each Seller, jointly and
severally, shall indemnify and defend each of Buyer and its Affiliates (including the Company) and their respective Representatives
(collectively, the “Buyer Indemnitees”) against, and shall hold each of them harmless from and against, and
shall pay and reimburse each of them for, any and all Losses incurred or sustained by, or imposed upon, the Buyer Indemnitees
based upon, arising out of, with respect to or by reason of:

 

(a)
any inaccuracy in or breach of any of the representations or warranties of Seller contained in this Agreement or in any certificate
or instrument delivered by or on behalf of Seller pursuant to this Agreement (other than in respect of Section 3.21, it being
understood that the sole remedy for any such inaccuracy in or breach thereof shall be pursuant to Article VI), as of the date
such representation or warranty was made or as if such representation or warranty was made on and as of the Closing Date (except
for representations and warranties that expressly relate to a specified date, the inaccuracy in or breach of which will be determined
with reference to such specified date);

 

    	26

    	 

    

 

(b)
any breach or non-fulfillment of any covenant, agreement or obligation to be performed by Seller pursuant to this Agreement (other
than any breach or violation of, or failure to fully perform, any covenant, agreement, undertaking or obligation in Article VI,
it being understood that the sole remedy for any such breach, violation or failure shall be pursuant to Article VI);

 

(c)
any Third Party Claim arising out of or resulting from the business or operation of the Company prior to the Closing; or

 

(d)
any Transaction Expenses or Indebtedness of the Company outstanding as of the Closing.

 

Section
8.03. Indemnification By Buyer. Subject to the other terms and conditions of this Article VIII, Buyer shall indemnify and
defend each of Seller and its Affiliates and their respective Representatives (collectively, the “Seller Indemnitees”)
against, and shall hold each of them harmless from and against, and shall pay and reimburse each of them for, any and all Losses
incurred or sustained by, or imposed upon, the Seller Indemnitees based upon, arising out of, with respect to or by reason of:

 

(a)
any inaccuracy in or breach of any of the representations or warranties of Buyer contained in this Agreement or in any certificate
or instrument delivered by or on behalf of Buyer pursuant to this Agreement, as of the date such representation or warranty was
made or as if such representation or warranty was made on and as of the Closing Date (except for representations and warranties
that expressly relate to a specified date, the inaccuracy in or breach of which will be determined with reference to such specified
date); or

 

(b)
any breach or non-fulfillment of any covenant, agreement or obligation to be performed by Buyer pursuant to this Agreement (other
than Article VI, it being understood that the sole remedy for any such breach thereof shall be pursuant to Article VI).

 

Section
8.04. Indemnification Procedures. The party making a claim under this Article VIII is referred to as the “Indemnified
Party,” and the party against whom such claims are asserted under this Article VIII is referred to as the “Indemnifying
Party.”

 

    	27

    	 

    

 

(a)
Third Party Claims. If any Indemnified Party receives notice of the assertion or commencement of any Action made or brought by
any Person who is not a party to this Agreement or an Affiliate of a party to this Agreement or a Representative of the foregoing
(a “Third Party Claim”) against such Indemnified Party with respect to which the Indemnifying Party is obligated
to provide indemnification under this Agreement, the Indemnified Party shall give the Indemnifying Party reasonably prompt written
notice thereof, but in any event not later than 30 calendar days after receipt of such notice of such Third Party Claim. The failure
to give such prompt written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations, except
and only to the extent that the Indemnifying Party forfeits rights or defenses by reason of such failure. Such notice by the Indemnified
Party shall describe the Third Party Claim in reasonable detail, shall include copies of all material written evidence thereof
and shall indicate the estimated amount, if reasonably practicable, of the Loss that has been or may be sustained by the Indemnified
Party. The Indemnifying Party shall have the right to participate in, or by giving written notice to the Indemnified Party, to
assume the defense of any Third Party Claim at the Indemnifying Party’s expense and by the Indemnifying Party’s own
counsel, and the Indemnified Party shall cooperate in good faith in such defense; provided, that if the Indemnifying Party
is Seller, such Indemnifying Party shall not have the right to defend or direct the defense of any such Third Party Claim that
(x) is asserted directly by or on behalf of a Person that is a supplier or customer of the Company, or (y) seeks an injunction
or other equitable relief against the Indemnified Party. In the event that the Indemnifying Party assumes the defense of any Third
Party Claim, subject to Section 8.04(b), it shall have the right to take such action as it deems necessary to avoid, dispute,
defend, appeal or make counterclaims pertaining to any such Third Party Claim in the name and on behalf of the Indemnified Party.
The Indemnified Party shall have the right to participate in the defense of any Third Party Claim with counsel selected by it
subject to the Indemnifying Party’s right to control the defense thereof. The fees and disbursements of such counsel shall
be at the expense of the Indemnified Party, provided, that if in the reasonable opinion of counsel to the Indemnified Party,
(A) there are legal defenses available to an Indemnified Party that are different from or additional to those available to the
Indemnifying Party; or (B) there exists a conflict of interest between the Indemnifying Party and the Indemnified Party that cannot
be waived, the Indemnifying Party shall be liable for the reasonable fees and expenses of counsel to the Indemnified Party in
each jurisdiction for which the Indemnified Party determines counsel is required. If the Indemnifying Party elects not to compromise
or defend such Third Party Claim, fails to promptly notify the Indemnified Party in writing of its election to defend as provided
in this Agreement, or fails to diligently prosecute the defense of such Third Party Claim, the Indemnified Party may, subject
to Section 8.04(b), pay, compromise, defend such Third Party Claim and seek indemnification for any and all Losses based upon,
arising from or relating to such Third Party Claim. Seller and Buyer shall cooperate with each other in all reasonable respects
in connection with the defense of any Third Party Claim, including making available (subject to the provisions of Section 5.01)
records relating to such Third Party Claim and furnishing, without expense (other than reimbursement of actual out-of-pocket expenses)
to the defending party, management employees of the non-defending party as may be reasonably necessary for the preparation of
the defense of such Third Party Claim.

 

    	28

    	 

    

 

(b)
Settlement of Third Party Claims. Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not enter
into settlement of any Third Party Claim without the prior written consent of the Indemnified Party, except as provided in this
Section 8.04(b). If a firm offer is made to settle a Third Party Claim without leading to liability or the creation of a financial
or other obligation on the part of the Indemnified Party and provides, in customary form, for the unconditional release of each
Indemnified Party from all liabilities and obligations in connection with such Third Party Claim and the Indemnifying Party desires
to accept and agree to such offer, the Indemnifying Party shall give written notice to that effect to the Indemnified Party. If
the Indemnified Party fails to consent to such firm offer within ten days after its receipt of such notice, the Indemnified Party
may continue to contest or defend such Third Party Claim and in such event, the maximum liability of the Indemnifying Party as
to such Third Party Claim shall not exceed the amount of such settlement offer. If the Indemnified Party fails to consent to such
firm offer and also fails to assume defense of such Third Party Claim, the Indemnifying Party may settle the Third Party Claim
upon the terms set forth in such firm offer to settle such Third Party Claim. If the Indemnified Party has assumed the defense
pursuant to Section 8.04(a), it shall not agree to any settlement without the written consent of the Indemnifying Party (which
consent shall not be unreasonably withheld or delayed).

 

(c)
Direct Claims. Any Action by an Indemnified Party on account of a Loss which does not result from a Third Party Claim (a “Direct
Claim”) shall be asserted by the Indemnified Party giving the Indemnifying Party reasonably prompt written notice thereof,
but in any event not later than 30 days after the Indemnified Party becomes aware of such Direct Claim. The failure to give such
prompt written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations, except and only to
the extent that the Indemnifying Party forfeits rights or defenses by reason of such failure. Such notice by the Indemnified Party
shall describe the Direct Claim in reasonable detail, shall include copies of all material written evidence thereof and shall
indicate the estimated amount, if reasonably practicable, of the Loss that has been or may be sustained by the Indemnified Party.
The Indemnifying Party shall have 30 days after its receipt of such notice to respond in writing to such Direct Claim. During
such 30 day period, the Indemnified Party shall allow the Indemnifying Party and its professional advisors to perform a reasonable
investigation of the matter or circumstance alleged to give rise to the Direct Claim, and whether and to what extent any amount
is payable in respect of the Direct Claim. If the Indemnifying Party does not so respond within such 30 day period, the Indemnifying
Party shall be conclusively deemed to have agreed to the correctness of the Direct Claim. If the Indemnifying Party timely delivers
an objection to the Direct Claim or seeks additional information regarding the Direct Claim, and if such claim or claims described
therein shall not have been resolved or compromised between the Indemnifying Party and the Indemnified Party within 30 days from
the date of delivery of such objection or request for additional information, then the Indemnified Party shall be free to pursue
such remedies as may be available to the Indemnified Party on the terms and subject to the provisions of this Agreement.

 

(d)
Tax Claims. Notwithstanding any other provision of this Agreement, the control of any claim, assertion, event or proceeding in
respect of Taxes of the Company (including, but not limited to, any such claim in respect of a breach of the representations and
warranties in Section 3.21 hereof or any breach or violation of or failure to fully perform any covenant, agreement, undertaking
or obligation in Article VI) shall be governed exclusively by Article VI hereof.

 

    	29

    	 

    

 

Section
8.05. Indemnification Payments.

 

(a)
Once a Loss is agreed to, or deemed to have been agreed to, by the Indemnifying Party or finally adjudicated to be payable, the
Indemnifying Party shall satisfy its obligations within five Business Days of such agreement or adjudication by wire transfer
of immediately available funds.

 

(b)
Any Losses payable to a Buyer Indemnitee pursuant to this Article VIII shall be satisfied by payment from Seller through wire
transfer of immediately available funds.

 

Section
8.06. Tax Treatment of Indemnification Payments. All indemnification payments made under this Agreement shall be treated by
the parties as an adjustment to the Purchase Price for Tax purposes, unless otherwise required by Law.

 

Section
8.07. Effect of Investigation. The representations, warranties and covenants of the Indemnifying Party, and the Indemnified
Party’s right to indemnification with respect thereto, shall not be affected or deemed waived by reason of any investigation
made by or on behalf of the Indemnified Party (including by any of its Representatives) or by reason of the fact that the Indemnified
Party or any of its Representatives knew or should have known that any such representation or warranty is, was or might be inaccurate
or by reason of the Indemnified Party’s waiver of any condition set forth in Section 7.02 or Section 7.03, as the case may
be.

 

Section
8.08. Exclusive Remedies. Subject to Section 9.11, the parties acknowledge and agree that their sole and exclusive remedy
with respect to any and all claims (other than claims arising from fraud, criminal activity or willful misconduct on the part
of a party hereto in connection with the transactions contemplated by this Agreement) for any breach of any representation, warranty,
covenant, agreement or obligation set forth herein or otherwise relating to the subject matter of this Agreement, shall be pursuant
to the indemnification provisions set forth in Article VI and this Article VIII. In furtherance of the foregoing, each party hereby
waives, to the fullest extent permitted under Law, any and all rights, claims and causes of action for any breach of any representation,
warranty, covenant, agreement or obligation set forth herein or otherwise relating to the subject matter of this Agreement it
may have against the other parties hereto and their Affiliates and each of their respective Representatives arising under or based
upon any Law, except pursuant to the indemnification provisions set forth in Article VI and this Article VIII. Nothing in this
Section 8.08 shall limit any Person’s right to seek and obtain any equitable relief to which any Person shall be entitled
or to seek any remedy on account of any party’s fraudulent, criminal or intentional misconduct.

 

Article
IX

MISCELLANEOUS

 

Section
9.01. Expenses. Except as otherwise expressly provided herein, all costs and expenses, including, without limitation, fees
and disbursements of counsel, financial advisors and accountants, incurred in connection with this Agreement and the transactions
contemplated hereby shall be paid by the party incurring such costs and expenses.

 

    	30

    	 

    

 

Section
9.02. Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing
and shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by
the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail
of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business
Day if sent after normal business hours of the recipient or (d) on the third day after the date mailed, by certified or registered
mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the following addresses
(or at such other address for a party as shall be specified in a notice given in accordance with this Section 9.02):

 

If to Seller:

 

If to Buyer:

with a copy to:

 

Section
9.03. Interpretation. For purposes of this Agreement, (a) the words “include,” “includes” and “including”
shall be deemed to be followed by the words “without limitation”; (b) the word “or” is not exclusive;
and (c) the words “herein,” “hereof,” “hereby,” “hereto” and “hereunder”
refer to this Agreement as a whole. Unless the context otherwise requires, references herein: (x) to Articles, Sections, Disclosure
Schedules and Exhibits mean the Articles and Sections of, and Disclosure Schedules and Exhibits attached to, this Agreement; (y)
to an agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and
modified from time to time to the extent permitted by the provisions thereof and (z) to a statute means such statute as amended
from time to time and includes any successor legislation thereto and any regulations promulgated thereunder. This Agreement shall
be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an
instrument or causing any instrument to be drafted. The Disclosure Schedules and Exhibits referred to herein shall be construed
with, and as an integral part of, this Agreement to the same extent as if they were set forth verbatim herein.

 

Section
9.04. Headings. The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

Section
9.05. Severability. If any term or provision of this Agreement is invalid, illegal, or unenforceable in any jurisdiction,
such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or
render unenforceable such term or provision in any other jurisdiction. Upon such determination that any term or other provision
is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect
the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated
hereby be consummated as originally contemplated to the greatest extent possible.

 

Section
9.06. Entire Agreement. This Agreement and the Ancillary Documents constitute the sole and entire agreement of the parties
to this Agreement with respect to the subject matter contained herein and therein, and supersede all prior and contemporaneous
understandings and agreements, both written and oral, with respect to such subject matter. In the event of any inconsistency between
the statements in the body of this Agreement and those in the Ancillary Documents, the Exhibits and Disclosure Schedules (other
than an exception expressly set forth as such in the Disclosure Schedules), the statements in the body of this Agreement will
control.

 

    	31

    	 

    

 

Section
9.07. Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and
their respective successors and permitted assigns. Neither party may assign its rights or obligations hereunder without the prior
written consent of the other party, which consent shall not be unreasonably withheld or delayed. No assignment shall relieve the
assigning party of any of its obligations hereunder.

 

Section
9.08. No Third-party Beneficiaries. Except as provided in Section 6.03 and Article VIII, this Agreement is for the sole benefit
of the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended
to or shall confer upon any other Person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under
or by reason of this Agreement.

 

Section
9.09. Amendment and Modification; Waiver. This Agreement may only be amended, modified, or supplemented by an agreement in
writing signed by each party hereto. No waiver by any party of any of the provisions hereof shall be effective unless explicitly
set forth in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect
of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character,
and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or
privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise
of any right, remedy, power, or privilege hereunder preclude any other or further exercise thereof or the exercise of any other
right, remedy, power, or privilege.

 

Section
9.10. Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.

 

(a)
This Agreement shall be governed by and construed in accordance with the internal laws of the State of Texas without giving effect
to any choice or conflict of law provision or rule (whether of the State of Texas or any other jurisdiction).

 

(b)
ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE ANCILLARY DOCUMENTS OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY MAY BE INSTITUTED IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA OR THE COURTS OF THE STATE
OF TEXAS IN EACH CASE LOCATED IN THE CITY OF HOUSTON AND COUNTY OF HARRIS, AND EACH PARTY IRREVOCABLY SUBMITS TO THE EXCLUSIVE
JURISDICTION OF SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING. SERVICE OF PROCESS, SUMMONS, NOTICE OR OTHER DOCUMENT BY MAIL
TO SUCH PARTY’S ADDRESS SET FORTH HEREIN SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY SUIT, ACTION OR OTHER PROCEEDING
BROUGHT IN ANY SUCH COURT. THE PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUIT,
ACTION OR ANY PROCEEDING IN SUCH COURTS AND IRREVOCABLY WAIVE AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH
SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

    	32

    	 

    

 

(c)
EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT, THE ASSIGNMENT, THE OTHER ANCILLARY
DOCUMENTS IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY
WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE
ASSIGNMENT, THE OTHER ANCILLARY DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY TO THIS AGREEMENT CERTIFIES
AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY
WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (B) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS
OF THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.10(c).

 

Section
9.11. Specific Performance. The parties agree that irreparable damage would occur if any provision of this Agreement were
not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms
hereof, in addition to any other remedy to which they are entitled at law or in equity.

 

Section
9.12. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of
which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail
or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy
of this Agreement.

 

[signature
page follows]

 

    	33

    	 

    

 

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

 

	 	SELLER:
	 	 
	 	/s/
    Donald A. Kessel
	 	Donald
    A. Kessel
	 	 
	 	/s/
    Robert B. Foss
	 	Robert
    B. Foss

 

	 	BUYER:
	 	 	 
	 	U.S.
    ENERGY CORP.
	 	 	 
	 	By:
    	/s/
    Ryan Smith
	 	Name:
    	Ryan
    Smith
	 	Title:
    	Chief
    Executive Officer

 

[Signature
Page to Membership Interest Purchase Agreement]Terms and
Conditions of

Nokia’s
Employee Share Purchase Plan:

 

The
Share in Success Plan 2020

 

 

Approved by
the Board of Directors on March 5, 2020

 

 

 

 

    	 	 	 

     

    

 

content

 

	1	DEFINITIONS
    AND INTERPRETATION	1
	2	INVITATION	3
	3	ENROLLING
    IN THE PLAN	4
	4	LIMITS
    AND SCALING BACK	4
	5	PURCHASED
    SHARES	4
	6	MATCHING
    SHARE AWARDS	5
	7	END
    OF THE HOLDING PERIOD	5
	8	FREE SHARES	5
	9	TAXATION AND REGULATORY ISSUES	6
	10	CASH EQUIVALENT	6
	11	WITHDRAWAL	7
	12	CESSATION OF EMPLOYMENT	7
	13	CORPORATE EVENTS	8
	14	INTERNATIONAL TRANSFERS	9
	15	ADJUSTMENTS	10
	16	AMENDMENTS	10
	17	LEGAL ENTITLEMENT	10
	18	GENERAL	10

 

 

 

 

    	 	 	 

     

    

Nokia’s Employee
Share Purchase Plan: The Share in Success Plan 2020

 

		1	DEFINITIONS AND INTERPRETATION

		1.1	In this Plan, unless otherwise stated, the words and expressions below have the following meanings:

	 	“Board”	the Board of Directors of the Company, any duly authorised committee
of the board or any delegate of the board;
	 	“Company”	Nokia Corporation, a
Company registered in Finland, with Business Identity Code 0112038-9; 
	 	“Contribution”	the payment made by or on behalf of a Participant in the Participant’s
local currency each month (or at such other frequency determined by the Company) during a Savings Period (or any other period determined
by the Company to be administratively necessary). The payment is to be used solely for the acquisition of Purchased Shares pursuant
to the terms of the Plan;
	 	“Contribution Limit”	the maximum aggregate amount of Contributions in Euros which may be made by all Participants during a Savings Period determined by the Board in accordance with rule 2.2.6;
	 	“Dealing Day”	any day on which the Nasdaq Helsinki exchange, or any other successor body carrying out the business of the Nasdaq Helsinki exchange is open for business;
	 	“Dealing Restrictions”	restrictions imposed by the Company’s Insider Policy, the EU Market Abuse Regulation, the Finnish Securities Market Act, the rules of the Nasdaq Helsinki exchange, the standards imposed by the Finnish Financial Supervisory Authority or any applicable laws or regulations applicable anywhere in the world which impose restrictions on share dealing;
	 	“Eligible Employee”	an employee of: (i) the Company or any of its Participating Subsidiaries, (ii) who is resident or deemed to be resident in a Participating Jurisdiction, and (iii) who is paid via payroll in a Participating Jurisdiction, regardless of whether the employee is on paid or unpaid leave at the time invitations are sent out pursuant to rule 2.3;
	 	“Enrolment Period” 	the period during which Eligible Employees may enter into an Investment Agreement to participate in the Plan pursuant to rule 3;
	 	 “Free Shares”	Shares acquired by a Participant in accordance with rule 8;
	 	“Group Member”	the Company, or any Participating Subsidiary of the Company or any company which is the Company’s holding company or a Subsidiary of the Company’s holding company;

	 	“Holding Period”	a period as determined by the Board, starting on the Initial Acquisition Date; 

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	 	“Initial Acquisition Date”	the first date, following the end of the Enrolment Period, on which Contributions are first applied to acquire Purchased Shares; 
	 	“Internal Reorganisation”	where immediately after any event described in rule 13.1 or a tender offer, all or substantially all of the issued share capital of the acquiring company is owned directly or indirectly by the persons who were shareholders in the Company immediately before such event;
	 	“Investment Agreement”	the agreement pursuant to which a Participant enrols in the Plan and agrees to make Contributions pursuant to rule 3.2;
	 	“Jurisdiction Limit”	the maximum aggregate amount of Contributions in the currency of the applicable jurisdiction that may be made by Eligible Employees resident or deemed to be resident in that jurisdiction and set by the Board to take account of laws or regulations applicable in that jurisdiction or for any other reason at the Board’s discretion; 
	 	“Matching Shares”	Shares to which a Matching Share Award relates; 
	 	“Matching Share Award”	a right granted to each Participant to acquire Shares in accordance with rule 6;
	 	“Matching Share Ratio”	the ratio of Matching Shares to Purchased Shares applicable to Matching Share Awards, which will determine the number of Matching Shares to be issued or transferred to Participants following the end of the Holding Period;
	 	 “Participant”	an Eligible Employee who has entered in to an Investment Agreement to participate in the Plan pursuant to rule 3, or their estate following the Participant’s death. A person ceases to be a Participant if, by the date a Contribution would otherwise have been made in a given month, (i) he is no longer an Eligible Employee; or (ii) his withdrawal from the Plan is deemed to have become effective, in accordance with rule 11;
	 	“Participating Jurisdiction”	a jurisdiction selected by the Board in which participation in the Plan will be offered;
	 	“Participating Subsidiary”	all Subsidiaries within Participating Jurisdictions unless otherwise excluded by the Board;
	 	“Plan”	the Nokia Employee Share Purchase Plan, known as the Share in Success Plan 2020, in its present form or as from time to time amended;
	 	“Plan Cycle”	each occasion on which Eligible Employees are invited to participate in the Plan; 
	 	“Purchased Share”	a Share acquired by or on behalf of a Participant as described in rule 5;
	 	“Savings Period”	a period, determined by the Board, over which Contributions are normally made by a Participant;
	 	“Scale Back Threshold”	the threshold amount in Euros above which a Participant’s Contributions may be scaled back in accordance with rule 4.2 and determined by the Board in accordance with rule 2.2.4;
	 	“Share”	a fully paid ordinary share in the capital of the Company;

 

    	 	 	 2

     

    

	 	“Subsidiary”	a company in relation to which the Company (or any company which itself exercises control of the Company) exercises control which is included in the Company’s consolidated financial statements. Subsidiary for the purposes of the Plan shall also be taken to include any Nokia Shanghai Bell entity;
	 	“Tax Liability”	any tax or social security contributions liability in any jurisdiction in connection with the Plan for which the Participant is liable and for which any Group Member or former Group Member is obliged to account to any relevant authority;
	 	“Vest” 	the point at which a Participant becomes entitled to receive the Shares subject to their Matching Share Award; and 
	 	 	“Vesting” and “Vested” will be construed accordingly.

		1.2	Unless the context otherwise
                                         requires, references in the Plan to:

		1.2.1	the singular include the plural
                                         and vice versa; and

		1.2.2	the masculine include
                                         the feminine and vice versa.

		1.3	Headings and explanatory wording
                                         does not form part of the Plan. 

		2	INVITATION

		2.1	The Board may decide to operate
                                         the Plan at any time. 

		2.2	When the Board decides to operate
                                         the Plan, it will also decide in respect of each Plan Cycle:

		2.2.1	the Participating Jurisdictions
                                         and the Eligible Employees who are to be invited to participate in the Plan;

		2.2.2	the Savings Period and
                                         the Holding Period. The Board may set more than one Savings Period or Holding Period
                                         to take into account any legal or regulatory requirements applicable in a Participating
                                         Jurisdiction, or for any other reason that it considers appropriate, in its absolute
                                         discretion;

		2.2.3	the minimum and maximum
                                         Contribution in Euros which may be made on an annual basis during the Savings Period
                                         and the currency in which each Eligible Employee will be invited to make Contributions;

		2.2.4	any applicable Scale Back
                                         Threshold;

		2.2.5	the exchange rates by
                                         reference to which such minimum and maximum Contributions and the Scale Back Threshold
                                         will be converted into the Participants’ local currency; 

		2.2.6	any Contribution Limit
                                         which the Board deems appropriate to apply;

		2.2.7	the jurisdictions (if
                                         any) in which a Jurisdiction Limit will apply and the amount of each applicable Jurisdiction
                                         Limit; 

		2.2.8	the Matching Share Ratio;
                                         

		2.2.9	the Enrolment Period;
                                         and 

		2.2.10	whether Free Shares will
                                         be applicable and the terms on which a Participant may acquire Free Shares in accordance
                                         with rule 8. 

    	 	 	 3

     

    

		2.3	Any Eligible Employee may be
                                         invited to participate in the Plan. As part of enrolling in the Plan, an Eligible Employee
                                         will be provided with the information set out in rule 2.2 (decisions of the Board). The
                                         minimum and maximum Contribution will be expressed as an amount per month (or such other
                                         applicable frequency during the Savings Period) in the local currency as applicable to
                                         the Eligible Employee. 

		3	ENROLLING IN THE PLAN

		3.1	Eligible Employees may only
                                         enrol in the Plan during the Enrolment Period. Neither the Company nor any of its authorized
                                         agents will be held liable if, for whatever reason, an intended enrolment does not result
                                         in active participation in the Plan.

		3.2	During the Enrolment Period,
                                         an Eligible Employee who chooses to participate in the Plan must enter into an Investment
                                         Agreement.

		3.3	Each Eligible Employee will
                                         be required to specify the Contribution that they wish to make to the Plan for the duration
                                         of the Savings Period. The aggregate annual Contributions during the Savings Period must
                                         be at least equal to the minimum Contribution specified by the Board pursuant to rule
                                         2.2.3 (Contribution levels).

		3.4	Contributions will be made by
                                         or on behalf of Participants by deductions from post-tax salary following the end of
                                         the Enrolment Period.

		4	LIMITS AND SCALING BACK

		4.1	At the end of the Enrolment
                                         Period, the aggregate Contributions in Euros to be made by Participants will be calculated
                                         for the relevant Savings Period and for this purpose the same exchange rates as described
                                         in rule 2.2.5 (the original exchange rate) will be applied to convert Contributions to
                                         be made in another currency to Euros.

		4.2	If the aggregate value of Contributions
                                         in Euros to be made during the Savings Period determined in accordance with rule 4.1
                                         would exceed any Contribution Limit, the Company may reduce the Contributions to be made
                                         by Participants by such method or methods as it deems appropriate provided that in reducing
                                         Contributions, the Company must not reduce the Contributions below the Scale Back Threshold.

		4.3	If the aggregate Contributions
                                         to be made by Participants in a Participating Jurisdiction during the Savings Period
                                         in accordance with rule 4.1 would meet or exceed any Jurisdiction Limit, the Company
                                         may reduce Contributions to be made by those Participants using such method or methods
                                         as it deems appropriate.

		4.4	Where the Contributions to be
                                         made by Participants are reduced pursuant to this rule 4, Participants will be notified
                                         accordingly before the start of the Savings Period.

		5	PURCHASED SHARES

		5.1	Each Contribution made by a
                                         Participant will be applied to the acquisition of Purchased Shares on a date determined
                                         by the Company following the date on which the Contribution is made, beginning on the
                                         Initial Acquisition Date. In cases where a Share purchase cannot be made with a Participant’s
                                         Contribution, due to an administrative reason or otherwise, the Contribution shall be
                                         returned in full to the Participant and neither the Company nor any of its authorized
                                         agents will be held liable for any compensation claim made by a Participant.

		5.2	Purchased Shares may be new
                                         Shares, treasury Shares (i.e. Company’s own shares held by the Company or any of
                                         its subsidiaries) or Shares purchased from the market. 

		5.3	Where Shares are purchased in
                                         the market at more than one price with Participants’ Contributions, the average
                                         price of the Shares calculated over several Dealing Days may be used to determine the
                                         number of Purchased Shares acquired on behalf of each Participant.

    	 	 	 4

     

    

		5.4	Where Contributions are made
                                         in a currency other than the currency in which Shares are traded, Contributions will
                                         be exchanged at the prevailing exchange rate on pre-determined dates before being used
                                         to acquire Purchased Shares.

		5.5	Purchased Shares will be held
                                         on the Participants’ behalf during the Holding Period in a nominee account or a
                                         book entry account or on such other basis as the Company determines. 

		5.6	Dividends paid in respect of
                                         Purchased Shares may be used to acquire additional Shares, as determined by the Company,
                                         which will be held for the Participant on the same terms as the Purchased Shares to which
                                         they relate, except that such Shares will not be included when applying the Matching
                                         Share Ratio. 

		5.7	Subject to any Dealing Restrictions,
                                         a Participant may sell or transfer some or all of their Purchased Shares at any time
                                         during the Holding Period. However, the number of Matching Shares that will Vest will
                                         be reduced proportionately in accordance with rule 6.2 (application of the Matching Share
                                         Ratio).

		5.8	If a Participant uses his Purchased
                                         Shares as security for any liability during the Holding Period, such Purchased Shares
                                         will be treated as having been sold or transferred pursuant to rule 5.7. 

		6	MATCHING SHARE AWARDS

		6.1	On the first Dealing Day after
                                         the Enrolment Period ends, or if the enrolment is subject to any regulatory approvals,
                                         on the first Dealing Day after such regulatory approval has been obtained, the Company
                                         shall make the commitment to deliver Matching Shares to the Participant following Vesting
                                         (the commitment being the Matching Share Award) in accordance with the terms and condition
                                         of the Plan. 

		6.2	The number of Matching Shares
                                         vesting will be determined by applying the Matching Share Ratio to the number of Purchased
                                         Shares held by a Participant at the end of the Holding Period, provided that a minimum
                                         of two Purchased Shares are held by a Participant at the end of the Holding Period.

		6.3	A Participant is not required
                                         to pay for the Matching Share Award.

		6.4	Matching Shares may be new Shares,
                                         treasury Shares (i.e. Company’s own shares held by the Company or any of its subsidiaries)
                                         or Shares purchased from the market.

		6.5	A Matching Share Award must
                                         not be used as security for any liability, be transferred or otherwise disposed of (except
                                         in the event of the Participant’s death, to his personal representatives) and will
                                         lapse immediately on any attempt to do so.

		7	END OF THE HOLDING PERIOD

		7.1	Immediately following the end
                                         of the Holding Period: 

		7.1.1	Matching Share Awards
                                         will Vest over such number of Shares as specified in rule 6.2 (application of the Matching
                                         Share Ratio) and, subject to rule 9 (taxation and regulatory issues) and rule 10 (cash
                                         equivalent), the Vested Shares will be issued or transferred to the Participant following
                                         Vesting on a date selected by the Company in its sole discretion; and

		7.1.2	Purchased Shares will
                                         no longer be subject to rule 5.7 (proportionate reduction in Matching Shares) or any
                                         other rule of the Plan and subject to rule 9 (taxation and regulatory issues) a Participant
                                         will be entitled to sell or otherwise transfer the Purchased Shares without the sale
                                         or transfer having an effect on his right to receive Matching Shares. 

		8	FREE SHARES

		8.1	If the Board determines pursuant
                                         to rule 2.2.10 that Free Shares will be applicable to a Plan Cycle, this rule 8 will
                                         apply.

    	 	 	 5

     

    

		8.2	Any Participant, who makes Contributions
                                         to the Plan for such number of consecutive months as determined by the Board pursuant
                                         to rule 2.2.10 which are then used to acquire Purchased Shares on his behalf, will receive
                                         a number of Free Shares, determined by the Board, in accordance with rule 8.3.

		8.3	Subject to rule 9 (taxation
                                         and regulatory issues) and rule 10 (cash equivalent), the Free Shares will be issued
                                         or transferred to the Participant following the application of the last of such number
                                         of consecutive Contributions referred to in rule 8.2 to the acquisition of Purchased
                                         Shares. 

		9	TAXATION AND REGULATORY ISSUES

		9.1	A Participant will be responsible
                                         for and indemnifies each relevant Group Member against any Tax Liability. Any Group Member
                                         may withhold an amount to settle such Tax Liability from any amounts due to the Participant
                                         (to the extent such withholding is not in breach of any applicable laws) and/or make
                                         any other arrangements as it considers appropriate to ensure recovery of such Tax Liability
                                         including, without limitation, the sale of sufficient Shares acquired subject to a Matching
                                         Share Award or Free Shares otherwise to realise an amount to settle the Tax Liability.
                                         A Participant will also be responsible for all taxes and social security liabilities
                                         which he is obliged to account for directly to any tax authority in any jurisdiction
                                         in connection with the Plan.

		9.2	The Company, the Eligible Employees
                                         and the Participants are obliged to comply with any applicable laws and regulations on
                                         insider dealing and any Company insider policies.

		9.3	It may be necessary to terminate
                                         the Savings Period and the Holding Period early for some or all Participants in a particular
                                         Participating Jurisdiction should any tax, regulatory, operational or legal obstacles
                                         arise which impact or may affect the feasibility of operating the Plan in that relevant
                                         Participating Jurisdiction during the Plan Cycle. In such circumstances, pursuant to
                                         rule 6.2, Participants would retain their rights to any Matching Shares accrued in relation
                                         to any Purchased Shares acquired to the point of early termination. The Holding Period
                                         would be deemed to end on the last day of the month of their final acquisition of Purchased
                                         Shares. Delivery of the Matching Shares will continue in accordance with the scheduled
                                         delivery of Matching Shares to all other Participants unless in instances where rule
                                         10.1 applies. The Company may also determine if the affected Participants shall be compensated
                                         in any other way.

		9.4	It may be required to temporarily
                                         suspend the Contributions and acquisition of Purchased Shares for some or all Participants
                                         in a particular Participating Jurisdiction should any tax, regulatory, operational or
                                         legal obstacles arise which impact or may affect the feasibility of operating the Plan
                                         in that Participating Jurisdiction during the Plan Cycle. In circumstances requiring
                                         Contributions and the corresponding acquisition of Purchased Shares to be suspended for
                                         a period ending before the end of the Savings Period and Holding Period respectively,
                                         the Company may determine that Contributions will resume as soon as practicable after
                                         the obstacle has been overcome. The Company shall determine whether additional Contributions
                                         may subsequently be applied to acquire additional Purchased Shares to mitigate against
                                         the loss of Purchased Shares as a result of the suspension. Delivery of the Matching
                                         Shares will continue in accordance with the scheduled delivery of Matching Shares to
                                         all other Participants unless in instances where rule 10.1 applies. The Company may also
                                         determine if the affected Participants shall be compensated in any other way. 

		10	CASH EQUIVALENT

		10.1	The Company may determine that
                                         in substitution for a Participant’s right to acquire some or all of the Matching
                                         Shares or Free Shares awarded to him, the Participant will instead receive a cash sum.
                                         In addition, where it may be expedient or necessary for administrative or operational
                                         reasons, the Company may deliver a cash sum in lieu of some or all of the Matching Shares
                                         or Free Shares awarded to a Participant or former Participant. 

		10.2	The Company shall determine
                                         how the value of the cash sum is determined. 

		10.3	The cash sum will be paid to
                                         the Participant net of any deductions (including but not limited to any Tax Liability
                                         or similar liabilities) as may be required by local law.

    	 	 	 6

     

    

		11	WITHDRAWAL

		11.1	Subject to any Dealing Restrictions,
                                         a Participant may at any time following the first salary deduction, give notice in accordance
                                         with the prescribed method set out in the Plan and invitation materials that he wishes
                                         to withdraw from the Plan. Where a Participant has validly given notice to withdraw from
                                         the Plan in accordance with this rule, the Company will endeavour to delimit the Participant’s
                                         Contributions in accordance with the Company’s opt out cut-off policy.

		11.2	For the avoidance of any doubt,
                                         any Contributions made prior to the withdrawal becoming effective but not yet applied
                                         to acquire Purchase Shares will continue to be used for that purpose.

		11.3	Subject to any mandatory rules
                                         in a Participating Jurisdiction or any arrangement agreed between local payroll and the
                                         Participant, the Participant will be deemed to have withdrawn from the Plan in accordance
                                         with rule 11.1 if he or she takes a voluntary or statutory leave of absence such that
                                         no Contributions can be made pursuant to rule 3.5 for the remainder of the Plan Cycle.
                                         

		11.4	If rule 11.1 applies, any Purchased
                                         Shares acquired on the Participant’s behalf will remain subject to the rules of
                                         the Plan including rule 5.7 (proportionate reduction in Matching Shares) for the remainder
                                         of the Holding Period.

		11.5	Immediately following the end
                                         of the Holding Period, the following will apply to a Participant who is still an active
                                         employee of a Participating Subsidiary on this day: 

		11.5.1	Matching Share Awards
                                         will Vest over such number of Shares as specified in rule 6.2 (application of the Matching
                                         Share Ratio) and, subject to rule 9 (taxation and regulatory issues) and rule 10 (cash
                                         equivalent), the Vested Shares will be issued or transferred to the Participant following
                                         Vesting on a date selected by the Company in its sole discretion; and

		11.5.2	Purchased Shares will
                                         no longer be subject to rule 5.7 (proportionate reduction in Matching Shares) or any
                                         other rule of the Plan and subject to rule 9 (taxation and regulatory issues) a Participant
                                         will be entitled to sell or otherwise transfer the Purchased Shares without the sale
                                         or transfer having an effect on his right to receive Matching Shares.

		12	CESSATION OF EMPLOYMENT

		12.1	Where a Participant ceases
                                         to hold office or employment with a Group Member before the last day of the Holding Period
                                         other than in accordance with rule 12.2, the Holding Period will be deemed to end and:
                                         

		12.1.1	Purchased Shares will
                                         no longer be subject to rule 5.7 (proportionate reduction in Matching Shares) or any
                                         other rule of the Plan and subject to rule 9 (taxation and regulatory issues) a Participant
                                         will be entitled to sell or otherwise transfer the Purchased Shares; and

		12.1.2	his Matching Share Award
                                         will lapse on the date of such cessation.

		12.2	Where a Participant ceases
                                         to hold office or employment such that he is not an active employee of a Group Member
                                         on the last day of the Holding Period for one of the following reasons:

		12.2.1	death;

		12.2.2	permanent disability;

		12.2.3	retirement with the agreement
                                         of the Participant’s employer;

		12.2.4	redundancy; or

the Participant’s
employing company ceasing to be a Group Member or the transfer of an undertaking or part of an undertaking (in which the Participant
is employed) to a person who is not a Group Member

the
Holding Period will be deemed to end on the date of such cessation and rule 12.3 will apply.

    	 	 	 7

     

    

		12.3	When a Participant ceases to
                                         hold office or employment for one of the reasons specified in rule 12.2, the following
                                         provisions apply: 

		12.3.1	Purchased Shares will
                                         no longer be subject to rule 5.7 (proportionate reduction in Matching Shares) or any
                                         other rule of the Plan and subject to rule 9 (taxation and regulatory issues) a Participant
                                         will be entitled to sell or otherwise transfer the Purchased Shares without the sale
                                         or transfer having an effect on his right to receive Matching Shares; and 

		12.3.2	Matching Share Awards
                                         will Vest over such number of Shares as specified in rule 6.2 (application of the Matching
                                         Share Ratio) on the date of such cessation. Subject to rule 9 (taxation and regulatory
                                         issues, a cash payment will be made to the Participant in accordance with rule 10 (cash
                                         equivalent) in respect of all Vested Shares to which his Matching Share Award relates,
                                         unless the Board determines that Vested Shares will be issued or transferred to a Participant
                                         instead.

		12.4	For the purposes of the Plan,
                                         a person will be treated as ceasing to hold office or employment with a Group Member
                                         on the last day of employment.

		13	CORPORATE EVENTS

		13.1	On the occurrence of any of
                                         the events set out below, subject to rule 13.4, the Holding Period will be deemed to
                                         end on the date of such event and rule 13.2 will apply. These events are:

		13.1.1	the placement of the
                                         Company into liquidation;

		13.1.2	the resolution of merger,
                                         where the Company merges into another company, or demerger of the Company in accordance
                                         with the Finnish Companies Act.

		13.2	On the occurrence of any of
                                         the events referred to in rule 13.1 the Holding Period will be deemed to end at that
                                         time and:

		13.2.1	Matching Share Awards
                                         will Vest over such number of Shares as specified in rule 6.2 (application of the Matching
                                         Share Ratio) and, subject to rule 9 (taxation and regulatory issues) and rule 10 (cash
                                         equivalent), the Vested Shares will be issued or transferred to the Participant as soon
                                         as practicable thereafter; and

		13.2.2	Purchased Shares will
                                         no longer be subject to the rule 5.7 (proportionate reduction in Matching Shares) or
                                         any other rule of the Plan and subject to rule 9 (taxation and regulatory issues) a Participant
                                         will be entitled to sell or otherwise transfer the Purchased Shares without the sale
                                         or transfer having an effect on his right to receive Matching Shares.

		13.3	Other events

		13.3.1	If the Company is or
                                         may be affected by a delisting, special dividend, tender offer, redemption of Shares
                                         or other event which, in the opinion of the Board, may affect the current or future value
                                         of Shares, the Board may determine that conditional on the event occurring, the Holding
                                         Period will be deemed to end on the date of the event and:

		i)	Matching Share Awards will Vest over such number of Shares as specified in rule 6.2 (application
of the Matching Share Ratio) and, subject to rule 9 (taxation and regulatory issues) and rule 10 (cash equivalent), the Vested
Shares will be issued or transferred to the Participant as soon as practicable thereafter; and

		ii)	Purchased Shares will no longer be subject to the rule 5.7 (proportionate reduction in Matching
Shares) or any other rule of the Plan and subject to rule 9 (taxation and regulatory issues) a Participant will be entitled to
sell or otherwise transfer the Purchased Shares without the sale or transfer having an effect on his right to receive Matching
Shares.

    	 	 	 8

     

    

		13.3.2	If the event does not
                                         occur then rule 13.3.1 will not apply and the Savings Period and Holding Period will
                                         continue in respect of both Purchased Shares and Matching Share Awards.

		13.4	Exchange of the Matching Share
                                         Award 

		13.4.1	A Matching Share Award
                                         will not Vest under rule 13.2 or in accordance with rule 13.3 as a result of a tender
                                         offer, but will be released automatically in consideration of the grant of a new award
                                         which, in the opinion of the Board, is equivalent to the Matching Share Award (“Existing
                                         Award”), but relates to shares in a different company (whether the acquiring company
                                         or a different company), to the extent that:

		i)	an offer to exchange the Existing Award is made and accepted by a Participant;

		ii)	there is an Internal Reorganisation; or

		iii)	the Board decides (before the event) that an Existing Award will be automatically exchanged.

		13.5	Any reference to the Board
                                         in this rule 13 means the members of the Board immediately prior to the relevant event.

		14	INTERNATIONAL TRANSFERS

		14.1	If during a Savings Period:

		14.1.1	a Participant ceases
                                         to be resident (or deemed to be resident) in a Participating Jurisdiction (the “Original
                                         Participating Jurisdiction”); 

		14.1.2	the Participant immediately
                                         becomes resident (or is deemed to become resident) in another Participating Jurisdiction
                                         (the “New Participating Jurisdiction”); 

		14.1.3	the events described
                                         at rules 14.1.1 and 14.1.2 do not cause the Participant to cease to hold office or employment
                                         with a Group Member in accordance with rules 12.1 or 12.2; and 

		14.1.4	the currency in the New
                                         Participating Jurisdiction is different from the currency in the Original Participating
                                         Jurisdiction the Participant will continue to make Contributions to the Plan but after
                                         he ceases to be resident (or deemed to be resident) in the Original Participating Jurisdiction,
                                         the aggregate Contribution specified by the Participant pursuant to rule 3.3 will be
                                         converted from the currency applicable in the Original Participating Jurisdiction to
                                         the currency in the New Participating Jurisdiction using the exchange rate referred to
                                         in rule 2.2.5 and the Contributions made by the Participant after he becomes resident
                                         (or is deemed to be resident) in the New Participating Jurisdiction will then be applied
                                         to the acquisition of future Purchased Shares in accordance with rule 5.

		14.2	If during a Savings Period
                                         a Participant ceases to be (or be deemed to be) resident in an Original Participating
                                         Jurisdiction or an employee of one Participating Subsidiary and does not become resident
                                         (or be deemed to be resident) in a New Participating Jurisdiction or an employee of another
                                         Participating Subsidiary, provided neither rule 12.1 or 12.2 is applicable: 

		14.2.1	the Participant will
                                         not make any further Contributions to the Plan after the date on which he ceases to be
                                         resident in the Original Participating Jurisdiction or an employee of a Participating
                                         Subsidiary; and 

		14.2.2	any Purchased Shares
                                         already acquired on the Participant’s behalf will remain subject to the rules of
                                         the Plan for the duration of the Holding Period, when rule 7 will apply.

    	 	 	 9

     

    

		15	ADJUSTMENTS

		15.1	The number of Shares subject
                                         to a Matching Share Award may be adjusted in such manner as the Board determines, in
                                         the event of:

		15.1.1	any material variation
                                         of the share capital or in the number of Shares of the Company; or

		15.1.2	a demerger, delisting,
                                         special dividend, rights issue or other event which may, in the Board’s opinion,
                                         affect the current or future value of Shares.

		16	AMENDMENTS

		16.1	The Board may at any time amend
                                         the rules of the Plan, provided that no amendment to the material disadvantage of existing
                                         rights of Participants will be made unless:

		16.1.1	every Participant who
                                         may be affected by such amendment has been invited to indicate whether or not he approves
                                         the amendment; and 

		16.1.2	the amendment is approved
                                         by a majority of those Participants who have so indicated. 

		17	LEGAL ENTITLEMENT

		17.1	This rule 17 applies during
                                         a Participant’s employment with any Group Member and after the termination of such
                                         employment.

		17.2	Nothing in the Plan or its
                                         operation forms part of the terms of employment of a Participant and the rights and obligations
                                         arising from a Participant’s employment with any Group Member are separate from,
                                         and are not affected by, the Participant’s participation in the Plan. Participation
                                         in the Plan does not create any right to continued employment for any Participant.

		17.3	The acquisition of Purchased
                                         Shares on behalf of a Participant or the grant of any Matching Share Award to a Participant
                                         or the acquisition of any Free Shares does not create any right for that Participant
                                         to be offered participation in the Plan in future or to be granted any additional Matching
                                         Share Awards or for Purchased Shares or Free Shares to be acquired or Matching Share
                                         Awards to be granted on any particular terms, including the number of Shares to which
                                         a Matching Share Award relates. 

		17.4	By Participating in the Plan,
                                         a Participant waives all rights to compensation for any loss in relation to the Plan,
                                         including:

		17.4.1	any loss or reduction
                                         of any rights or expectations under the Plan in any circumstances or for any reason;

		17.4.2	any exercise of a discretion
                                         or a decision taken in relation to any Purchased Shares, Matching Share Awards and/or
                                         to the Plan, or any failure to exercise a discretion or take a decision; 

		17.4.3	the operation, suspension,
                                         termination or amendment of the Plan.

		18	GENERAL

		18.1	Participants shall not be entitled
                                         to any dividends or have any voting rights or other shareholder rights until the Shares
                                         have been transferred to the Participant and, in case of new Shares issued by the Company,
                                         until the Shares have been entered to the Trade Register.

		18.2	Participants’ personal
                                         data is processed in connection with their participation in the Plan by any Group Member
                                         (and any third party appointed by a Group Member in connection with the Plan) including
                                         the administration and maintenance of records. Depending on the location of the Participant,
                                         the data might be transferred internationally. The processing is described in more detail
                                         in the privacy supplement that will be provided to each Participant.

    	 	 	 10

     

    

		18.3	All charges levied in connection
                                         with the sale of Shares pursuant to the Plan will be borne by Participants.

		18.4	The Plan shall be administered
                                         by the Company. The Company has the authority to interpret these Plan rules, approve
                                         such other rules and procedures and take such other measures, as it deems necessary or
                                         appropriate to benefit the administration of the Plan, including, but not limited to,
                                         taking action to take account of a change in legislation or to maintain favourable tax,
                                         exchange control or regulatory treatment for Participants or for Nokia. The Company has
                                         the right to determine the practical manner of administration and settlement of the Matching
                                         Shares and/or Free Shares, including but not limited to the acquisition, issuance, sale,
                                         and transfer of the Matching Shares and/or Free Shares or their cash equivalent to the
                                         Participant. Furthermore, the Company has the right to require from the Participant the
                                         submission of such information or contribution that is necessary for the administration
                                         and settlement of the Matching Shares and/or Free Shares. 

		18.5	Any
                                         notice or other communication in connection with the Plan may be delivered personally
                                         or sent by electronic means or post. Where a notice or other communication is given by
                                         post, it will be deemed to have been received 72 hours after it was put into the post
                                         properly addressed and stamped. If a notice or communication
                                         is sent by electronic means, it will be deemed to be received immediately after the communication
                                         is sent on the date and in the time zone where the sender is located.

		18.6	These rules will be governed
                                         by and construed in accordance with the laws of Finland. Disputes arising in respect
                                         of the Plan will be settled by arbitration in accordance with the Arbitration Rules of
                                         the Finland Chamber of Commerce.

 

 

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