Document:

Exhibit 10.1

 

BORROWING BASE REDETERMINATION AGREEMENT
AND SIXTH AMENDMENT TO CREDIT AGREEMENT

 

This BORROWING BASE REDETERMINATION
AGREEMENT AND SIXTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of June 20, 2022, is
by and among Amplify Energy Operating LLC, a Delaware limited liability company (the “Borrower”),
Amplify Acquisitionco LLC, a Delaware limited liability company (the “Parent”),
each of the other undersigned guarantors (together with the Borrower, and the Parent, collectively, the “Loan Parties”),
each of the Lenders that is a signatory hereto and KEYBANK NATIONAL ASSOCIATION (“KeyBank”), as administrative
agent for the Lenders (in such capacity, together with its successors, the “Administrative Agent”).

 

Recitals

 

A.            The
Borrower, the Parent (as successor by conversion to Amplify Acquisitionco Inc.), Bank of Montreal (“BMO”)
as the initial administrative agent thereunder, and certain Lenders from time to time parties thereto, entered into that certain Credit
Agreement dated as of November 2, 2018 (as amended by that certain First Amendment to Credit Agreement dated as of May 5, 2019,
that certain Second Amendment to Credit Agreement dated as of July 16, 2019, that certain Borrowing Base Redetermination Agreement
and Third Amendment to Credit Agreement dated as of June 12, 2020, that certain Borrowing Base Redetermination Agreement and
Fourth Amendment to Credit Agreement dated as of November 17, 2020, and that certain Borrowing Base Redetermination Agreement
and Fifth Amendment to Credit Agreement dated as of November 10, 2021 (the “Fifth Amendment”), and
as further amended, restated, amended and restated, modified or otherwise supplemented from time to time prior to the date hereof, the
 “Credit Agreement”), pursuant to which the Lenders have, subject to the terms and conditions set forth therein,
made certain credit available to and on behalf of the Borrower.

 

B.            The
Borrower has provided the necessary Engineering Report in order for the Administrative Agent and the Lenders to complete the spring 2022
Scheduled Determination of the Borrowing Base and, after reviewing such Engineering Report, the Administrative Agent and the Lenders have
recommended (i) reaffirming the Borrowing Base of $225,000,000, (ii) maintaining the Aggregate Commitments at $225,000,000,
and (iii) confirming that the automatic monthly reduction in the Borrowing Base and the Aggregate Commitments that was implemented
by the Fifth Amendment shall cease to apply.

 

C.            The
Borrower, the Parent, the Administrative Agent and the Lenders party hereto desire to enter into this Amendment, to among other things,
make certain amendments to the Credit Agreement.

 

D.            NOW,
THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

Section 1.               Defined
Terms. Each capitalized term that is defined in the Credit Agreement, but that is not defined in this Amendment, shall have the meaning
ascribed such term in the Credit Agreement, as modified hereby. Unless otherwise indicated, all section and exhibit references in this
Amendment refer to the respective sections and exhibits in the Credit Agreement.

 

     

     

    

 

Section 2.               Reaffirmation
of the Borrowing Base and Aggregate Commitments and Cessation of Automatic Monthly Borrowing Base Reduction.

 

(a)            In
accordance with Section 2.05(b)(i) of the Credit Agreement, on and as of the Effective Date (defined below) the Borrowing Base
shall be reaffirmed and maintained at $225,000,000. The Borrowing Base, as reaffirmed as of the Effective Date, shall remain in effect
until otherwise redetermined or adjusted in accordance with the provisions of the Credit Agreement.

 

(b)           Both
the Borrower, on the one hand, and the Administrative Agent and the Lenders party hereto, on the other hand, agree that the foregoing
reaffirmation of the Borrowing Base pursuant to Section 2(a) above shall constitute the regularly scheduled spring 2022 Scheduled
Determination of the Borrowing Base and shall not constitute a Special Determination.

 

(c)            Pursuant
to the terms and conditions of the Fifth Amendment, commencing as of February 28, 2022 through the effectiveness of the spring
2022 Scheduled Determination, an automatic reduction of the Borrowing Base in the amount of $5,000,000 (resulting in a contemporaneously
monthly reduction in the Aggregate Commitments in the same amount), was implemented thereby. In accordance with Section 2(b) above,
the reaffirmed Borrowing Base shall constitute the spring 2022 Scheduled Determination, and the automatic monthly reduction of the Borrowing
Base and the Aggregate Commitments shall cease to apply.

 

Section 3.               Amendments
to Credit Agreement. Section 6.19 of the Credit Agreement is hereby amended and restated to provide as follows:

 

“Section 6.19 Minimum
Hedging Requirements. From and after June 20, 2022, the Borrower shall (i) enter into from time to time (and
thereafter, the Borrower shall maintain in effect) Hedge Transactions with Approved Counterparties in respect of commodity prices
for crude oil and natural gas such that, as of any date of determination, the aggregate notional monthly volumes of crude oil and
natural gas hedged by the Borrower equal or exceed (but subject at all times to the limitations in Section 7.12)
(x) sixty percent (60%) of the reasonably projected aggregate monthly production of natural gas and crude oil (calculated on an
equivalent basis) from Oil and Gas Properties comprising Proved Developed Producing Reserves of the Loan Parties evaluated in the
then most recently delivered Engineering Report for each full calendar month during the period of twelve (12) consecutive full
calendar months immediately following any such date of determination (or, if the Maturity Date occurs within any such period, then
for each full calendar month during the period through (and including) the full calendar month in which the Maturity Date occurs),
and (y) if the Maturity Date is more than twelve full calendar months after any such date of determination, fifty percent (50%)
of the reasonably projected aggregate production of natural gas and crude oil (calculated on an equivalent basis) from Oil and Gas
Properties comprising Proved Developed Producing Reserves of the Loan Parties evaluated in the then most recently delivered
Engineering Report for each full calendar month during the period of six (6) consecutive full calendar months immediately
following the twelve (12) consecutive full calendar month period described in the foregoing clause (i) of this
Section 6.19 (or, if the Maturity Date occurs within any such six (6) consecutive full calendar month period, then for
each full calendar month during the period through (and including) the full calendar month in which the Maturity Date occurs), and
(ii) no later than five (5) Business Days after the end of each calendar month, provide to the Administrative Agent
evidence reasonably satisfactory to the Administrative Agent demonstrating the Borrower’s compliance with the foregoing; provided
that, in the event that the Borrower determines in good faith after using commercially reasonable efforts that the Borrower has been
unable to enter into all or a portion of the Hedge Transactions required pursuant to the foregoing clauses (i)(x) and (i)(y),
then the Borrower may deliver to the Administrative Agent on or before the due date for compliance with the applicable clause, a
certificate of a Responsible Officer to that effect in satisfaction of the requirement of the applicable clause with respect to any
volumes for which the Borrower has been unable to enter into Hedging Transactions; provided, further, that from and
after the delivery of any such certificate until the Borrower has delivered reasonably satisfactory evidence demonstrating that the
Borrower has entered into Hedge Transactions in satisfaction of such clauses, the Borrower shall (1) continue to use
commercially reasonable efforts to satisfy the requirements of such clauses and (2) include in each certificate delivered
pursuant to Section 6.02(a) an additional similar certification to the extent applicable.”

 

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Section 4.               Effectiveness.
This Amendment shall become effective on the date (the “Effective Date”) on which each of the following conditions
is satisfied:

 

4.1            The
Administrative Agent shall have received counterparts of this Amendment from the Parent, the other Loan Parties and Lenders comprising
at least the Required Lenders.

 

4.2           Each
of the Parent, the Borrower and each other Loan Party shall have confirmed and acknowledged to the Administrative Agent and the Lenders,
and by its execution and delivery of this Amendment, each of the Parent, the Borrower and each other Loan Party does hereby confirm and
acknowledge to the Administrative Agent and the Lenders, that (a) the execution, delivery and performance of this Amendment has
been duly authorized by all requisite corporate or limited liability company action, as applicable, on the part of the Parent, the Borrower
and each other Loan Party, (b) the Credit Agreement and each other Loan Document to which it is a party constitute valid and legally
binding agreements enforceable against the each of the Parent, the Borrower and each other Loan Party in accordance with their respective
terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or other
similar laws relating to or affecting the enforcement of creditors’ rights generally and by general principles of equity, and (c) the
representations and warranties by each of the Parent, the Borrower and each other Loan Party contained in Article V of the Credit
Agreement or any other Loan Document to which such entity is a party are true and correct on and as of the Effective Date in all material
respects (or if such representation or warranty is qualified by or subject to a “materiality”, “material adverse effect”,
 “material adverse change” or any similar term or qualification, such representation or warranty shall be true and correct
in all respects) as though made on and as of the date hereof, except to the extent that such representations and warranties specifically
refer to an earlier date, in which case was true and correct, in all material respects (or if such representation or warranty is qualified
by or subject to a “materiality”, “material adverse effect”, “material adverse change” or any similar
term or qualification, such representation or warranty shall continue to be true and correct in all respects) as of such earlier date,
and (d) no Default or Event of Default exists under the Credit Agreement or any of the other Loan Documents.

 

Section 5.               Miscellaneous.

 

5.1            Confirmation
and Effect and No Waiver. The provisions of the Credit Agreement (as modified by this Amendment) shall remain in full force and effect
in accordance with its terms following the effectiveness of this Amendment. Each reference in the Credit Agreement to “this Agreement”,
 “hereunder”, “hereof”, “herein”, or words of like import shall mean and be a reference to the Credit
Agreement as modified hereby, and each reference to the Credit Agreement in any other document, instrument or agreement executed and/or
delivered in connection with the Credit Agreement shall mean and be a reference to the Credit Agreement as modified hereby. This Amendment
is a Loan Document for all purposes under the Loan Documents. The execution, delivery and effectiveness of this Amendment shall not operate
as a waiver of any default of the Public Parent, the Parent, the Borrower or any other Loan Party or any right, power or remedy of the
Administrative Agent or the Lenders under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.
This Amendment shall serve as a modification to the Credit Agreement, but shall not extinguish or novate the Loans or any other Obligation
under the Credit Agreement.

 

5.2            Ratification
and Affirmation of Loan Parties. Each of the Loan Parties hereby expressly (a) acknowledges the terms of this Amendment, (b) ratifies
and affirms all of their respective Obligations and each of their other obligations under the Credit Agreement and the other Loan Documents
to which it is a party, as modified hereby, (c) acknowledges, renews and extends its continued liability under the Credit Agreement
and the other Loan Documents to which it is a party, as modified hereby, (d) ratifies and affirms all Liens granted by it pursuant
to the Loan Documents to secure the Secured Obligations (except to the extent that such Liens have been released in accordance with the
Loan Documents) and affirms that after giving effect to this Amendment, the terms of the Security Instruments secure, and will continue
to secure, all Secured Obligations thereunder, and (e) agrees that its guarantee under the Guaranty, if applicable, and the other
Loan Documents to which it is a party, as modified hereby, remains in full force and effect with respect to the Obligations.

 

5.3            Counterparts.
This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature
page of this Amendment by facsimile or electronic (e.g., pdf) transmission shall be effective as delivery of a manually executed
original counterpart hereof.

 

5.4            No
Oral Agreement. This written Agreement, the Credit Agreement and the other Loan Documents executed
in connection herewith and therewith represent the final agreement among the parties and may not be contradicted by evidence of prior,
contemporaneous, or subsequent oral agreements of the parties. There are no unwritten oral agreements between the parties.

 

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5.5           Governing
Law. This Amendment (including, but not limited to, the validity and enforceability hereof)
shall be governed by, and construed in accordance with, the laws of the State of New York.

 

5.6           Payment
of Expenses. The Borrower agrees to pay or reimburse the Administrative Agent for fees and expenses in connection with this Amendment
pursuant to the terms and conditions of Section 10.04 of the Credit Agreement.

 

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

 

5.8            Successors
and Assigns. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns as permitted under Section 10.06 of the Credit Agreement.

 

[Signature pages follow]

 

    4

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Amendment to be duly executed effective as of the date first written above.

 

	BORROWER:	AMPLIFY ENERGY OPERATING LLC,
	 	a Delaware limited liability company,
	 	as the Borrower
	 	 
	 	 
	 	By:	/s/ Jason McGlynn
	 	Name:	Jason McGlynn
	 	Title:	Senior Vice President and Chief Financial Officer
	 	 	 
	PARENT:	AMPLIFY ACQUISITIONCO LLC,
	 	a Delaware limited liability company,
	 	as the Parent
	 	 
	 	 
	 	By:	/s/ Jason McGlynn
	 	Name:	Jason McGlynn
	 	Title:	Senior Vice President and Chief Financial Officer
	

    [Signature Page to Sixth Amendment to Credit Agreement 
 Amplify Energy Operating LLC]

     

    

	 	 	 
	GUARANTORS:	AMPLIFY ENERGY SERVICES LLC,
	 	a Delaware limited liability company
	 	 
	 	 
	 	By:	/s/ Jason McGlynn
	 	Name:	Jason McGlynn
	 	Title:	Senior Vice President and Chief Financial Officer
	 	 	 
	 	BETA OPERATING COMPANY, LLC,
	 	a Delaware limited liability company
	 	 
	 	 
	 	By:	/s/ Jason McGlynn
	 	Name:	Jason McGlynn
	 	Title:	Senior Vice President and Chief Financial Officer
	 	 	 
	 	SAN PEDRO BAY PIPELINE COMPANY,
	 	a California corporation
	 	 
	 	 
	 	By:	/s/ Jason McGlynn
	 	Name:	Jason McGlynn
	 	Title:	Senior Vice President and Chief Financial Officer
	 	 	 
	 	AMPLIFY OKLAHOMA OPERATING LLC,
	 	a Delaware limited liability company
	 	 
	 	 
	 	By:	/s/ Jason McGlynn
	 	Name:	Jason McGlynn
	 	Title:	Senior Vice President and Chief Financial Officer
	

    [Signature Page to Sixth Amendment to Credit Agreement 
 Amplify Energy Operating LLC]

     

    

	 	 
	ADMINISTRATIVE AGENT AND LENDER:	KEYBANK NATIONAL ASSOCIATION, as Administrative Agent and as a Lender
	 	 
	 	 
	 	By:	/s/ David M. Bornstein
	 	Name:	David M. Bornstein
	 	Title:	Senior Vice President
	

    [Signature Page to Sixth Amendment to Credit Agreement 
 Amplify Energy Operating LLC]

     

    

	 	 	 
	LENDER:	BANK OF MONTREAL, as a Lender
	 	 
	 	 
	 	By:	Radhika Kapur
	 	Name:	Radhika Kapur
	 	Title:	Vice President
	

    [Signature Page to Sixth Amendment to Credit Agreement 
 Amplify Energy Operating LLC]

     

    

	 	 	 
	LENDER:	BANK OF AMERICA, N.A., as a Lender
	 	 
	 	 
	 	By:	Christopher Baethge
	 	Name:	Christopher Baethge
	 	Title:	Vice President
	

    [Signature Page to Sixth Amendment to Credit Agreement 
 Amplify Energy Operating LLC]

     

    

	 	 	 
	LENDER:	CITIBANK, N.A., as a Lender
	 	 
	 	 
	 	By:	Cliff Vaz
	 	Name:	Cliff Vaz
	 	Title:	Vice President
	

    [Signature Page to Sixth Amendment to Credit Agreement 
 Amplify Energy Operating LLC]

     

    

	 	 	 
	LENDER:	REGIONS BANK, as a Lender
	 	 
	 	 
	 	By:	J. Patrick Carrigan
	 	Name:	J. Patrick Carrigan
	 	Title:	Senior Vice President
	

    [Signature Page to Sixth Amendment to Credit Agreement 
 Amplify Energy Operating LLC]

     

    

	 	 	 
	LENDER:	U.S. BANK NATIONAL ASSOCIATION,
	 	as a Lender
	 	 	 
	 	 	 
	 	By:	John C. Lozano
	 	Name:	John C. Lozano
	 	Title:	Senior Vice President
	

    [Signature Page to Sixth Amendment to Credit Agreement 
 Amplify Energy Operating LLC]

     

    

	 	 	 
	LENDER:	CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH, as a Lender
	 	 
	 	 
	 	By:	Kevin A. James
	 	Name:	Kevin A. James
	 	Title:	Authorized Signatory
	 	 	 
	 	By:	Donovan C. Broussard
	 	Name:	Donovan C. Broussard
	 	Title:	Authorized Signatory
	

    [Signature Page to Sixth Amendment to Credit Agreement 
 Amplify Energy Operating LLC]

     

    

	 	 	 
	LENDER:	OCM ENGY Holdings, LLC, as a Lender
	 	 
	 	 
	 	By:	Oaktree Fund GP, LLC
	 	Its:	Manager
	 	 	 
	 	By:	Oaktree Fund GP I, L.P.
	 	Its:	Managing Member
	 	 	 
	 	By:	Allen Li
	 	Name:	Allen Li
	 	Title:	Authorized Signatory
	 	 	 
	 	By:	Jared Parker
	 	Name:	Jared Parker
	 	Title:	Authorized Signatory
	

    [Signature Page to Sixth Amendment to Credit Agreement 
 Amplify Energy Operating LLC]

     

    

	 	 	 
	LENDER:	UBS AG, STAMFORD BRANCH, as a Lender
	 	 
	 	 
	 	By:	Danielle Calo
	 	Name:	Danielle Calo
	 	Title:	Associate Director
	 	 	 
	 	By:	Dionne Robinson
	 	Name:	Dionne Robinson
	 	Title:	Associate Director
	

    [Signature Page to Sixth Amendment to Credit Agreement 
 Amplify Energy Operating LLC]

     

    

	 	 	 
	LENDER:	GOLDMAN SACHS BANK USA, as a Lender
	 	 
	 	 
	 	By:	Dan Martis
	 	Name:	Dan Martis
	 	Title:	Authorized Signatory

 

    [Signature Page to Sixth Amendment to Credit Agreement 
 Amplify Energy Operating LLC]EXHIBIT 10.1

 

MEMBERSHIP INTEREST PURCHASE AGREEMENT

 

THIS MEMBERSHIP INTEREST
PURCHASE AGREEMENT (the “Agreement”) is made as of June 16, 2022 by and between Trend Ventures, LP a limited partnership
organized under the laws of Delaware (the “Purchaser”), and Agora Digital Holdings, Inc., a Nevada corporation (the
“Seller”).

 

The Seller is the beneficial
owner of all of the outstanding membership interests (the “Interests”) of Trend Discovery Holdings, LLC, a Delaware
limited liability company, (the “Company”). This Agreement contemplates the sale by the Seller to the Purchaser of
the Interests.

 

In consideration of the
foregoing and the mutual provisions set forth in this Agreement and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties agree as follows:

 

ARTICLE 1

THE TRANSACTION

 

1.1 Sale
and Purchase of Interests. Upon the terms and conditions set forth in this Agreement, at the Closing (as defined below), the Seller
will sell and transfer to the Purchaser, and the Purchaser will purchase and acquire from the Seller, all of the Interests, free and clear
of any Encumbrances. Before the Closing, the Company shall (1) sell, convey and transfer to the Seller its ownership of Bitstream Mining,
LLC, a Texas limited liability company, and OTZI LLC, a Texas limited liability company and (2) assign the 80% working interest in fourteen
oil and gas wells. The sale of the Interests and the transactions contemplated by this Section 1.1 (1) and (2) are (the “Contemplated
Transactions”).

 

1.2 Purchase
Price. The aggregate purchase price for the Interests (the “Purchase Price”) is a US$4.25 million promissory note,
in the form of Exhibit A (the “Note”), which shall mature on June 15, 2025 and bear interest at 5%.

 

1.3 Guarantees.
The Seller’s obligation to proceed with the Contemplated Transactions is subject to each of the entities listed on Exhibit B
guaranteeing the Note in the form annexed as Exhibit A.

 

1.4 Closing.
The closing (the “Closing”) of the transactions contemplated by this Agreement will take place at the principal executive
offices of the Seller on or before June 30, 2022 (such date, the “Closing Date”).

 

1.5 Transfer
of Beneficial Ownership.

 

(a) The
Interests will be sold, conveyed, transferred and delivered, pursuant to instruments in such form as may be necessary or appropriate to
effect a conveyance of the Interests under applicable Law. Such transfer instruments will be in form and substance reasonably acceptable
to the parties (the “Transfer Documents”).

 

     

     

    

 

(b) The
transfer of the Interests will be effective as of the Closing Date, from and after which date the Purchaser will be the beneficial owner
of the Interests for all purposes

 

(c) Without
limiting the parties’ respective rights and obligations under this Section 1.4, the parties agree to cooperate in good faith and
take any such actions as may be reasonably necessary to cause the Contemplated Transactions to be consummated under applicable Law as
soon as commercially practicable following the Closing.

 

1.6 Closing
Deliveries.

 

(a) As
soon as commercially practicable after the Closing, the Seller will deliver or cause to be delivered to the Purchaser:

 

(i) the
duly executed Transfer Documents;

 

(ii) certificates
representing the Interests; and

 

(iii) resignations
effective as of the Closing Date of the manager of the Company and any other persons as the Purchaser may have requested in writing.

 

(b) At
the Closing, the Purchaser will deliver or cause to be delivered the Note and the guarantees to the Seller.

 

(c) In
connection with the Closing, the parties, as applicable, will cause the Company to undertake the following as soon as reasonably practicable
thereafter:

 

(i) (A)
amend the Operating Agreement or Limited Liability Company Agreement, as applicable to reflect completion of the Contemplated Transactions
as the Purchaser may reasonably designate; (B) approval of the transfer of Interests from the Seller to the Purchaser or its nominees
as set forth in the Transfer Documents; and (C) the appointment of anew manager nominated by the Purchaser;; and

 

(ii) instruct
the Company’s bank to change the authorized signatories for the Company’s bank account(s) to the persons designated by the
Purchaser.

 

1.7 Taxes.
Any and all applicable sales, use, transfer, stamp, stock transfer, value-added or other similar Taxes that are, or become due and payable
as a result of the Contemplated Transactions, whether such Taxes are imposed by Law on the Seller, the Purchaser or the Company (such
Taxes, the “Transfer Taxes”) will be borne solely by the Seller.

 

    2

     

    

 

ARTICLE 2

DEFINITIONS

 

For the purposes of this Agreement:

 

“Affiliate”
means, with respect to a specified Person, a Person that directly, or indirectly through one or more intermediaries, controls, is controlled
by or is under common control with, the specified Person. In addition to the foregoing, if the specified Person is an individual, the
term “Affiliate” also includes (a) the individual’s spouse, (b) the members of the immediate family (including parents,
siblings and children) of the individual or of the individual’s spouse and (c) any corporation, limited liability company, general
or limited partnership, trust, association or other business or investment entity that directly or indirectly, through one or more intermediaries
controls, is controlled by or is under common control with any of the foregoing individuals. For purposes of this definition, the term
“control” (including the terms “controlling,” “controlled by” and “under common control with”)
means the possession, direct or indirect, 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.

 

“Authorized Agents”
shall have the meaning ascribed to such term in Section 7.1(b).

 

“Business Day”
means any day other than Saturday, Sunday or any day on which banking institutions in New York or Nevada are closed either under applicable
Law or action of any Governmental Authority.

 

“Claim Notice”
shall have the meaning ascribed to such term in Section 6.4.

 

“Closing Date”
shall have the meaning ascribed to such term in Section 1.4.

 

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

 

“Contemplated Transactions”
shall have the meaning ascribed to such term in Section 1.1.

 

“Contract”
means any written contract, agreement, lease, license, commitment, understanding, franchise, warranty, guaranty, mortgage, note, bond
or other instrument or consensual obligation that is legally binding.

 

“Encumbrance”
means any charges, mortgages, pledges, security interests, escrows, options, rights of first refusal, indentures, security agreements
or other encumbrances, claims, agreements, arrangements or commitments of any kind or character and whether or not relating in any way
to credit or the borrowing of money.

 

“Governmental Authority”
means any (a) federal, state, local, municipal, foreign or other government, (b) governmental or quasi-governmental authority of any nature
(including any governmental agency, branch, department, instrumentality or other entity and any court or other tribunal), (c) multinational
organization exercising judicial, legislative or regulatory power or (d) body exercising, or entitled to exercise, any administrative,
executive, judicial, legislative, police, regulatory or taxing authority or power of any nature of any federal, state, local, municipal,
foreign or other government.

 

“Governmental Authorization”
means any approval, consent, ratification, waiver, license, permit, registration or other authorization issued or granted by any Governmental
Authority.

 

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“Indemnified”
Party” shall have the meaning ascribed to such term in Section 6.4.

 

“Indemnifying Party”
shall have the meaning ascribed to such term in Section 6.4.

 

“Interests”
means 100% of the issued and outstanding membership interests of the Company.

 

“Judgment”
means any order, injunction, judgment, decree, ruling, assessment or arbitration award of any Governmental Authority or arbitrator.

 

“Knowledge”
means with the actual knowledge, without any obligation of independent investigation.

 

“Law” means
any federal, state, local, municipal, foreign, international, multinational, or other constitution, Law, statute, treaty, rule, regulation,
ordinance or code.

 

“Liability”
means any liability or obligation, whether known or unknown, absolute or contingent, accrued or unaccrued, liquidated or unliquidated,
due or to become due.

 

“Losses”
mean all damages, awards, Judgments, assessments, fines, penalties, charges, costs, expenses and other payments however suffered or characterized,
all interest thereon, all reasonable costs and expenses of investigating any claim, lawsuit or arbitration and any appeal therefrom, all
reasonable attorneys’, accountants’, investment bankers’, and expert witness’ fees incurred in connection therewith,
whether or not such claim, lawsuit or arbitration is ultimately defeated and, subject to Article 6, all amounts paid incident to any compromise
or settlement of any such claim, lawsuit or arbitration.

 

A violation, circumstance,
change, effect or other matter is deemed to have a “Material Adverse Effect” on the Purchaser, the Seller, or the Company
as applicable, if such violation, circumstance, change, effect or other matter would have a material adverse effect on the ability of
such party to perform its obligations under this Agreement or on the ability of such party to consummate the transactions contemplated
by this Agreement.

 

“Non-transferred
Assets” shall have the meaning ascribed to such term in Section 5.1(b).

 

“Person”
means an individual or an entity, including a corporation, limited liability company, general or limited partnership, trust, association
or other business or investment entity, or any Governmental Authority.

 

“Proceeding”
means any action, arbitration, audit, examination, investigation, hearing, litigation or suit (whether civil, criminal, administrative,
judicial or investigative, whether formal or informal, and whether public or private) commenced, brought, conducted or heard by or before,
or otherwise involving, any Governmental Authority or arbitrator.

 

“Purchase Price”
shall have the meaning ascribed to such term in Section 1.2.

 

    4

     

    

 

“Purchaser Indemnified
Parties” shall have the meaning ascribed to such term in Section 6.2.

 

“Sellers Indemnified
Parties” shall have the meaning ascribed to such term in Section 6.1.

 

“Taxes”
means (a) any federal, state, local, foreign or other tax, charge, fee, duty (including customs duty), levy or assessment, including any
income, gross receipts, net proceeds, alternative or add-on minimum, corporation, ad valorem, turnover, real property, personal property
(tangible or intangible), sales, use, franchise, excise, value added, stamp, leasing, lease, user, transfer, fuel, excess profits, profits,
occupational, premium, interest equalization, windfall profits, severance, license, registration, payroll, environmental (including taxes
under Section 59A of the Code), capital stock, capital duty, disability, estimated, gains, wealth, welfare, employee’s income withholding,
other withholding, unemployment or social security or other tax of whatever kind (including any fee, assessment or other charges in the
nature of or in lieu of any tax) that is imposed by any Governmental Authority, (b) any interest, fines, penalties or additions resulting
from, attributable to, or incurred in connection with any items described in this paragraph or any related contest or dispute and (c)
any Liability for the Taxes of another Person.

 

“Third Party Claim”
shall have the meaning ascribed to such term in Section 6.5(a).

 

“Transfer Documents”
shall have the meaning ascribed to such term in Section 1.5(a).

 

“Transfer Taxes”
shall have the meaning ascribed to such term in Section 1.7.

 

ARTICLE 3

REPRESENTATIONS AND WARRANTIES OF THE SELLER

 

The Seller represents and
warrants to the Purchaser that the statements set forth in this Article 3 are true and correct as of the Closing:

 

3.1 Organization
and Good Standing.

 

(a) The
Seller is a corporation duly organized, validly existing and in good standing under the Laws of the State of Nevada, and has all requisite
corporate power and authority to conduct its business as presently conducted.

 

(b) The
Company is duly organized, validly existing and in good standing under the Laws of Nevada and has all requisite corporate power and authority
to conduct its business as presently conducted.

 

3.2 Authority
and Enforceability. The Seller has all requisite corporate power and authority to execute and deliver this Agreement and to perform
its obligations under this Agreement. The execution, delivery and performance of this Agreement and the consummation of the Contemplated
Transactions by the Seller have been duly authorized by all necessary action on the part of the Seller. The Seller has duly and validly
executed and delivered this Agreement. Assuming the due authorization, execution and delivery of this Agreement by the Purchaser, this
Agreement constitutes the valid and binding obligation of the Seller enforceable against the Seller in accordance with its terms, subject
to (a) Laws of general application relating to bankruptcy, insolvency and the relief of debtors and (b) Laws governing specific performance,
injunctive relief and other equitable remedies.

 

    5

     

    

 

3.3 No
Conflict. Neither the execution, delivery and performance of this Agreement by the Seller, nor the consummation by the Seller of the
Contemplated Transactions, will (a) conflict with or violate (i) the Seller’s certificate of incorporation or bylaws, or (ii) the
Company’s, articles of association, Limited Liability Company agreement or similar constituent document, each as amended to date,
(b) result in a breach or default under, or create in any Person the right to terminate, cancel, accelerate or modify, or require any
notice, consent or waiver under, any Contract of the Seller or the Company, (c) to the best of Seller’s Knowledge, violate any Law
or Judgment applicable to the Seller or the Company or (d) require the Seller or the Company to obtain any Governmental Authorization
or make any filing with any Governmental Authority except as may be required by the Securities and Exchange Commission.

 

3.4 Capitalization
and Ownership.

 

(a) The
Seller is the holder of 100% of the Interests. The Seller is the sole beneficial owner of all of the Interests, free and clear of all
Encumbrances. Upon payment in full of the Purchase Price, good and valid title to the Interests will pass to the Purchaser, free and clear
of any Encumbrances, and with no restrictions on the voting rights or other incidents of record and beneficial ownership of such Interests,
except to the extent contemplated by this Agreement. There are no contracts to which either the Seller or any other Person is a party
or bound with respect to the voting (including voting trusts or proxies) of the Interests. Other than the Interests, there are no outstanding
or authorized options, warrants, rights, agreements or commitments to which the Company is a party or which are binding upon the Company
providing for the issuance or redemption of any of the Company’s membership interests.

 

(b) The
Company does not directly or indirectly own any capital stock of, or other equity interests in, any corporation, limited liability company,
partnership or any other entity, except as reflected on Exhibit B.

 

3.5 Certain
Payments.

 

(a) To
the Knowledge of the Seller, neither the Seller, nor any member, officer, agent, employee, Affiliate or other Person associated with or
acting on behalf of the Seller has provided, or arranged for the provision of, any unlawful contribution, gift, entertainment or other
unlawful expense relating to any political party or official thereof or any candidate for public office.

 

(b) None
of the assets and properties of the Company (i) has been acquired by the Company pursuant to a transaction that has involved directly
or indirectly an illegal payment to a representative or employee of any Governmental Authority or (ii) represents the proceeds of any
illegal activity.

 

    6

     

    

 

3.6 Brokers’
Fees. The Seller has no Liability to pay any fees or commissions to any broker, finder or agent with respect to the Contemplated Transactions.

 

3.7 Disclosure
of all Material Liabilities. During the course of negotiation of this Agreement and prior to the date hereof, Seller has made available
to Purchaser any and all information and materials requested by Purchaser and/or Purchaser’s accountants, advisors, attorneys or
other representatives in connection with the Purchaser’s evaluation of the Company and the Contemplated Transactions. To the Seller’s
Knowledge (after reasonable inquiry and investigation), there are no Liabilities of the Company other than those disclosed to the Purchaser
in connection herewith, whether reflected on the books of account of the Company or otherwise (including, for such purpose but without
limitation, the March Cash Balance).

 

3.8 Disclaimer
of Other Representations and Warranties. The representations and warranties set forth in this Article 3 are the only representations
and warranties made by the Seller with respect to the Interests, the Seller, the Company or any other matter relating to the Contemplated
Transactions.

 

3.9 Non-Reliance.
The Seller acknowledges that the representations and warranties of the Purchaser constitute the sole and exclusive representations and
warranties of the Purchaser in connection with the transactions contemplated hereby, and the Seller further acknowledges and agrees that
neither the Purchaser, nor any of its respective representatives, are making any representation or warranty whatsoever, express or implied,
beyond those expressly given in this Agreement. Notwithstanding anything to the contrary in this Agreement, nothing herein is intended
to or shall limit or otherwise restrict any claim by or right of the Purchaser with respect to or arising from any intentional misrepresentation
or reckless or intentional fraud.

 

ARTICLE 4

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

 

The Purchaser represents and
warrants to the Seller that the statements set forth in this Article 4 are true and correct as of the Closing:

 

4.1 Organization
and Good Standing. The Purchaser is a corporation duly organized, validly existing and in good standing under the Law of Delaware,
and has all requisite corporate power and authority to conduct its business as it is presently conducted.

 

4.2 Authority
and Enforceability. The Purchaser has all requisite power and authority to execute and deliver this Agreement. The execution, delivery
and performance of this Agreement by the Purchaser and the consummation of the Contemplated Transactions by the Purchaser have been duly
authorized by all necessary action on the part of the Purchaser. The Purchaser has duly and validly executed and delivered this Agreement.
Assuming the due authorization, execution and delivery of this Agreement by the Seller, this Agreement constitutes the valid and binding
obligation of the Purchaser, is enforceable against the Purchaser in accordance with its terms, subject to (a) Laws of general application
relating to bankruptcy, insolvency and the relief of debtors and (b) Laws governing specific performance, injunctive relief and other
equitable remedies.

 

    7

     

    

 

4.3 No
Conflict. Neither the execution, delivery and performance of this Agreement by the Purchaser, nor the consummation by the Purchaser
of the Contemplated Transactions, will (a) conflict with or violate the Purchaser’s articles of association, Limited Partnership
Agreement or other constituent documents, each as amended to date, (b) result in a breach or default under, or create in any Person the
right to terminate, cancel, accelerate or modify, or require any notice, consent or waiver under, any contract, (c) violate any Laws or
Judgment applicable to the Purchaser or (d) require the Purchaser to obtain any Governmental Authorization or make any filing with any
Governmental Authority, except in any case that would not reasonably be expected to have a Material Adverse Effect on the Purchaser.

 

4.4 Investment
Intent. The Purchaser is acquiring the Interests for the Purchaser’s own account and investment purposes and is not acquiring
the Interests with a view to, or for sale in connection with, any distribution thereof within the meaning of any federal or state securities
Law. The Purchaser is an “accredited investor” within the meaning of Rule 501(a) of Regulation D as promulgated by the Securities
and Exchange Commission under the Securities Act of 1933, as amended, and has sufficient business and financial knowledge and experience
to protect its own interests and to evaluate the merits and risks in connection with the purchase of the Interests.

 

4.5 Legal
Proceedings. There is no Proceeding pending or, to the Purchaser’s Knowledge, threatened against the Purchaser that questions
or challenges the validity of this Agreement or that may prevent, delay, make illegal or otherwise interfere with the ability of the Purchaser
to consummate any of the transactions contemplated by this Agreement.

 

4.6 Brokers’
Fees. The Purchaser has no Liability to pay any fees or commissions to any broker, finder or agent with respect to the Contemplated
Transactions.

 

4.7 Independent
Investigation. The Purchaser has conducted its own independent investigation, review and analysis of the business, operations, assets,
liabilities, results of operations, financial condition and prospects of the business of the Company as it has deemed appropriate, which
investigation, review and analysis was done by the Purchaser and its Affiliates and representatives. The Purchaser acknowledges that it
and its Affiliates and representatives have been provided adequate access to the personnel, properties, premises and records of the Seller
and the Company for such purpose. In entering into this Agreement, the Purchaser acknowledges that it has relied solely upon the aforementioned
investigation, review and analysis and not on any factual representations or opinions of the Seller, the Company or their representatives
(except the representations and warranties set forth in Article 3). The Purchaser hereby acknowledges and agrees that other than the representations
and warranties set forth in Article 3, none of the Seller, the Company, any of their Affiliates, or any of their respective officers,
directors, employees, agents, representatives or stockholders, makes or has made any representation or warranty, express or implied, at
Law or in equity, as to any matter whatsoever relating to the Interests, the Seller, the Company, or any other matter relating to the
Contemplated Transactions including as to (i) merchantability or fitness for any particular use or purpose, (ii) the operation of the
business of the Company after the Closing in any manner or (iii) the probable success or profitability of the business of the Company
after the Closing.

 

    8

     

    

 

4.8 No
Liabilities. The Purchaser was recently organized and has no liabilities except legal fees in connection with this Agreement.

 

4.9 Disclaimer
of Other Representations and Warranties. The representations and warranties set forth in this Article 3 are the only representations
and warranties made by the Purchaser with respect to the Interests, the Seller or any other matter relating to the Contemplated Transactions.

 

4.10 Non-Reliance.
The Purchaser acknowledges that the representations and warranties of the Seller constitute the sole and exclusive representations and
warranties of the Seller in connection with the transactions contemplated hereby, and the Purchaser further acknowledges and agrees that
neither the Seller, nor any of its respective representatives, are making any representation or warranty whatsoever, express or implied,
beyond those expressly given in this Agreement. Notwithstanding anything to the contrary in this Agreement, nothing herein is intended
to or shall limit or otherwise restrict any claim by or right of the Seller with respect to or arising from any intentional misrepresentation
or reckless or intentional fraud.

 

ARTICLE 5

POST-CLOSING COVENANTS

 

5.1 Further
Assurances; Cooperation.

 

(a) From
and after the Closing, the Seller and the Purchaser each will use its best efforts to take, or cause to be taken, all actions and to do,
or cause to be done, all things necessary, proper or advisable to make effective as promptly as practicable the Contemplated Transactions
and to cooperate with each other in connection with the foregoing, including to: (i) obtain all necessary waivers, consents and approvals
from other parties; (ii) obtain all Governmental Authorizations that are required to be obtained under any Law and (iii) effect all necessary
registrations and filings including filings and submissions of information requested or required by any Governmental Authority. In connection
therewith, the Seller will cause the Nominee to take such actions as are necessary, proper or advisable to facilitate the Contemplated
Transactions. In no event, however, will the Seller be obligated to pay any money to any Person or to offer or grant other financial or
other accommodations to any Person in connection with its obligations under this Section 5.1.

 

(b) Notwithstanding
and without limiting Section 5.2 hereof, the parties further acknowledge that, in connection with certain intercompany transfers and transactions
that may be undertaken by Seller and its Affiliates prior to the Closing Date, certain assets and related rights may continue to be held
in the name of the Company as of the Closing Date (such assets and rights the “Non-transferred Assets”). From time
to time after the Closing Date, to the extent that the Purchaser discovers the existence of a Non-Transferred Asset, the parties will
cooperate in good faith to effect the transfer of such Non-transferred Asset from the Company to an entity designated by the Seller, provided
that this would not alter the original intent of the parties as evidenced by this Agreement with respect to the Interests to be sold and
transferred to the Purchaser.

 

    9

     

    

 

5.2 Public
Announcements. Following the Closing, each party agrees not to issue any press release or make any other public announcement relating
to this Agreement without the prior written approval of the other party, except that the Seller reserves the right, without the other
party’s prior consent, to make any public disclosure it believes in good faith is required by applicable securities Laws or securities
listing standards (in which case the disclosing party agrees to use commercially reasonable efforts to advise the other party prior to
making the disclosure). The Seller’s principal stockholder, Ecoark Holdings, Inc., may make any disclosures it deems appropriate
and is not bound by this Section 5.2.

 

ARTICLE 6

INDEMNIFICATION

 

6.1 Indemnification
of the Seller. The Purchaser will, from and after the Closing, defend and promptly indemnify and hold harmless the Seller, and its
officers, directors, stockholders, Affiliates, agents and representatives (collectively the “Sellers Indemnified Parties”),
from, against, for, and in respect of and pay any and all Losses suffered, sustained, incurred or required to be paid by any such party
arising out of or resulting from:

 

(a) any
breach of any representation, warranty, covenant or agreement of the Purchaser contained in this Agreement or any Transfer Documents;

 

(b) the
enforcement by any Sellers Indemnified Party of any of its rights under this Section 6.1 or any other covenant contained in this Agreement
or any Transfer Documents;

 

(c) any
Other Taxes or any Liability for Taxes provided for in Section 6.3(b); or

 

(d) the
operations of the Company following the Closing.

 

6.2 Indemnification
of the Purchaser. The Seller will defend, indemnify, and hold harmless the Purchaser and its respective officers, directors, stockholders,
Affiliates, agents and representatives (collectively the “Purchaser Indemnified Parties”) from, against, for and in
respect of and pay any and all Losses suffered, sustained, incurred or required to be paid by any such party arising out of or resulting
from:

 

(a) any
breach of any representation, warranty, covenant or agreement of the Seller contained in this Agreement or any Transfer Documents;

 

(b) the
enforcement by any Purchaser Indemnified Party of any of its rights under this Section 6.2 or any other indemnification covenant contained
in this Agreement or the Transfer Documents; or

 

(c) Any
Transfer Taxes or Liability for Taxes as provided for in Section 6.3(a).

 

    10

     

    

 

6.3 Tax
Matters.

 

(a) Seller’s
Liability for Taxes. Except to the extent such items have been paid prior to Closing, the Seller will be liable for and will indemnify
the Purchaser for all Taxes imposed on the Company or for which the Company may otherwise be liable (i) for any taxable year or period
that ends on or before the Closing Date, and (ii) the portion of such taxable year or period ending on or including the Closing Date (but
only to the extent such Taxes arise from actions taken by the Company prior to the Closing that result in Liability for Taxes after the
Closing Date). The Seller will be entitled to any refund of Taxes the Company receives for any such periods ending on or prior to the
Closing Date.

 

(b) Purchaser
Liability for Taxes. The Purchaser will be liable for and will indemnify the Seller for the Taxes of the Company and its subsidiaries
post-Closing (i) for any taxable year or period that begins after the Closing Date, and (ii) with respect to any taxable year or period
beginning before and ending after the Closing Date, except to the extent of Taxes payable by the Seller in accordance with Section 6.3(a).

 

6.4 Procedure.
Any party seeking indemnification pursuant to this Agreement (the “Indemnified Party”) will promptly give the party
from whom such indemnification is sought (the “Indemnifying Party”) written notice (a “Claim Notice”)
of the matter with respect to which indemnification is being sought, which notice will specify in reasonable detail, if known, the amount
or an estimate of the amount of the Liability arising therefrom and the basis of the claim or indemnification obligation. Such Claim Notice
will be a condition precedent to any Liability of the Indemnifying Party for indemnification hereunder, but the failure of the Indemnified
Party to promptly notify the Indemnifying Party will not adversely affect the Indemnified Party’s right to indemnification hereunder
except, and only to the extent that, in the case of a claim made by a third Person, the defense of that claim is materially prejudiced
by such failure.

 

6.5 Third
Party Claims.

 

(a) In
connection with any indemnification claim arising out of a claim or legal Proceeding (a “Third Party Claim”) by any
third Person, the Indemnifying Party will be entitled to control the defense of any such claim with counsel reasonably acceptable to the
Indemnified Party at the Indemnifying Party’s own cost and expense, including the cost and expense of reasonable attorneys’
fees and disbursements in connection with such defense, by providing written notice to the Indemnified Party no later than five Business
Days following its receipt of the Claim Notice; provided, however, that the Indemnifying Party may not assume control of
the defense of a suit or Proceeding (a) involving criminal liability, or (b) to the extent such suit or Proceeding seeks an injunction
or equitable relief against the Indemnified Party. In the event that the Indemnifying Party assumes control of the defense, the Indemnified
Party may participate at its own expense. The party controlling such defense will keep the other party reasonably advised of the status
of such suit or Proceeding and the defense thereof, and will consider in good faith recommendations made by the non-controlling party
with respect thereto. The parties will otherwise cooperate in good faith in connection with such defense.

 

    11

     

    

 

(b) The
Indemnifying Party will be entitled to agree to a settlement of, or the stipulation of any Judgment arising from, any such Third Party
Claim, with the consent of the Indemnified Party, which consent will not be unreasonably withheld or delayed; provided, however,
that no such consent will be required from the Indemnified Party if (A) the Indemnifying Party pays or causes to be paid all Losses arising
out of such settlement or Judgment concurrently with the effectiveness thereof (as well as all other Losses theretofore incurred by the
Indemnified Party which then remain unpaid or unreimbursed), (B) in the case of a settlement, the settlement is conditioned upon a complete
release by the claimant of the Indemnified Party, and (C) such settlement or Judgment does not impose an injunction or other equitable
relief upon the Indemnified Party, require the Encumbrance of any asset of the Indemnified Party or impose any restriction upon its conduct
of business or otherwise materially adversely affect its business.

 

6.6 Limitations.

 

(a) In
no event will the Seller’s Liability under this Agreement exceed the Purchase Price actually paid hereunder.

 

(b) Nothing
in this Agreement will limit the Liability of any Person to any other party for intentional fraud or willful misconduct.

 

(c) The
Indemnified Party will take, and will cause its Affiliates to take, all commercially reasonable steps to mitigate any Losses upon and
after becoming aware of any facts, matters, failures or circumstances that would reasonably be expected to result in any Losses that are
indemnifiable hereunder. In the event the Indemnified Party will fail to take such commercially reasonable steps, then notwithstanding
anything in this Agreement to the contrary, the Indemnifying Party will not be required to indemnify the Indemnified Party for that portion
of Losses that would reasonably have been expected to have been avoided if the Indemnified Party had taken such steps.

 

6.7 Survival
of Representations and Warranties. The representations, warranties, covenants and agreements contained in this Agreement will survive
the Closing and any investigation made by or on behalf of any of the Parties hereto at any time with respect thereto, and expire as follows:

 

(a) the
representations and warranties set forth in this Agreement or in any certificate or writing delivered pursuant hereto or in connection
herewith will expire on the first anniversary of the Closing Date;

 

(b) the
obligations of the parties set forth in Section 6.3 will remain in effect for the period of the relevant statute of limitations applicable
to the Taxes at issue; and

 

(c) the
covenants and agreements of the parties set forth in this Agreement or in any certificate or other writing delivered pursuant hereto or
in connection herewith will survive the Closing until the expiration of the applicable statute of limitations (including any extension
or tolling thereof) or for the shorter period explicitly specified therein, except that for such covenants and agreements that survive
for such shorter period, breaches thereof will survive indefinitely until the expiration of the applicable statute of limitations (including
any extension or tolling thereof).

 

    12

     

    

 

6.8 Exclusive
Remedy. The sole and exclusive remedy of any Indemnified Party with respect to any and all Losses arising in connection with the representations,
warranties, covenants and agreements set forth in this Agreement will be pursuant to the indemnification obligations set forth in this
Article 6 hereof and subject to the limitations set forth herein.

 

6.9 Exercise
of Remedies by Persons Other than the Parties. No Indemnified Party (other than the Parties or any respective successor or assignee
of such Party) is entitled to assert any indemnification claim or exercise any other remedy under this Agreement unless (a) in the case
of the Seller Indemnified Party, the Seller (or any successor or assignee of the Seller) consents to the assertion of the indemnification
claim, or (b) in the case of the Purchaser Indemnified Party, the Purchaser (or any successor or assignee of the Purchaser) consents to
the assertion of the indemnification claim.

 

ARTICLE 7

GENERAL PROVISIONS

 

7.1 Governing
Law; Disputes.

 

(a) The
internal Law of the State of Nevada (without giving effect to any choice or conflict of Law provision or rule (whether of the State of
Nevada or any other jurisdiction) that would cause the application of Laws of any other jurisdiction) govern all matters arising out of
or relating to this Agreement and the Contemplated Transactions, including its validity, interpretation, construction, performance and
enforcement and any disputes or controversies arising therefrom or related thereto. EACH OF THE PARTIES KNOWINGLY, VOLUNTARILY AND IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON
CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR THE ACTIONS
OF ANY PARTY TO THIS AGREEMENT IN NEGOTIATION, EXECUTION AND DELIVERY, PERFORMANCE OR ENFORCEMENT OF THIS AGREEMENT.

 

(b) Any
action or proceeding arising out of or relating to this Agreement or the Contemplated Transactions must only be brought in the state or
federal courts of the State of Nevada located in Clark County. Each of the parties knowingly, voluntarily and irrevocably submits to the
exclusive jurisdiction of each such court in any such action or Proceeding and waives any objection it may now, or hereafter, have to
venue or to convenience of forum. Each of the parties expressly consents to the jurisdiction of such courts in any such action or Proceeding,
and waives any other requirements of or objections to personal jurisdiction with respect thereto. If necessary, the Purchaser will appoint
an entity as its authorized agent (“Authorized Agents”) upon whom process may be served in any such action or Proceeding arising
out of or based on this Agreement or the transactions contemplated hereby. The Purchaser represents and warrants that such Authorized
Agents will have agreed to act as such agents for service of process and agree to take any and all action, including the filing of any
and all documents and instruments, that may be necessary to continue such appointment in full force and effect as aforesaid. Service of
process upon the Authorized Agents and written notice of such service to the Purchaser will be deemed, in every respect, effective service
of process upon the Purchaser. Nothing in this Section 7.1, however, affects the right of any party to serve legal process in any other
manner permitted by Law.

 

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(c) The
parties acknowledge and agree that in the event of a breach by either party or any of their respective Affiliates of any of the provisions
of this Agreement, monetary damages will not constitute a sufficient remedy. Consequently, in the event of any such breach, either party
or their respective successors or assigns may, in addition to other rights and remedies existing in their favor, apply to any court of
law or equity of competent jurisdiction for specific performance or injunctive or other relief in order to enforce or prevent any violations
of the provisions hereof, in each case without the requirement of posting a bond or proving actual damages.

 

(d) The
rights and remedies of the parties hereto will be cumulative (and not alternative) and the exercise by a party of one remedy will not
preclude the exercise of any other remedy. Any enumeration of the party’s rights and remedies in this Agreement is not intended
to be exclusive, and a party’s rights and remedies are intended to be cumulative to the extent permitted by Law and include any
rights and remedies authorized in Law or in equity.

 

7.2 Limitation
on Liability. NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT TO THE CONTRARY, IN NO EVENT (A) WILL ANY PARTY OR ANY OF ITS
AFFILIATES BE LIABLE FOR ANY SPECIAL, INCIDENTAL, INDIRECT, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS, LOSS
OF REVENUE OR LOST SALES) IN CONNECTION WITH ANY CLAIMS, LOSSES, DAMAGES OR INJURIES ARISING OUT OF THE CONDUCT OF SUCH PARTY PURSUANT
TO THIS AGREEMENT REGARDLESS OF WHETHER THE NONPERFORMING PARTY WAS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR NOT, AND (B) WILL THE
AGGREGATE LIABILITY OF THE SELLER FOR ANY CLAIMS, LOSSES, DAMAGES OR INJURIES ARISING IN CONNECTION WITH THIS AGREEMENT EXCEED THE PURCHASE
PRICE.

 

7.3 Notices.
All notices and other communications under this Agreement must be in writing and are deemed duly delivered when (a) delivered personally
or by an internationally recognized overnight courier service (costs prepaid), or (b) received or rejected by the addressee, if sent by
certified or registered mail, return receipt requested or (c) by email; in each case to the following addresses or emails and marked to
the attention of the individual (by name or title) designated below (or to such other address, facsimile number or individual as a party
may designate by notice to the other parties):

 

	If to the Seller:	Agora Digital Holdings, Inc.
	 	145 King Street, Suite 410 
	 	Charleston, South Carolina 29401
	 	Attention: Brad Hoagland (___________)
	 	 
	With a copy to: 	Nason Yeager Gerson Harris & Fumero, P.A.
	 	3001 PGA Boulevard, Suite 305
	 	Palm Beach Gardens, FL 33401
	 	Attention: Michael D. Harris, Esq. (____________)
	 	 
	If to the Purchaser: 	Trend Ventures, L.P.
	 	At the address on the signature pages to this Agreement

 

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7.4 Counterparts.
The parties may execute this Agreement in multiple counterparts, each of which constitutes an original as against the party that signed
it, and all of which together constitute one agreement. This Agreement is effective upon delivery of one executed counterpart from each
party to the other parties. The signatures of all parties need not appear on the same counterpart. The delivery of signed counterparts
by email transmission that includes a copy of the sending party’s signature(s) is as effective as signing and delivering the counterpart
in person.

 

7.5 Amendment.
This Agreement may not be amended, supplemented or otherwise modified except in a written document signed by each party to be bound by
the amendment and that identifies itself as an amendment to this Agreement.

 

7.6 Waiver
and Remedies. The parties may (a) extend the time for performance of any of the obligations or other acts of any other party to this
Agreement, (b) waive any inaccuracies in the representations and warranties of any other party to this Agreement contained in this Agreement
or (c) waive compliance with any of the covenants or conditions for the benefit of such party contained in this Agreement. Any such extension
or waiver by any party to this Agreement will be valid only if set forth in a written document signed on behalf of the party or parties
against whom the extension or waiver is to be effective. No extension or waiver will apply to any time for performance, inaccuracy in
any representation or warranty, or noncompliance with any covenant or condition, as the case may be, other than that which is specified
in the written extension or waiver. No failure or delay by any party in exercising any right or remedy under this Agreement or any of
the documents delivered pursuant to this Agreement, and no course of dealing between the parties, operates as a waiver of such right or
remedy, and no single or partial exercise of any such right or remedy precludes any other or further exercise of such right or remedy
or the exercise of any other right or remedy. Any enumeration of a party’s rights and remedies in this Agreement is not intended
to be exclusive, and a party’s rights and remedies are intended to be cumulative to the extent permitted by Law and include any
rights and remedies authorized in Law or in equity.

 

7.7 Assignment,
Successors and No Third-Party Rights. This Agreement binds and benefits the parties and their respective successors and assigns, except
that Purchaser may not assign any rights under this Agreement without the prior written consent of the Seller. No party may delegate any
performance of its obligations under this Agreement, except delegations of the performance of its obligations to any Affiliate of such
party so long as such party remains fully responsible for the performance of the delegated obligation. Nothing expressed or referred to
in this Agreement will be construed to give any Person, other than the parties to this Agreement, any legal or equitable right, remedy
or claim under or with respect to this Agreement or any provision of this Agreement except such rights as may inure to a successor or
permitted assignee under this Section 7.7.

 

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7.8 Severability.
If any provision of this Agreement is held invalid, illegal or unenforceable, the remaining provisions of this Agreement will remain in
full force and effect, if the essential terms and conditions of this Agreement for each party remain valid, binding and enforceable.

 

7.9 Expenses.
Each party will pay its own direct and indirect expenses incurred by it in connection with the preparation and negotiation of this Agreement
and the consummation of the Contemplated Transactions, including all fees and expenses of its advisors and representatives.

 

7.10 No
Joint Venture. Nothing in this Agreement creates a joint venture or partnership between the parties. This Agreement does not authorize
any party (a) to bind or commit, or to act as an agent, employee or legal representative of, another party, except as may be specifically
set forth in other provisions of this Agreement, or (b) to have the power to control the activities and operations of another party. The
parties are independent contractors with respect to each other under this Agreement. Each party agrees not to hold itself out as having
any authority or relationship contrary to this Section 7.10.

 

7.11 Interpretation.
In the negotiation of this Agreement, each party has received advice from its own attorney. The language used in this Agreement is the
language chosen by the parties to express their mutual intent, and no provision of this Agreement will be interpreted for or against any
party because that party or its attorney drafted the provision.

 

7.12 Construction;
Exhibits and Schedules. The Exhibits and Schedules to this Agreement are incorporated herein by reference and made a part of this
Agreement. Any reference in this Agreement to an “Article,” “Section,” “Exhibit” or “Schedule”
refers to the corresponding Article, Section, Exhibit or Schedule of or to this Agreement, unless the context indicates otherwise. The
headings of Articles and Sections are provided for convenience only and are not intended to affect the construction or interpretation
of this Agreement. All words used in this Agreement are to be construed to be of such gender or number as the circumstances require. The
words “including,” “includes,” or “include” are to be read as listing non-exclusive examples of the
matters referred to, whether or not words such as “without limitation” or “but not limited to” are used in each
instance. Where this Agreement states that a party “will”, “will” or “must” perform in some manner
or otherwise act or omit to act, it means that the party is legally obligated to do so in accordance with this Agreement. Any reference
to a statute is deemed also to refer to any amendments or successor legislation as in effect at the relevant time. Any reference to a
contract or other document as of a given date means the contract or other document as amended, supplemented and modified from time to
time through such date.

 

7.13 Entire
Agreement. This Agreement constitutes the entire agreement among the parties and supersedes any prior and contemporaneous understandings,
agreements or representations by or among the parties, written or oral, with respect to the subject matter of this Agreement.

 

7.14. Excluded
Companies. For avoidance of doubt, Agora shall not own any equity interest in the entities listed on Exhibit C.

 

(This space intentionally left blank)

 

    16

     

    

 

The parties have executed
and delivered this Agreement as of the date indicated in the first sentence of this Agreement.

 

	SELLER	 	PURCHASER
	 	 	 
	Agora Digital
    Holdings, Inc.	 	Trend Ventures,
    LP
	 	 	 	 	 
	By:	 	 	By:	                 
	Name: 	Randy May	 	Name: 	 
	Title:	Executive Chairman	 	Title:  	 

 

	 	Address: 	          
	 	 	 
	 	 	 
	 	 	 
	 	Email:	 

 

Signature Page to Membership Interest Purchase
Agreement

 

     

     

    

 

EXHIBIT A

Form of Note

 

 

    Exhibit A

     

    

 

EXHIBIT B

 

 

    Exhibit B

     

    

 

EXHIBIT C

Excluded Companies

 

 

 

Exhibit C

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