Document:

EX-4.1

 NEITHER THESE SECURITIES NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OR (B) AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY AND ITS TRANSFER AGENT OR (II) UNLESS SOLD PURSUANT TO RULE 144 UNDER THE SECURITIES ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE
PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES. 

GRAYMARK HEALTHCARE, INC. 
 WARRANT TO PURCHASE COMMON STOCK 
  

			
	 Warrant No. 2012-001
	 	Original Issue Date: May 14, 2012

 Graymark Healthcare, Inc., an Oklahoma corporation (the “Company”), hereby certifies that, for value
received, Genesis Select Corporation or its permitted registered assigns (the “Holder”), is entitled to purchase from the Company up to a total of 150,000 shares of common stock, $0.0001 par value per share (the “Common
Stock”), of the Company (each such share, a “Warrant Share” and all such shares, the “Warrant Shares”) at an exercise price per share equal to $0.50 per share (as adjusted from time to time as provided in
Section 9 herein, the “Exercise Price”), at any time and from time to time on or after the date hereof (the “Trigger Date”) and through and including 5:30 P.M., Oklahoma City time, on May 14, 2017
(the “Expiration Date”), and subject to the following terms and conditions: 
 This Warrant is granted pursuant to and in
connection with that certain Consulting Services Agreement by and between the Company and the Holder and dated as of May 10, 2012. The initial 75,000 shares shall vest in twelve equal monthly increments of 6,250 shares each on the last calendar
day of each calendar month, beginning on June 30, 2012 conditioned on Holder’s continuous service under the Consulting Services Agreement during such calendar month. 
 The remaining 75,000 shares shall be deemed vested and exercisable upon the Holder’s achievement of the following milestones and in the amounts listed below: 

i. Equity Research Coverage to be quantified by a written research report from an analyst at a recognized Tier 1 or 2 Wall Street firm – 20,000
shares. Equity Research Coverage to be quantified by a written research report from an analyst at a recognized Regional or Boutique Wall Street – 10,000 shares. There will be no additional bonuses for follow up reports. 

ii. For every 100% Increase in average daily trading volume (as based on trailing 90 day average), 5,000 shares. 

 iii. New Institutional Ownership of 350,000 shares or more (based on NASDAQ, reporting or qualified service
provider such as Thomson One or IPREO)- 10,000 shares. A follow on increase in ownership from a new institutional owner as identified above – 5,000 shares per incremental 350,000 shares purchased. 

The maximum number of shares which may become vested and exercisable upon achievement of the milestones in (i), (ii) and (iii) above shall not
exceed 75,000 shares in the aggregate. The Board of the Company shall make the final determination as to the achievement of any milestones by the Holders. The Holder may request from the Company a written notice confirming the number of shares which
are vested and may be exercised by the Holder as of a specified date. Notwithstanding anything contained herein, this Warrant may only be exercised as to shares which are vested and exercisable as of such date. 

1. Registration of Warrant. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the
“Warrant Register”), in the name of the record Holder (which shall include the initial Holder or, as the case may be, any registered assignee to which this Warrant is permissibly assigned hereunder) from time to time. The Company
may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. 

2. Registration of Transfers. Subject to compliance with all applicable securities laws, the Company shall register the transfer of all or any
portion of this Warrant in the Warrant Register, upon surrender of this Warrant, with the Form of Assignment attached as Schedule 2 hereto duly completed and signed, to the Company at its address specified below and (x) delivery, at the
request of the Company, of an opinion of counsel reasonably satisfactory to the Company to the effect that the transfer of such portion of this Warrant may be made pursuant to an available exemption from the registration requirements of the
Securities Act and all applicable state securities or blue sky laws and (y) delivery by the transferee of a written statement to the Company certifying that the transferee is an “accredited investor” as defined in Rule 501(a) under
the Securities Act and making of customary representations, warranties and certifications, to the Company at its address specified below. Upon any such registration or transfer, a new warrant to purchase Common Stock in substantially the form of
this Warrant (any such new warrant, a “New Warrant”) evidencing the portion of this Warrant so transferred shall be issued to the transferee, and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if
any, shall be issued to the transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance by such transferee of all of the rights and obligations in respect of the New Warrant that the Holder has in
respect of this Warrant. The Company shall prepare, issue and deliver at its own expense any New Warrant under this Section 2. 
 3.
Exercise and Duration of Warrant. 
 (a) All or any part of this Warrant shall be exercisable by the registered Holder in
any manner permitted by Section 8 of this Warrant at any time and from time to time on or after the Trigger Date and through and including 5:30 P.M. Oklahoma City time, on the Expiration Date. At 5:30 P.M., Oklahoma City time, on the
Expiration Date, the portion of this Warrant not exercised prior thereto shall be and become void and of no value and this Warrant shall be terminated and no longer outstanding. 

(b) The Holder may exercise this Warrant by delivering to the Company (i) an exercise notice, in the form attached as
Schedule 1 hereto (the “Exercise Notice”), completed and 

  
 2 

 
duly signed, and (ii) payment of the Exercise Price for the number of Warrant Shares as to which this Warrant is being exercised (which may take the form of a “cashless exercise”
if so indicated in the Exercise Notice and if a “cashless exercise” may occur at such time pursuant to Section 10 below), and the date on which the last of such items is delivered to the Company (as determined in accordance
with the notice provisions hereof) is an “Exercise Date.” In connection with the delivery by (or on behalf of) the Holder of the Exercise Notice and the applicable Exercise Price as provided above and as a condition to the
Company’s obligation to issue such the Warrant Shares, the Holder shall certify to the Company that such representations, warranties and certifications as are customary in order to support the Company’s private placement securities law
exemption for the issuance and same of the Warrant Shares to the Holder upon such exercise. The Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder. Execution and delivery of the Exercise Notice
shall have the same effect as cancellation of the original Warrant and issuance of a New Warrant evidencing the right to purchase the remaining number of Warrant Shares. 
 4. Delivery of Warrant Shares. Upon exercise of this Warrant, the Company shall promptly issue or cause to be issued and cause to be delivered to or upon the written order of the Holder and in such
name or names as the Holder may designate (provided that, if a registration statement is not effective and the Holder directs the Company to deliver a certificate for the Warrant Shares in a name other than that of the Holder or an Affiliate of the
Holder, it shall deliver to the Company on the Exercise Date an opinion of counsel reasonably satisfactory to the Company to the effect that the issuance of such Warrant Shares in such other name may be made pursuant to an available exemption from
the registration requirements of the Securities Act and all applicable state securities or blue sky laws), (i) a certificate for the Warrant Shares issuable upon such exercise, free of restrictive legends, or (ii) an electronic delivery of
the Warrant Shares to the Holder’s account at the Depository Trust Company (“DTC”) or a similar organization, unless in the case of clause (i) and (ii) a registration statement covering the resale of the Warrant
Shares and naming the Holder as a selling stockholder thereunder is not then effective or the Warrant Shares are not freely transferable without volume and manner of sale restrictions pursuant to Rule 144 under the Securities Act, in which case such
Holder shall receive a certificate for the Warrant Shares issuable upon such exercise with appropriate restrictive legends. The Holder, or any Person permissibly so designated by the Holder to receive Warrant Shares, shall be deemed to have become
the holder of record of such Warrant Shares as of the Exercise Date. If the Warrant Shares are to be issued free of all restrictive legends, the Company shall, upon the written request of the Holder, use its commercially reasonable efforts to
deliver, or cause to be delivered, Warrant Shares hereunder electronically through DTC or another established clearing corporation performing similar functions, if available; provided, that, the Company may, but will not be required to, change its
transfer agent if its current transfer agent cannot deliver Warrant Shares electronically through such a clearing corporation. 
 5. Charges,
Taxes and Expenses. Issuance and delivery of certificates for shares of Common Stock upon exercise of this Warrant shall be made without charge to the Holder for any issue or transfer tax, transfer agent fee or other incidental tax or expense in
respect of the issuance of such certificates, all of which taxes and expenses shall be paid by the Company; provided, however, that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in
the registration of any certificates for Warrant Shares or the Warrant in a name other than that of the Holder. The Holder shall be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or
receiving Warrant Shares upon exercise hereof. 

  
 3 

 6. Replacement of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall
issue or cause to be issued in exchange and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft
or destruction (in such case) and, in each case, a customary and reasonable indemnity and surety bond, if requested by the Company. Applicants for a New Warrant under such circumstances shall also comply with such other reasonable regulations and
procedures and pay such other reasonable third-party costs as the Company may prescribe. If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant to the Company as a condition
precedent to the Company’s obligation to issue the New Warrant. 
 7. Reservation of Warrant Shares. The Company covenants that it
will at all times reserve and keep available out of the aggregate of its authorized but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise of this Warrant as herein provided,
the number of Warrant Shares that are initially issuable and deliverable upon the exercise of this entire Warrant, free from preemptive rights or any other contingent purchase rights of persons other than the Holder (taking into account the
adjustments and restrictions of Section 8). The Company covenants that all Warrant Shares so issuable and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and
validly authorized, issued and fully paid and nonassessable. The Company will take all such action as may be reasonably necessary to assure that such shares of Common Stock may be issued as provided herein without violation of any applicable law or
regulation, or of any requirements of any securities exchange or automated quotation system upon which the Common Stock may be listed. 
 8.
Certain Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment from time to time as set forth in this Section 8. 

(a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on
its Common Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides its outstanding shares of Common Stock into a larger number of shares, (iii) combines its
outstanding shares of Common Stock into a smaller number of shares or (iv) issues by reclassification of shares of Common Stock any shares of capital of the Company, then in each such case the Exercise Price shall be multiplied by a fraction,
the numerator of which shall be the number of shares of Common Stock outstanding immediately before such event and the denominator of which shall be the number of shares of Common Stock outstanding immediately after such event. Any adjustment made
pursuant to clause (i) of this paragraph shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution, and any adjustment pursuant to clause (ii) or
(iii) of this paragraph shall become effective immediately after the effective date of such subdivision or combination. 

(b) Pro Rata Distributions. If the Company, at any time while this Warrant is outstanding, distributes to all holders of Common
Stock for no consideration (i) evidences of its indebtedness, (ii) any security (other than a distribution of Common Stock covered by the preceding paragraph) or (iii) rights or warrants to subscribe for or purchase any security, or
(iv) any other asset (in each case, “Distributed Property”), then, upon any exercise of this Warrant that occurs after the record date fixed for determination of stockholders entitled to receive such distribution, the Holder
shall be entitled to receive, in addition to the Warrant Shares otherwise issuable upon such exercise (if applicable), the Distributed Property that such Holder would have 

  
 4 

 
been entitled to receive in respect of such number of Warrant Shares had the Holder been the record holder of such Warrant Shares immediately prior to such record date without regard to any
limitation on exercise contained therein. 
 (c) Number of Warrant Shares. Simultaneously with any adjustment to the
Exercise Price pursuant to paragraph (a) of this Section 8, the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after such adjustment the
aggregate Exercise Price payable hereunder for the increased or decreased number of Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately prior to such adjustment. 

(d) Calculations. All calculations under this Section 8 shall be made to the nearest cent or the nearest share, as
applicable. 
 (e) Notice of Adjustments. Upon the occurrence of each adjustment pursuant to this Section 8,
the Company at its expense will, at the written request of the Holder, promptly compute such adjustment, in good faith, in accordance with the terms of this Warrant and prepare a certificate setting forth such adjustment, including a statement of
the adjusted Exercise Price and adjusted number or type of Warrant Shares or other securities issuable upon exercise of this Warrant (as applicable), describing the transactions giving rise to such adjustments and showing in detail the facts upon
which such adjustment is based. Upon written request, the Company will promptly deliver a copy of each such certificate to the Holder and to the Company’s transfer agent. 
 9. Payment of Exercise Price. The Holder shall pay the Exercise Price in immediately available funds; provided, however, that if, on any Exercise Date there is not an effective registration
statement registering, or no current prospectus available for, the resale of the Warrant Shares by the Holder, then the Holder may, in its sole discretion, satisfy its obligation to pay the Exercise Price through a “cashless exercise”, in
which event the Company shall issue to the Holder the number of Warrant Shares determined as follows: 
 X = Y [(A-B)/A]

 where: 
 “X” equals the number of Warrant Shares to be issued to the Holder; 

“Y” equals the total number of Warrant Shares with respect to which this Warrant is being exercised; 

“A” equals the average of the Closing Sale Prices of the shares of Common Stock (as reported by Bloomberg Financial Markets)
for the five (5) consecutive Trading Days ending on the date immediately preceding the Exercise Date; and 
 “B”
equals the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise. 
 For purposes of this Warrant,
“Closing Sale Price” means, for any security as of any date, the last trade price for such security on the Principal Trading Market for such security, as reported by Bloomberg Financial Markets, or, if such Principal Trading Market
begins to operate on an extended hours basis and does not designate the last trade price, then the last trade price of such 

  
 5 

 
security prior to 4:00 P.M., New York City time, as reported by Bloomberg Financial Markets, or if the foregoing do not apply, the last trade price of such security in the over-the-counter market
on the electronic bulletin board for such security as reported by Bloomberg Financial Markets, or, if no last trade price is reported for such security by Bloomberg Financial Markets, the average of the bid prices, or the ask prices, respectively,
of any market makers for such security as reported in the “pink sheets” by Pink Sheets LLC. If the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Sale Price of such
security on such date shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then the Board of Directors of the Company
shall use its good faith judgment to determine the fair market value. The Board of Directors’ determination shall be binding upon all parties absent demonstrable error. All such determinations shall be appropriately adjusted for any stock
dividend, stock split, stock combination or other similar transaction during the applicable calculation period. 
 For purposes of Rule 144
promulgated under the Securities Act, it is intended, understood and acknowledged that the Warrant Shares issued in a “cashless exercise” transaction shall be deemed to have been acquired by the Holder, and the holding period for the
Warrant Shares shall be deemed to have commenced, on the date this Warrant was originally issued pursuant to the Subscription Agreement (provided that the Commission continues to take the position that such treatment is proper at the time of such
exercise). 
 10. No Fractional Shares. No fractional Warrant Shares will be issued in connection with any exercise of this Warrant. In
lieu of any fractional shares that would otherwise be issuable, the number of Warrant Shares to be issued shall be rounded down to the next whole number and the Company shall pay the Holder in cash the fair market value (based on the Closing Sale
Price) for any such fractional shares. 
 11. Notices. Any and all notices or other communications or deliveries hereunder (including,
without limitation, any Exercise Notice) shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number specified
on the signature pages hereof prior to 5:30 P.M., Oklahoma City time, on a Trading Day, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number specified in
the Subscription Agreement on a day that is not a Trading Day or later than 5:30 P.M., Oklahoma City time, on any Trading Day, (iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight courier service
specifying next business day delivery, or (iv) upon actual receipt by the Person to whom such notice is required to be given, if by hand delivery. The address and facsimile number of a Person for such notices or communications shall be as set
forth on the signature pages hereof unless changed by such Person by two (2) Trading Days’ prior notice to the other Persons in accordance with this Section 11. 
 12. Warrant Agent. The Company shall serve as warrant agent under this Warrant. Upon thirty (30) days’ notice to the Holder, the Company may appoint a new warrant agent. Any corporation
into which the Company or any new warrant agent may be merged or any corporation resulting from any consolidation to which the Company or any new warrant agent shall be a party or any corporation to which the Company or any new warrant agent
transfers substantially all of its corporate trust or shareholders services business shall be a successor warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly cause notice of its succession as
warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last address as shown on the Warrant Register. 

  
 6 

 13. Piggyback Registration. (a) If, at any time prior to expiration of this Warrant, the Company
prepares and files an a new registration statement with the Securities and Exchange Commission (a “Registration Statement”) registering for resale any of its securities under the Securities Act (a Registration Statement pursuant to Form
S-8 or Form S-4 or other registration statement which is inappropriate to register the resale of the Warrant Shares shall not be deemed a Registration Statement for purposes of this Section 13), the Company will give written note prior to the
filing of each such Registration Document, to the Holder and holders of the Warrant Shares of the Company’s intention to do so. If the Holder or any holder of the Warrant Shares notifies the Company within the time period specified in such
notice after receipt of any such notice of its desire to include any Warrant Shares in such proposed Registration Statement, the Company shall afford the Holder or holder of the Warrant Shares the opportunity to have any Warrant Shares registered
under such Registration Statement. The Company shall file such amendments and supplements as may be necessary to keep such Registration Statement effective for a period of up to nine months or until the Warrant Securities have been sold under the
Registration Statement or Rule 144, whichever is earlier. 
 (b) Notwithstanding the provisions of this Section 13, the
Company shall have the right at any time after it shall have given written notice pursuant to this Section 13 (irrespective of whether a written request for inclusion of any such securities shall have been made) to elect not to file any such
proposed amendment or registration statement, or to withdraw the same after the filing but prior to the effective date of the Registration Statement. 
 (c) Notwithstanding the provisions of Section 13, the Company shall not be required to effect or cause the registration of any Warrant Shares pursuant to Section 13 hereof if (i) counsel
for the Company delivers an opinion to the Holder, in form and substance satisfactory to counsel to the Holder, to the effect that the entire number of Warrant Shares proposed to be sold by such Holder may otherwise be sold, in the manner proposed
by the Holder, without registration under the Securities Act, (ii) the SEC shall have issued a no-action position, in form and substance satisfactory to counsel for the Holder, to the effect that the entire number of Warrant Shares proposed to
be sold by the Holder may be sold by it, in the manner proposed by the Holder, without registration under the Securities Act, or (iii) the Company delivers a written notice to the Holders stating that the Company’s Board of Directors,
financial advisor or placement agent has determined in good faith that the inclusion of the warrant shares in the Registration Statement would be detrimental to the completion of the offering or other transaction proposed to be registered on the
Registration Statement. 
 14. Miscellaneous. 
 (a) No Rights as a Stockholder. The Holder, solely in such Person’s capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share
capital of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in such Person’s capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or
any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, amalgamation, conveyance or otherwise), receive notice of meetings, receive dividends
or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as
imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. 

  
 7 

 (b) Authorized Shares. The Company covenants that during the period the Warrant is
outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants
that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise of the purchase
rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the
Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented
by this Warrant, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring
contemporaneously with such issue).  
 (c) Successors and Assigns. Subject to the restrictions on transfer set
forth in this Warrant, and compliance with applicable securities laws, this Warrant may be assigned by the Holder. This Warrant shall be binding on and inure to the benefit of the Company and the Holder and their respective successors and assigns.
Subject to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the Company and the Holder any legal or equitable right, remedy or cause of action under this Warrant. 

(d) Amendment and Waiver. Except as otherwise provided herein, the provisions of the Warrant may be amended and the Company may
take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the written consent of the Holder. 
 (e) Acceptance. Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and conditions contained herein. 

(f) Governing Law; Jurisdiction. ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS
WARRANT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF OKLAHOMA WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. EACH OF THE COMPANY AND THE HOLDER HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE
JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN OKLAHOMA CITY, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR WITH ANY TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE ENFORCEMENT
OF ANY OF THE TRANSACTION DOCUMENTS), AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT. EACH OF THE COMPANY AND THE HOLDER
HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH

  
 8 

 
EVIDENCE OF DELIVERY) TO SUCH PERSON AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THE SUBSCRIPTION AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF
PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW. EACH OF THE COMPANY AND THE HOLDER HEREBY WAIVES ALL RIGHTS TO A TRIAL BY JURY.

(g) Headings. The headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to
limit or affect any of the provisions hereof. 
 (h) Severability. In case any one or more of the provisions of this
Warrant shall be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby, and the Company and the Holder will attempt in good
faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Warrant. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

  
 9 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its authorized officer as of
the date first indicated above. 
  

			
	GRAYMARK HEALTHCARE, INC.
		
	By:	 	  

	Name:	 	Stanton Nelson
	Title:	 	Chief Executive Officer

  

	
	204 N. Robinson, Suite 400
	Oklahoma City, OK 73102
	
	Fax No.: 405-601-5300
	

 SCHEDULE 1 
 FORM OF EXERCISE NOTICE 
 [To be executed by the Holder to purchase shares of
Common Stock under the Warrant] 
 Ladies and Gentlemen: 
 (1) The undersigned is the Holder of Warrant No.              (the “Warrant”) issued by Graymark Healthcare, Inc., an
Oklahoma corporation (the “Company”). Capitalized terms used herein and not otherwise defined herein have the respective meanings set forth in the Warrant. 
 (2) The undersigned hereby exercises its right to purchase                  Warrant Shares pursuant to the Warrant.

 (3) The Holder intends that payment of the Exercise Price shall be made as (check one): 

 

			
	  ̈
	  	Cash Exercise
		
	  ̈
	  	“Cashless Exercise” under Section 9 of the Warrant

 (4) If the Holder has elected a Cash Exercise, the Holder shall pay the sum of
$         in immediately available funds to the Company in accordance with the terms of the Warrant. 
 (5) Pursuant to this Exercise Notice, the Company shall deliver to the Holder Warrant Shares determined in accordance with the terms of the Warrant. 

(6) By its delivery of this Exercise Notice, the undersigned represents and warrants to the Company that in giving effect to the exercise evidenced
hereby the Holder will not beneficially own in excess of the number of shares of Common Stock (as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934) permitted to be owned under Section 9 of the
Warrant to which this notice relates. 
 Dated:
                     
 Name of
Holder:                                  

 

			
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 (Signature must conform in all respects to name of Holder as specified on the face of the Warrant) 

 SCHEDULE 2 
 FORM OF ASSIGNMENT 
 [To be completed and executed by the Holder only upon transfer
of the Warrant] 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
                     (the “Transferee”) the right represented by the within Warrant to purchase
                     shares of Common Stock of Graymark Healthcare, Inc. (the “Company”) to which the within Warrant
relates and appoints                      attorney to transfer said right on the books of the Company with full power of substitution
in the premises. In connection therewith, the undersigned represents, warrants, covenants and agrees to and with the Company that: 
  

	(a)	the offer and sale of the Warrant contemplated hereby is being made in compliance with Section 4(1) of the United States Securities Act of 1933, as amended (the
“Securities Act”) or another valid exemption from the registration requirements of Section 5 of the Securities Act and in compliance with all applicable securities laws of the states of the United States;

  

	(b)	the undersigned has not offered to sell the Warrant by any form of general solicitation or general advertising, including, but not limited to, any advertisement,
article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio, and any seminar or meeting whose attendees have been invited by any general solicitation or general advertising;

  

	(c)	the undersigned has read the Transferee’s investment letter included herewith, and to its actual knowledge, the statements made therein are true and correct; and

  

	(d)	the undersigned understands that the Company may condition the transfer of the Warrant contemplated hereby upon the delivery to the Company by the undersigned or the
Transferee, as the case may be, of a written opinion of counsel (which opinion shall be in form, substance and scope customary for opinions of counsel in comparable transactions) to the effect that such transfer may be made without registration
under the Securities Act and under applicable securities laws of the states of the United States. 

  

							
	Dated:                     	 		 		 	  

		 		 		 	(Signature must conform in all respects to name of holder as specified on the face of the Warrant)
				
		 		 		 	  

		 		 		 	Address of Transferee
				
		 		 		 	  

				
		 		 		 	  

				
	In the presence of:EX-10.3

 MASTER AGREEMENT 
 THIS MASTER AGREEMENT, dated as of June 6, 2012 (this “Master Agreement”), is among: (a) TX Energy Services, LLC, a Delaware limited liability company, file number 4379582, and
C.C. Forbes, LLC, a Delaware limited liability company, file number 4379586, (each a “Company” and collectively, the “Companies”), each with a principal place of business at 3000 South Business Highway 281, Alice,
Texas and (b) REGIONS EQUIPMENT FINANCE CORPORATION, an Alabama corporation (“REFCO”), and REGIONS COMMERCIAL EQUIPMENT FINANCE, LLC, an Alabama limited liability company (“RCEF”) both with an
office at 1900 Fifth Avenue North, Suite 2400, Birmingham, Alabama 35203. Certain definitions and constructions of terms used in this Master Agreement are provided in Section XIV hereof. 
 I. General Provisions. This Master Agreement contains provisions under which REFCO, RCEF or one of their Affiliates will from time to time lease to the Companies, or provide financing for the
Companies to acquire, fixed assets that are secured by liens in such fixed assets (collectively, the “Equipment” and each individually, an “Item”). This Equipment shall be described on each equipment schedule
incorporating the terms of this Master Agreement (each, a “Schedule”). Schedules may document a “true lease” pursuant to which REFCO, RCEF or an Executing Affiliate (as defined below) will be the owner of the Equipment for
all purposes. Schedules may document a financing whereby a Company will be the owner of the Equipment and REFCO, RCEF or an Executing Affiliate will be granted a security interest in the Equipment as collateral for a Company’s obligations and
those transactions may be documented either as “leases intended as security” or as “equipment financing agreements.” Each Schedule shall constitute a separate agreement and the terms “Agreement” or “this
Agreement” refer to each Schedule and this Master Agreement as incorporated therein. Except to the extent otherwise expressly provided herein, the term “Regions” shall mean: (a) REFCO with respect to all Schedules
executed by REFCO; (b) RCEF with respect to all Schedules executed by RCEF; and (c) the applicable Executing Affiliate with respect to all Schedules executed by such Executing Affiliate. One or more Schedules incorporating the terms of
this Master Agreement may be executed by one or more Affiliates (including subsidiaries) of Regions Bank (each such Affiliate executing a Schedule shall hereinafter be referred to as an “Executing Affiliate”). For the purposes of
avoiding any doubt as to the intention of the parties: (i) the terms of this Master Agreement and any and all addenda, amendments or other modifications hereto shall apply to each Schedule executed by such Executing Affiliate as if such
Executing Affiliate were a party to this Master Agreement; provided, however, that, except with respect to the provisions of Section XV regarding liens as to which this Master Agreement shall govern, the express terms of any Schedule shall supersede
any contrary terms in this Master Agreement; and (ii) any reference herein to a “Schedule” or an “Agreement” shall include each Schedule executed by an Executing Affiliate which incorporates this Master Agreement, together
with this Master Agreement and any and all addenda, amendments or other modifications thereto, to the extent related to such Schedules executed by such Executing Affiliate. This Master Agreement is not a legal commitment to enter into any Schedule
and, after executing a Schedule, Regions shall have no obligation to purchase or finance any Equipment until receipt by Regions of all documentation requested by Regions. Each Agreement may be terminated or prepaid only if and as expressly
provided therein. 
 II. Term, Payment and Late Charges; Quiet Enjoyment. The term of the Agreement (the “Term”) as
to each Item shall be the period specified in the Schedule for such Item. The Term shall commence on the date set forth in the Schedule for such Item as the “Commencement Date”. Each Company acknowledges that certain of its duties
hereunder begin before the Commencement Date and/or continue past the expiration or termination of this Agreement. The Companies shall pay to Regions periodic payments of rent or principal and interest, as applicable, without invoice or other
written demand as more fully set forth in the Schedule (“Periodic Payments”) and any and all other payments required to be paid by the Companies hereunder (“Other Payments” and collectively with Periodic Payments,
“Payments”). All payments by the Companies to Regions under each Agreement shall be in legal tender of the United States of America in immediately available funds. The Companies’ obligation to pay all Payments and other
amounts due under each Agreement is absolute and unconditional under any and all circumstances, shall be paid and performed by Company without notice or demand and without any abatement, reduction, diminution, setoff, defense, counterclaim or
recoupment whatsoever, including any past, present or future claims that the Companies may have against Regions, any Supplier or any other person or entity whatsoever. To the fullest extent permissible under applicable law, the Companies hereby
waives demand, diligence, presentment, protest, notice of dishonor, notice of nonpayment and notices and rights of every kind. If any Payment is not received when due, the Companies, shall pay a late charge equal to, at Regions’ election and to
the extent allowed by law, either: (a) five percent (5%) of such delinquent Payment or (b) interest at a rate of one and one-half percent (1.5%) per month on such delinquent Payment calculated from the date such Payment was due.
Regions covenants that during the Term and so long as no Event of Default shall have occurred under any Agreement, Regions shall not interrupt the Companies’ peaceful and quiet enjoyment, possession and use of the Equipment.

 III. Selection Delivery and Acceptance; Disclaimer of Warranties. The Companies acknowledge and agree that: (a) it has selected
the Equipment and has not relied on any representation or warranty by Regions or any of its Affiliates in connection with such selection; and (b) none of Regions nor any of its Affiliates is an agent or Affiliate of any Supplier and no Supplier
is an agent of Regions or any of Regions’ Affiliates or otherwise authorized to bind Regions or any of its Affiliates to any representation, warranty or agreement. Regions shall have no obligation to deliver or install any Item and the
Companies shall be solely responsible for all site preparation and delivery. To the extent it has the right to inspect and accept any Item upon or prior to delivery, Regions appoints the Companies to act as its agent for such purpose. Any acceptance
of Equipment hereunder will be for purposes of this Agreement only and will be without prejudice to any rights that Regions or the Companies may have against any Supplier or other person. REGIONS DOES NOT MAKE, HAS NOT MADE, SHALL NOT BE DEEMED
TO MAKE, AND HEREBY DISCLAIMS ANY WARRANTY OR REPRESENTATION, EITHER EXPRESS OR IMPLIED, AS TO THE MERCHANTABILITY OR FITNESS OF THE EQUIPMENT FOR ANY USE OR PURPOSE, THE DESIGN, COMPLIANCE WITH SPECIFICATIONS, OPERATION OR CONDITION OF THE
EQUIPMENT, OR AS TO TITLE TO THE EQUIPMENT, OR ANY OTHER REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, WITH RESPECT TO THE EQUIPMENT (EITHER UPON DELIVERY THEREOF TO COMPANY, REGIONS OR OTHERWISE), it being agreed that all such risks, as
between Regions and the Companies, are to be borne by the Companies. Regions shall have no responsibility or liability to the Companies or any other person with respect to any of the following, regardless of any active or passive negligence of
Regions, other than gross negligence: (i) any liability, loss or damage to the Companies or any third party caused or alleged to be caused directly or indirectly by any Item, any inadequacy thereof or deficiency or defect therein or by any
other circumstance in connection therewith, including the delivery, transportation, ownership, possession, use, operation, performance, servicing, maintenance, storage, repair, improvement, replacement, reconstruction or return of any Item or any
risks relating thereto; or (ii) any interruption of service, loss of business or anticipated profits or consequential damages. 
 IV.
Use and Maintenance of Equipment. (a) Each Company covenants and agrees that: (i) it will use the Equipment only for its originally-intended business purpose as described by the Companies to Regions in requesting Regions to enter
into this Agreement and it will not use the Equipment for consumer, personal, family, farming or household use; (ii) the Equipment will at all times be used, operated, maintained, serviced and repaired in substantial compliance with
(A) all acts, rules, regulations and orders of any judicial, legislative or regulatory body having power to supervise or regulate the use, operation or maintenance of the Equipment, including license, permits and registration requirements
applicable to the Equipment; (B) all instructions, warranty provisions, or operating manuals prepared or released by the Supplier and by any maintenance organization providing maintenance

  
 1 

 
of such Equipment; (C) all requirements of any insurance maintained hereunder; and (D) the prudent practice of other similar companies in the same business as the Companies, but in any
event, to no lesser standard than that employed by the Companies for comparable equipment owned or leased by it; (iii) the Equipment will be operated only by employees or authorized agents of the Companies and each Company will obtain and make
available to all users of the Equipment all safety and operating manuals available from the Supplier of the Equipment; (iv) each Company shall obtain Regions’ prior written consent before using the Equipment to ship, store, process, create
or use any materials regulated under the Hazardous Materials or Substances Transportation Act, 49 U.S.C. 1801 et seq; the Resource Conservation and Recovery Act, 42 U.S.C. 6901 et seq, or the Comprehensive Environmental Response, Compensation and
Liability Act, 42 U.S.C. 9601 et seq, as amended by the Superfund Amendments and Reauthorization Act; (v) without in any way limiting the restrictions contained in Section IV(a)(iv) above, each Company shall comply with all acts, rules,
regulations and orders of any state, federal or local judicial, legislative or regulatory body, including any license, permit or registration requirement relating to environmental protection or remediation; (vi) each Company shall not attach or
incorporate the Equipment to or in any other item of equipment in such a manner that the Equipment may be deemed to have become an accession to or part of such other item of equipment; and (vii) without in any way limiting the foregoing, each
Company shall maintain and use the Equipment, at its sole cost and expense, in good and safe operating order, in like new condition excepting only the following (“Reasonable Wear and Tear”): the results of normal use of the
Equipment as originally intended assuming (A) use and maintenance in substantial compliance with the Supplier’s recommendations; (B) the complete absence of any casualty, misuse, abuse, abandonment, improper care, accident, negligence
or similar occurrence with respect to the Equipment, whether or not the Equipment is in use at the time of said occurrence; and (C) use that does not, in any way, impair the function of the Equipment or prevent the Equipment from immediately
being placed into use. Each Company will give prompt oral and written notice to Regions of its receipt of any demand, notice, summons, complaint or legal proceeding relating to any Item including any violation of any law, regulation or standard
covered by this Section. 
 (b) All replacement parts for the Equipment shall be purchased from sources capable of providing parts in
substantial compliance with the recommendations of the Supplier, according to its specifications and generally consistent with the requirements of any and all warranties and service agreements. It is the intention of the parties hereto that the
Equipment shall consist solely of personal property and that the same shall not constitute fixtures under the laws of the states where the Equipment is located. The parties acknowledge and agree that the Equipment is and shall remain removable from,
and not essential to, the premises where the Equipment is located and Company hereby covenants and agrees not to affix or install any Item to or in any real property in such a manner that may cause it to be a fixture. Provided that no Event of
Default has occurred and is continuing, the Companies may, at its sole cost and expense, make any alterations, additions, modifications or attachments (“Improvements”) to the Equipment that do not violate the terms of this Agreement
provided that Company notifies Regions of such action in writing and provided further that such Improvements: (i) do not reduce the value or general usefulness of the Equipment; (ii) do not impair the certification, performance, safety,
quality, capability, use or character of the Equipment or alter the purpose for which such Equipment was leased or financed under this Agreement; (iii) are not inconsistent with applicable laws or any warranty or service agreement; (iv) do
not expose Regions’ or any of the Equipment to any Lien or other adverse interest or circumstance; (v) do not adversely affect insurance coverage benefiting Regions hereunder; and (vi) are of a kind that customarily are made by
lessees or owners of equipment similar to the Equipment. 
 V. Inspection and Reports. Regions, or any inspector designated by Regions
may at any time with reasonable notice enter upon any of the Companies’ premises to inspect any Item and all of the Companies’ books and records, insofar as they relate to the Equipment leased or financed hereunder, and to make copies of
such books and records, provided that Regions is not obligated to do so and provided, further, that no notice is required if a default or Event of Default shall have occurred and then be continuing. The Companies will deliver to Regions:
(a) within forty-five (45) days after the close of each first, second and third quarter of Forbes Energy Services Ltd., the ultimate parent of the Companies (the “Guarantor,” and together with the Companies, the “Loan
Parties”), a copy of the Guarantor’s unaudited consolidated quarterly financial statements and such other information as Regions may require from time to time, certified by the Guarantor’s chief financial officer to present fairly
in all material respects (subject to footnotes and year-end audit adjustments) the Guarantor’s consolidated financial position and the consolidated results of the Guarantor’s operations at the date and for the periods indicated therein;
and (b) within ninety (90) days after the close of each fiscal year of the Guarantor, consolidated year-end financial statements of Guarantor which shall be at Regions’ election either (i) certified and audited by the
Guarantor’s certified public accounting firm (the “Approved Accountants”); or (ii) compiled or reviewed by the Approved Accountants. For the purpose of satisfying the Companies obligations under this Section V, the
Guarantor’s filing of annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K shall constitute delivery to Regions by the Companies. 
 VI. Loss of Equipment; Damage to Equipment. As between the Companies and Regions, the Companies shall bear the entire risk of theft, taking (including any condemnation, seizure, or requisition of
title), damage to, or loss or destruction of, each Item commencing on the earlier of the Commencement Date or the placement of such Item in transit for shipment from the Supplier to the Companies and continuing until all of the Companies’
obligations are performed in full with respect to the Schedule for such Item. No such theft, taking, damage, loss or destruction shall relieve the Companies from its obligations to make Payments except as expressly provided in this Section. In the
event that any Item is missing, taken or has been damaged in any significant way, the Companies shall promptly (and in any event within ten business (10) days) give Regions written notice and details of any such event and the Companies’
plans regarding the same. If any Item is in Regions’ judgment stolen, taken or damaged in any material respect (each, a “Casualty Occurrence”), the Companies shall promptly at Regions’ election, either: (a) place such
Items in good repair and working order; or (b) promptly pay to Regions an amount calculated by Regions on the date when the next Periodic Payment is due (the “Payment Date”) to be equal to the “Casualty Value”
for such Items as set forth on the applicable Schedule. In addition to the repair of any Items, or the payment of the Casualty Value, the Companies shall also pay any costs and expenses (including Attorneys’ Fees) incurred by Regions in
connection with its exercise or protection of its rights and interests hereunder. Upon the payment of Casualty Value with respect to any Item and the payment of any and all other amounts due and payable to Regions hereunder, the Companies’
Payment obligations hereunder for such Item shall terminate and Regions shall release its security interest in said Items or transfer (without recourse, representation or warranty, “AS IS, WHERE IS”) to the Companies or the Companies’
insurer, any right, title or interest Regions may have in such Item; provided that the Companies’ obligations with respect to taxes, indemnities and reimbursements hereunder shall survive with respect to all periods prior to such payment. In
the event of damage to any Item which is not a Casualty Occurrence, the Companies shall promptly place such items in good repair and working order, Reasonable Wear and Tear excepted. Any proceeds other than insurance proceeds (including proceeds of
condemnation or requisition) received by Regions or the Companies as the result of a Casualty Occurrence with respect to any Item shall be applied at Regions’ election, in whole or in part, to (a) repair or replace such Item or any part
thereof, or (b) satisfy any obligation of the Companies to Regions hereunder or under any Agreement. 
 VII. Insurance. (a) The
Companies’ shall, at its own expense, commencing with the delivery of any Item to the Companies’ premises and continuing until all of the Companies’ obligations are performed in full with respect to the Schedule covering said Item,
keep the Equipment insured for such amounts and against such hazards as Regions may from time to time require; provided, that, the Companies’ present insurance coverage and coverage reasonably consistent with that coverage existing on the date
hereof shall be considered acceptable by Regions. Without limiting the foregoing, each Company shall 

  
 2 

 
maintain insurance that includes: (i) special form replacement cost insurance for damage to the Equipment (or any portion thereof), which insurance amount shall not be less than the Casualty
Value of each Item; (ii) commercial general liability insurance insuring against liability for property damage, death and bodily injury resulting from the transportation, ownership, possession, use, operation, performance, maintenance, storage,
repair or reconstruction of the Equipment, which insurance as to an Item under any Schedule shall not be less than the amount set forth in the applicable Schedule (or of which Regions otherwise notifies the Companies in writing thereafter); and
(iii) if reasonably requested by Regions, other or additional coverage, including motor vehicle coverage. In addition, the Companies shall, at no expense to Regions cause the Equipment to be covered by the insurance specified above commencing
upon the placement thereof in transit for shipment of such Item from the Supplier to the Companies. 
 (b) All such policies
shall be with companies and on terms satisfactory from time to time to Regions and all insurance policies shall: (i) name Regions as sole loss payee and additional insured with respect to the Equipment leased or financed hereunder;
(ii) provide that the policies will not be invalidated as against Regions because of any violation of a condition or warranty of the policy or the application therefor by any Company; (iii) provide that the policies may be materially
altered or canceled by the insurer only after at least thirty (30) days prior written notice to Regions and to any and all of Regions’ assignees; and (iv) provide for a Lender’s loss payable endorsement in Regions’ favor and
any other endorsements related to the Equipment leased or financed hereunder which Regions may require from time to time. Each comprehensive physical loss or damage insurance policy shall also provide that any proceeds payable by said insurer with
respect to any loss or destruction of, or damage to, any Item, shall be payable solely to Regions. The Companies agree to inform Regions immediately in writing of any notices from, or other communications with, any insurers that may in any way
adversely affect the insurance policies being maintained pursuant to this Section VII. No insurance related to the Equipment leased or financed hereunder shall be subject to any co-insurance clause. Any deductibles and retentions shall be subject to
Region’s approval. All insurance premiums shall be prepaid by the Companies. The Companies hereby appoint Regions as the Companies’ attorney-in-fact with respect to claims relating to this Agreement or the Equipment under policies of
insurance maintained in accordance with the terms hereof. The Companies agree to deliver to Regions evidence of compliance with this Section VII satisfactory to Regions, including any requested copies of policies, certificates and endorsements, with
premium receipts therefor, on or before the date of execution by the Companies of the applicable Schedule and thereafter within five (5) business days after Regions’ request. 
 VIII. Negative Covenants of the Companies. No Company shall: (a) sell, assign, lease or otherwise transfer (including by operation of law) any Item or any of its interest in or rights
under this Agreement or as to any Item, without Regions’ prior written consent; (b) change Company’s legal name, state of organization, organizational structure (by merger or otherwise) or organizational identification number, without
providing Regions with written notice five (5) business days in advance; (c) mortgage, pledge, grant a security interest in or otherwise permit, suffer or cause any Lien to exist or remain on any Item except Permitted Liens;
(d) record or attempt to record a termination statement under Article 9 of the UCC, without Regions’ prior written consent; or (e) fail to promptly provide Regions with any notice required hereunder. For the purpose of this Section
VIII, “Permitted Lien” shall mean any Lien for impositions, liens of mechanics, materialmen, or suppliers and similar liens arising by operation of law, provided that any such lien is incurred by Company in the ordinary course of
business, for sums that are not yet delinquent or are being contested in good faith and with due diligence, by negotiations or by appropriate proceedings which suspend the collection thereof and, in Regions’ reasonable discretion, (i) do
not involve any substantial danger of the sale, forfeiture or loss of the Equipment or any interest therein, and (ii) for the payment of which adequate assurances or security have been provided to Regions. If for any reason Regions determines
that any Lien is not a Permitted Lien, Company will pay within five (5) business days after receipt of notice from Regions, the Casualty Value of the Equipment affected by such Lien. 
 IX. Events of Default. An Event of Default shall be deemed to have occurred hereunder if: (a) any Company fails to pay any Payment within five (5) business days when due (in good,
collected and indefeasible funds), fails to return any Item to Regions to the extent required by this Agreement, fails to maintain insurance as required by this Agreement or breaches any of the covenants contained in Section VIII hereof;
(b) any representation or warranty of any Company or the Guarantor to Regions is false in any material respect when made; (c) any Company or the Guarantor breaches any representation, warranty, term, condition or covenant in any Agreement,
any Guaranty, any other present or future agreement between any Company or the Guarantor and Regions or an Affiliate of Regions; (d) any Company or the Guarantor becomes insolvent, dissolves or ceases to do business as a going concern, makes an
offer of settlement, extension or composition to its unsecured creditors generally, makes an assignment for the benefit of its creditors, or files a petition for an order for relief under the United States Bankruptcy Code or any similar federal or
state law, or has such a petition filed against it which is not dismissed within sixty (60) days; (e) all or a material part of the property of any Company or the Guarantor is attached or a trustee, receiver or other custodian is appointed
for any Company or such property; (f) a majority of the board of directors of the Guarantor are not Continuing Directors; (g) the occurrence of any event (whether in one or more transactions) which results in the transfer of all or
substantially all of the assets of Company or Guarantor, except to another Loan Party provided that the Companies provide notice of such a transfer to another Loan Party to Regions within thirty (30) days of such transfer; (h) the
occurrence of any event (whether in one or more transactions) which results in the acquisition by a person or group, other than to Permitted Holders, of more than fifty percent (50%) of the beneficial ownership, directly or indirectly, of the
voting power of the total outstanding equity interests of Company or Guarantor; (i) the default under any agreement to which any Company or the Guarantor is party or to which any of their properties are bound relating to indebtedness in excess
of $5,000,000, which default continues for more than the applicable cure period, if any, with respect thereto; (j) any Company attempts to repudiate this Agreement or revoke acceptance of any Item; or (k) the Guarantor attempts to
repudiate, revoke, rescind, withdraw or cancel a Guaranty. The Companies acknowledge that an Event of Default under any Agreement shall constitute an Event of Default under all Agreements. For purposes of this Article IX, “Permitted
Holders” shall mean John E. Crisp, Charles C. Forbes, Janet L. Forbes, and any family member of any of them and “Continuing Directors” shall mean any member of the board of directors of the Guarantor that was a member of
the board as of the date of the Master Agreement and any director who was nominated for election or appointed or elected to the board of directors with the approval or ratification of a majority of the Continuing Directors who were members of the
board of directors at the time of such nomination or election. 
 X. Rights and Remedies upon Default. (a) Upon the
occurrence of an Event of Default, Regions shall have any and all rights and remedies existing at law or in equity and shall have the right, at its sole election, at any time to exercise any or all of such remedies concurrently, successively or
separately, without notice to the Companies (unless specifically stated in this Agreement). Without limiting the foregoing, upon the occurrence of an Event of Default, Regions may at its election declare any or all Schedules to be in default and
exercise any and all rights and remedies specified in the applicable Schedule(s) as well as the following rights and remedies: (i) proceed at law or in equity to enforce specifically the Companies’ performance or to recover damages;
(ii) require the Companies to immediately assemble, make available and if requested by Regions return the Equipment (or, if so requested, any Items designated by Regions) to Regions at a time and place designated by Regions; (iii) enter
any premises where any Item may be located and repossess, disable or take possession of such Item (and/or any attached or unattached parts) by self-help, summary proceedings or otherwise without liability for rent, costs, damages or otherwise;
(iv) use the Companies’ premises for storage without rent or liability; (v) sell, lease or otherwise dispose of the Equipment or such Items at private or public sale, in bulk or in parcels, with or without notice except to the extent
required by applicable law, and without having the Equipment or such Items present at the place of sale; (vi) disable or keep idle all or part of the Equipment or such Items; or (vii) accelerate the Companies’ obligations and recover
from the Companies an amount equal to the sum of the following (the “Required Default Amount”): (A) the “Base Default 

  
 3 

 
Amount” set forth in the applicable Schedule; (B) all costs and expenses incurred by Regions in any repossession, transportation, recovery, storage, refurbishing, advertising, repair,
sale, re-lease, or other disposition of the Equipment or Regions enforcement of its rights hereunder, including Attorneys’ Fees and any brokers’ or similar fees or any other fees, costs or expenses resulting from the Event of Default; plus
(C) interest on the amounts due in Sections X(a)(vii) (A) and (B) from the date due until paid at a rate of eighteen percent (18%) per annum or the highest rate allowed by law, whichever is lower. Notwithstanding the foregoing,
upon the occurrence of an Event of Default under Section IX(d) or (e) above, the Companies’ obligations hereunder shall automatically accelerate and the Companies shall be deemed to immediately owe to Regions, without notice or demand from
Regions, the Required Default Amount. The Companies expressly acknowledge that this Agreement sets forth a reasonable amount and reasonable formula for calculation of liquidated damages in light of the anticipated harm caused by any default by the
Companies hereunder and that such harm would otherwise be difficult or impossible to calculate or ascertain. 
 (b) In the event
the Companies pay to Regions the Required Default Amount and any and all other amounts due and payable to Regions hereunder as a result of the Event of Default (in good, collected and indefeasible funds) prior to the date Regions enters into a
contract or otherwise determines that it is obligated to a third party with respect to the disposition of the Equipment, Regions shall release its security interest in the Equipment or transfer to the Companies (without recourse, representation or
warranty, “AS IS, WHERE IS”) any right, title or interest Regions may have in such Equipment. In the event Regions disposes of the Equipment, it shall apply the Net Proceeds (as hereinafter defined) to the Companies’ obligations in
the order Regions determines. As used herein, the term “Net Proceeds” shall mean: (i) in the case of a purchase of the Equipment in immediately available funds by the purchaser, the amount received by Regions from said purchaser; or
(ii) in the case of a purchase of the Equipment which Regions finances pursuant to a lease intended as security or other equipment finance arrangement or in the case of a disposition pursuant to a true lease (any such leases or finance
agreements being referred to hereinafter as a “Replacement Agreement”), an amount equal to the sum of all non-cancellable periodic payments and any purchase election, purchase requirement or balloon payment set forth in the
Replacement Agreement, discounted to present value at the implicit rate of the Replacement Agreement as determined by Regions. 

(c) With respect to any exercise by Regions of its right to dispose of the Equipment or any Items, Company acknowledges and agrees that
Regions shall have no obligation, subject to any legal requirements of commercial reasonableness, to clean-up or otherwise prepare the Equipment or any Items for disposition; Regions may comply with any state or federal law requirements that Regions
deems to be applicable or prudent to follow in connection with any such disposition; and any actions taken in connection therewith shall not be deemed to have adversely affected the commercial reasonableness of any such disposition. If Equipment
delivered to or picked up by Regions contains goods or other property not constituting of Equipment, Company agrees that Regions may take such other goods or property, provided that Regions makes reasonable efforts to make such goods or property
available to Company after repossession upon Company’s written request. 
 (d) If, after an Event of Default, this
Agreement is placed in the hands of an attorney, collection agent or other professional for collection of Payments or enforcement of any other right or remedy of Regions, the Companies shall pay all Attorneys’ Fees and associated costs and
expenses. Forbearance as to any Event of Default shall not be deemed a waiver, all waivers to be enforceable only if specifically provided in writing by Regions, and waiver of any Event of Default shall not be a waiver of any other or subsequent
Event of Default. To the fullest extent permitted by applicable law, the Companies hereby waive any rights now or hereafter conferred by statute or otherwise that may require Regions to sell, lease or otherwise use any Equipment in mitigation of
Regions’ damages set forth in this Agreement or that may otherwise limit or modify any of Regions’ rights or remedies set forth in this Agreement. 
 XI. Indemnification. The Companies hereby agree to defend, indemnify and hold REFCO, RCEF, each Executing Affiliate and each other Affiliate, including Regions Bank (and at Regions’ election,
any and all employees, agents, directors, partners, shareholders, officers, members of the foregoing and any assignee or secured party of Regions), harmless from and against: (a) all claims, allegations, demands, suits, actions, and legal
proceedings incurred incident to, arising out of, or in any way connected with, this Agreement, any Schedule, any Item, or the transactions contemplated hereby, whether civil, criminal, administrative, investigative or otherwise, including
arbitration, mediation, bankruptcy and appeal and including any claims, demands, suits and legal proceedings arising out of (i) the actual or alleged manufacture, purchase, financing, ownership, delivery, rejection, non-delivery, possession,
use, transportation, storage, operation, maintenance, repair, return or other disposition of the Equipment; (ii) the existence of latent and other defects (whether or not discoverable by the Companies or Regions); (iii) patent, trademark
or copyright infringement; or (iv) any alleged or actual default by any Company (all of the foregoing are referred to as “Actions”); and (b) any and all penalties, losses, liabilities (including the liability of the
Companies or Regions for negligence, tort and strict liability, but excluding the gross negligence of Regions), damages, costs, court costs, harms, judgments and any and all other expenses (including Attorneys’ Fees, judgments and amounts paid
in settlement and other legal and non-legal expenses incurred investigating or defending any Action) incurred incident to, arising out of or in any way connected with any Actions, this Agreement, any Schedule, any Items, or any other instrument,
document or agreement executed in connection with or contemplated by any of the foregoing (collectively, “Losses”). The Companies agree to give Regions prompt notice of any claim or liability hereby indemnified against. The
Companies shall, at Regions’ election, appear and defend any Action and/or pay the cost of the defense of any Action brought against Regions, either alone or in conjunction with others. The Companies shall satisfy, pay and discharge any and all
Losses that may be, incurred by, or recovered against, Regions in connection with any Action. The foregoing Indemnities are continuing indemnities and shall survive expiration or termination of this Agreement for any reason. 

XII. Representations and Warranties. Each Company represents, warrants, covenants and agrees that: (a) it is duly organized, validly existing
and in good standing under the laws of Delaware; it is qualified to do business and in good standing under the laws of each state in which its use and possession of any Item would require such qualification and has the organizational identification
number listed in first paragraph on page 1 of this Master Agreement (the “Preamble”), if any; (b) its name listed in the Preamble is its correct legal name; (c) it has the requisite limited liability company power and
authority to execute, deliver and perform all its obligations under this Agreement; (d) this Agreement has been duly authorized by all necessary limited liability company action of such Company, duly executed on behalf of such Company and
constitutes a valid and legally binding obligation of such Company, enforceable in accordance with its terms; (e) the execution and performance by such Company of this Agreement and the validity hereof, do not require the consent or approval
of, giving of notice to, registration with, or taking of any other action in respect of, any state, federal or other governmental authority or agency, any shareholders, partners, members, trustees or holders of any indebtedness of such Company; or
if any such consent, approval, notice, registration or action is required, it has been obtained, given or taken, and evidence thereof has been delivered to Regions or will be delivered concurrently with the execution of this Agreement; (f) the
execution, delivery or performance by such Company of its obligations under this Agreement shall not contravene, in any material respect (i) any law; (ii) any provision in such Company’s certificate of formation and limited liability
company agreement; (iii) any provision in any material existing mortgage, indenture, loan or credit agreement, or other contract or agreement binding on such Company; or (iv) any judgment, decree, order, franchise or permit applicable to
such Company; (g) neither the execution and delivery of this Agreement nor the fulfillment of, or compliance with, the terms and provisions hereof, will result in the creation of any Lien upon all or any portion of the Equipment (other than
under this Agreement); (h) such Company is not a party to any agreement or instrument, or subject to any chartering or governing document, or 

  
 4 

 
other corporate or business restriction, materially and adversely affecting its business, properties, assets, operations or condition (financial or otherwise), and such Company is not in default
in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any material agreement for borrowed money or other material agreement or instrument to which it is a party or by which it may be bound in
any manner; (i) all annual or quarterly balance sheets, profit and loss statements, statements of income or other financial statements of the Guarantor, heretofore or hereinafter delivered to Regions, have been prepared in accordance with
generally accepted accounting principles and fairly present the financial position of the Guarantor, on a consolidated basis, on and as of the date thereof and the results of its operations for the period or periods covered thereby (subject to
footnotes and year-end audit adjustments), and since the date of the latest such balance sheet, profit and loss statements of income or other financial statements, there has been no material adverse change in the financial position of the Guarantor;
(j) such Company is not in default under this Agreement; (k) there are no pending or threatened actions or proceedings before any court, administrative agency or other tribunal or body or judgments which may materially and adversely affect
such Company’s financial position or results of operations; and (l) such Company shall notify Regions in writing within five (5) business days after any Lien shall attach to any Item, and any such notice shall specify the location of
such Item on the date of such notification, the amount and circumstances of any claim giving rise to such Lien and the identity and address of the lienholder. 
 XIII. Further Assurances; Power of Attorney. The Companies will, upon demand of Regions and at the Companies’ sole cost and expense, do and perform any other act and will execute, deliver,
file or record any and all further writings or records reasonably requested by Regions to protect Regions’ rights hereunder, including financing statements, applications for certificates of title or other records under the UCC or other
applicable law as currently in force or as subsequently revised, enacted or re-enacted. The Companies further authorize Regions or its designee, and irrevocably appoints Regions and any such designee as the Companies’ attorney-in-fact (coupled
with an interest) to enter the Commencement Date and any other information that does not materially change the terms of this Agreement on this Master Agreement and any Schedule or other writing executed in connection with this Agreement, or any
Item, to execute applications for certificates of title or notice of Lien relating to any Item, to file or record financing statements, amendments to financing statements and continuations or to execute and deliver or otherwise authenticate and
communicate any writing or record and take any other actions that Regions reasonably deems necessary or desirable to protect Regions’ interest under this Agreement. The Companies further authorize Regions and its designee to transmit and file
any such statements, ministerial changes and other items by electronic means. If the Companies shall fail to provide any insurance, remove any Lien, pay any Tax, provide any indemnity, or otherwise perform any obligation hereunder that may be
performed or satisfied by the payment of money, Regions may, in addition to and without waiver of any other right or remedy herein provided, pay such sum for the Companies’ account. In such event, the Companies’ shall reimburse Regions
immediately upon demand for all such sums, together with interest at one and one-half percent (1.5%) per month or the highest rate allowable under applicable law, whichever is lower. The Companies acknowledge that any default described in this
paragraph is a monetary default. 
 XIV. Definitions and Rules of Construction. As used in this Agreement: (a) unless otherwise
stated herein, all references in the Master Agreement to Sections shall be to Sections of the Master Agreement; (b) the terms “herein” or “hereunder” or like terms shall be deemed to refer to this Agreement as
a whole and not to a particular section; (c) terms “include” or “including” shall mean “include” or “including”, as the case may be, without limiting the generality of any description or
word preceding such term; (d) the expression “satisfactory to Regions”, “determined by Regions” “in Regions’ judgment”, “at Regions’ election” or similar words which grant Regions
the right to choose between alternatives or to express its opinion, shall mean that the satisfaction, judgment, choices and opinions are to be made in Regions’ reasonable discretion; (e) the term “Affiliate” of a person or
entity means any person or entity which directly or indirectly beneficially owns or holds ten percent (10%) or more of any class of voting stock or other interest of such person or entity or directly or indirectly controls, is controlled by, or
is under common control with such person where the term “control” means the power to direct or cause the direction of the management and policies of such person or entity, whether through the ownership of voting securities, by contract, or
otherwise; (f) the term “Attorneys’ Fees” shall include reasonable attorneys’ fees incurred by Regions incident to, arising out of or in any way connected with Regions’ interests in or defense of any Action (as
defined in Section XI) or Regions’ enforcement of its rights and interests under this Agreement, including attorneys’ fees incurred by Regions to collect sums due, during any work-out, with respect to settlement negotiations, or in any
bankruptcy proceeding (including attorneys’ fees incurred in connection with any motion for relief from the automatic stay and any motion to assume or reject any Agreement); (g) the term “Equipment” includes all items of
personal property described on each Schedule including all inventory, fixtures or other property leased or financed under such Schedule, and only to the extent permitted under the language of subsection (6) of the definition of Permitted Liens
as set forth in the Indenture (as in effect as of the date hereof, without giving effect to any subsequent amendment, discharge or termination) and the language of subsection (f) of the definition of Permitted Encumbrances as set forth under
the Loan Agreement (as in effect as of the date hereof, without giving effect to any subsequent amendment, discharge or termination), any related software (embedded or otherwise) and any and all general intangibles, replacements, repairs, additions,
attachments, accessories and accessions thereto whether or not furnished by the Supplier; (h) the term “Guaranty” shall mean any guaranty executed by a Guarantor for the benefit of Regions or any of its Affiliates; (i) the
term “Lien” means any mortgage, pledge, security interest, hypothecation, assignment, encumbrance, lien (statutory or other, including tax and materialmen’s liens), privilege, or preference, priority, or other security
agreement or preferential arrangement, charge, or encumbrance of any kind or nature whatsoever; (j) the term “material” shall have the meaning generally ascribed to it by courts of competent jurisdiction applying the laws of the
governing jurisdiction set forth herein; (k) the term “Supplier” means any supplier, manufacturer or other person or entity from whom the Equipment is purchased; (l) the term “Supply Contract” means the
contract under which the Equipment was purchased from the Supplier or purchase order therefor; (m) the “UCC” means the Uniform Commercial Code as enacted in the State of New York; (n) “Article 9 of the
UCC” means Article 9 of the Uniform Commercial Code as enacted in the State of New York; (o) the term “Indenture” means that certain indenture dated as of June 7, 2011 among the Parent, the guarantors named
therein and Wells Fargo Bank, National Association, as trustee, as now in effect without regard to any future amendment; and the term “Loan Agreement” means that certain Loan and Security Agreement dated September 9, 2011 by and among
the Parent, the Companies, certain other subsidiaries of the Parent, certain lenders named therein and Regions Bank, as agent for the secured parties, as amended by that certain First Amendment dated as of December 13, 2011 and that certain
Second Amendment dated as of [            ], as now in effect without regard to any future amendment. The captions or headings in this Agreement are made for convenience and general
reference only and shall not be construed to describe, define or limit the scope or intent of the provisions of this Agreement. As used herein all singular terms include the plural form thereof, and vice versa. The exhibits annexed hereto are
incorporated herein by this reference and made a part hereof as if contained in the body of this Agreement. All references to sections hereunder shall be deemed to refer to sections of this Agreement, unless otherwise expressly provided, whether or
not “hereof”, “above”, “below” or like words are used. Any use of the term “Equipment” herein shall be deemed to refer equally to all Items and each Item, it being the understanding of the parties that any
reference to “Equipment” shall not be deemed to prejudice any rights or remedies of Regions, or obligations of the Companies, hereunder with respect to each Item and that any reference to “Item” shall not be deemed to prejudice
any rights or remedies of Regions, or obligations of the Companies, with respect to all of the Equipment. This Agreement has been drafted by counsel for Regions as a convenience to the parties only and shall not, by reason of such action, be
construed against Regions or any other party. The Companies acknowledge and agree that they have had full opportunity to review this Agreement and have had access to counsel of their choice to the extent it deems necessary in order to interpret the
legal effect hereof. The Companies agree that Regions may request and review credit reports regarding any Company and the Guarantor. This Agreement may be executed in several counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same agreement. This Agreement and exhibits hereto constitute the entire agreement of 

  
 5 

 
the parties with respect to the subject matter hereof. Any Schedule to this Master Agreement may, by its express terms, supplement or amend this Master Agreement as it applies to said Schedule
and other Schedules to this Master Agreement to, among other things, add additional Events of Default or covenants. 
 XV. Miscellaneous.
(a) Any notice or other communication required or desired to be given shall be in writing and shall be sent by certified mail (return receipt requested), by a nationally recognized express courier service (such as FedEx) or personally served.
Each such notice shall be deemed to be duly given when deposited in any depository maintained by the United States Post Office, when deposited with a nationally recognized express courier service or when personally served. Each such notice shall be
addressed to the Companies at the address set forth in the first paragraph of the first page hereof or to Regions at the addresses set forth below its signature until any Schedule is executed, and, thereafter, at the address specified in such
Schedule, if different, or to any other address as may be specified by a party by a notice given as provided herein. Notwithstanding the foregoing, any notice, request or demand made by the Companies pursuant to any statutory rights granted the
Companies under the UCC (as currently in force or as subsequently revised or re-enacted) shall be effective only upon receipt of a copy of said notice, request or demand by Regions at the address set forth in the first paragraph of the first page
hereof with the following caption: “Attn: Manager, Equipment Finance Operations.” 
 (b) As additional security
for the Companies obligations under each Schedule, the Companies’ grant to Regions, to the extent permitted under the language of subsection (6) of the definition of Permitted Liens as set forth in the Indenture (as in effect as of the
date hereof, without giving effect to any subsequent amendment, discharge or termination) and under the language of subsection (f) of the definition of Permitted Encumbrances as set forth in the Loan Agreement (as in effect as of the date
hereof, without giving effect to any subsequent amendment, discharge or termination), a security interest in: (i) all of the Equipment leased or financed pursuant to each and every other Schedule (the “Other Schedules”)
irrespective of whether REFCO, RCEF or an Executing Affiliate is “Regions” under such Other Schedules; (ii) without limitation of the restrictions set forth in Section VIII, any leases, subleases, chattel paper, accounts, security
deposits and proceeds relating to any Equipment leased or financed pursuant to said Schedule or any Other Schedules; and (iii) all proceeds of the foregoing described collateral. Anything herein to the contrary notwithstanding: (A) the
security interests granted pursuant to Section XV(b) shall be (1) for the benefit of any assignee of Regions that is not an Affiliate of Regions so long as but only to the extent that such assignee is the lessor or lender of one or more Other
Schedules; and (2) for the benefit of REFCO, RCEF, any Executing Affiliate and any assignee that is an Affiliate of any of them only to the extent and so long as any of REFCO, RCEF, such Executing Affiliate or any other such Affiliate is the
lessor or lender of one or more Other Schedules, it being the intention of the parties that all Schedules with REFCO, RCEF, any Executing Affiliate or any such other Affiliate shall be cross collateralized notwithstanding the fact that different
entities are the lessor or lender of any such Schedules. Notwithstanding anything to the contrary herein, including the Commencement Date, any security interest granted pursuant to this Agreement shall become effective between the parties with
respect to each Item as soon as a Company receives possession thereof. In addition to, and without limiting the foregoing, the Companies hereby further agree that any security interests granted in this Master Agreement, any Schedule or any other
document, instrument or agreement executed in connection with the foregoing shall also secure all obligations of the Companies to each Affiliate of Regions (including the Companies’ obligations under or in connection with any existing and
future swap agreements (as defined in 11 U.S.C. § 101, as in effect from time to time) with Regions or any of its Affiliates), provided, however, that such security interest shall be for the benefit of any assignee of Regions or any such
Affiliates so long as but only to the extent that such assignee is also an Affiliate of Regions. 
 (c) Regions may assign
this Agreement and any and all Schedules hereto, as well as all of its right, title and interest hereunder, to any person or entity whatsoever without notice to or consent of the Companies. In such event, Regions’ assignee shall have all of
the rights, but none of the obligations, of Regions hereunder and each Company agrees that it will not assert against any assignee of Regions any defense, counterclaim or offset that the Company may have against Regions with respect to this
Agreement or any other matter. Each Company acknowledges that any assignment or transfer by Regions, in whole or in part, does not materially change the Companies’ duties or obligations under this Agreement nor materially increase the burdens
or risks imposed on the Companies. Only Regions’ original counterpart of each Schedule constitutes Chattel Paper for purposes of the UCC, and no security interest can be perfected by possession of any other duplicate original or counterpart,
whether or not signed by the parties. 
 (d) Timeliness of the Companies’ payment and other performance is of the
essence of this Agreement. The provisions of this Agreement shall be severable and if any provision shall be invalid, void or unenforceable in whole or in part for any reason, the remaining provisions shall remain in full force and effect. This
Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns (subject nevertheless to restrictions against assignment provided in Section VIII). All representations, warranties and
agreements made herein by any of the parties hereto shall survive consummation of the transactions contemplated hereby. The Companies’ obligations as to events or conditions occurring during the Term shall survive termination, cancellation or
expiration of this Agreement as to any Item. Regions’ failure at any time to require strict performance by the Companies with any of the provisions hereof shall not waive or diminish Regions’ right thereafter to demand strict compliance
therewith. Nothing herein shall be deemed to provide or imply that Regions is a “merchant” as to any Item within the meaning of the UCC as currently in force or as subsequently revised or re-enacted. The Companies acknowledges that
Regions’ approval of any Equipment, Supplier or other parties or documentation relating to any Agreement will be solely for the protection of Regions’ interests in the Equipment and under such Agreement and under no circumstances shall be
construed to impose any responsibility or liability of any nature whatsoever on Regions. 
 (e) Federal law requires all
financial institutions to obtain, verify and record information regarding customers. Regions has or will obtain and will keep on file information complying with 31 CFR Part 103.121 regarding the Companies, including the Companies’ name, address
and copies of various identifying documents. 
 (f) Intentionally omitted 

(g) Neither this Master Agreement nor any Agreement shall become effective unless and until accepted by execution by an officer of
Regions in Birmingham, Alabama. This Master Agreement and each Agreement shall be governed in all respects by, and construed and enforced in accordance with, the laws of the State of New York, excluding conflicts-of-law principles. Each of
the Companies and Regions hereby waives all rights to trial by jury in any litigation arising under this Agreement or regarding the Equipment. For purposes of any action or proceeding involving this Agreement, each party hereby expressly submits
to the jurisdiction and venue of all federal and state courts located in the State of New York, New York County, and consents to be served with any process on paper by registered mail or by personal service within or without said state and county in
accordance with applicable law, provided a reasonable time for appearance is allowed. Each party hereby waives, to the fullest extent it may effectively do so, the defense of an inconvenient forum to the maintenance of any such action or proceeding.
Nothing in this paragraph shall affect the right of any party to serve legal process in any other manner permitted by law or affect the right of any party to bring any action or proceeding in the courts of any other jurisdiction. Following
expiration or termination of all Schedules, if the Companies are not then in default, either party may terminate 

  
 6 

 
this Master Agreement by written notice to the other party. The terms of any letter of intent or proposal are superseded hereby and declared null and void. The parties intend and agree that a
carbon copy, photocopy or facsimile of this Agreement or any document executed in connection herewith with their signature thereon and all counterparts when taken together, shall be deemed to be as binding, valid, genuine, and authentic as an
original-signature document for all purposes, including all matters of evidence and the “best evidence” rules. No variation or modification of this Agreement or any term or provision hereof, or waiver, discharge, cancellation or
termination of any of its provisions or conditions, shall be valid unless in a writing and signed by an authorized representative of the party against whom the enforcement of such variation, modification, waiver, discharge, cancellation or
termination is sought. The Companies acknowledge having read this Section XV(g). INITIAL HERE:  /s/ LMC            . 

[Signature Page to Follow] 

  
 7 

							
	Company:	  	TX Energy Services, LLC	  	WITNESS	  	 /s/ Petra Alfaro

	By:	  	 /s/ L. Melvin Cooper
	  	Print Name:	  	Petra Alfaro
	Print Name:	  	L. Melvin Cooper	  	Signature	  	
	Title:	  	Senior Vice President, Chief Financial Officer and Assistant Secretary	  		  	
				
	Company:	  	C. C. Forbes, LLC	  	WITNESS	  	 /s/ Petra Alfaro

	By:	  	 /s/ L. Melvin Cooper
	  	Print Name:	  	Petra Alfaro
	Print Name:	  	L. Melvin Cooper	  	Signature	  	
	Title:	  	Senior Vice President, Chief Financial Officer and Assistant Secretary	  		  	
	
	Accepted by Regions in Birmingham, Alabama, this the 6th day of June, 2012.
				
	RCEF:	  	REGIONS COMMERCIAL EQUIPMENT FINANCE, LLC	  	REFCO	  	REGIONS EQUIPMENT FINANCE CORPORATION
	By:	  	 /s/ Scott McClain
	  	By:	  	 /s/ Scott McClain

	Title:	  	Senior Vice President	  	Title:	  	Senior Vice President

 Addresses: 
 REGIONS EQUIPMENT FINANCE CORPORATION 
 Attn: Manager, Equipment Finance Operations

 P. O. Box 2545 

Birmingham, AL 35202 
 Addresses:

 REGIONS COMMERCIAL EQUIPMENT FINANCE, LLC 
 Attn: Manager, Equipment Finance Operations 
 P. O. Box 2545 

Birmingham, AL 35202 

  
 8 

 FIRST AMENDMENT TO MASTER AGREEMENT 

THIS FIRST AMENDMENT TO MASTER AGREEMENT (this “Amendment”) is entered into as of July 12, 2012 (the
“Effective Date”), by and among: (a) TX Energy Services, LLC, a Delaware limited liability company, file number 4379582, and C.C. Forbes, LLC, a Delaware limited liability company, file number 4379586, (each a
“Company” and collectively, the “Companies”), each with a principal place of business at 3000 South Business Highway 281, Alice, Texas and (b) Regions Equipment Finance Corporation, an Alabama corporation
(“REFCO”), and Regions Commercial Equipment Finance, LLC, an Alabama limited liability company (“RCEF”), both with an office at 1900 Fifth Avenue North, Suite 2400, Birmingham, Alabama 35203. 

R E C I T A L S: 

WHEREAS, the Companies, REFCO and RCEF entered into that certain Master Agreement, dated June 6, 2012 (the “Master
Agreement”); 
 WHEREAS, the Companies, REFCO and RCEF desire to amend certain terms and provisions of the Master
Agreement; 
 A G R E E M E N T: 

NOW, THEREFORE, in consideration of the terms and provisions of this Amendment and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 1. Existing Definitions. Unless
otherwise defined herein, capitalized terms used herein shall have the meanings set forth in the Master Agreement. 
 2.
Amendment to the Master Agreement. 
 (a) Effective July 12, 2012, the Master Agreement is hereby
amended to delete subsection (o) of Section XIV in its entirety and replace it with the following: 
 “(o) the term
“Indenture” means that certain indenture dated as of June 7, 2011 among the Parent, the guarantors named therein and Wells Fargo Bank, National Association, as trustee, as now in effect without regard to any future amendment;
and the term “Loan Agreement” means that certain Loan and Security Agreement dated September 9, 2011 by and among the Parent, the Companies, certain other subsidiaries of the Parent, certain lenders named therein and Regions Bank, as
agent for the secured parties, as amended by that certain First Amendment to Loan and Security Agreement dated as of December 13, 2011, and as further amended by that certain Second Amendment to Loan and Security Agreement dated as of
July 3, 2012, as now in effect without regard to any future amendment.” 

 (b) Effective July 12, 2012, the Master Agreement is hereby amended to
delete subsection (b) of Section XV in its entirety and replace it with the following: 
 “(b) Subject to, and to the
extent permitted under the language of subsection (6) of the definition of Permitted Liens as set forth in the Indenture (as in effect as of the date hereof, without giving effect to any subsequent amendment, discharge or termination) and under
the language of subsection (f) of the definition of Permitted Encumbrances as set forth in the Loan Agreement (without giving effect to any subsequent amendment, discharge or termination), the parties agree that: 

As additional security for the Companies’ obligations under each Schedule, the Companies grant to Regions a security interest in:
(i) all of the Equipment leased or financed pursuant to each and every other Schedule (the “Other Schedules”) irrespective of whether REFCO, RCEF or an Executing Affiliate is “Regions” under such Other Schedules;
(ii) without limitation of the restrictions set forth in Section VIII, any leases, subleases, chattel paper, accounts, security deposits and proceeds relating to any Equipment leased or financed pursuant to said Schedule or any Other Schedules;
and (iii) all proceeds of the foregoing described collateral. Anything herein to the contrary notwithstanding: (A) the security interests granted pursuant to Section XV(b) shall be (1) for the benefit of any assignee of Regions that
is not an Affiliate of Regions so long as but only to the extent that such assignee is the lessor or lender of one or more Other Schedules; and (2) for the benefit of REFCO, RCEF, any Executing Affiliate and any assignee that is an Affiliate of
any of them only to the extent and so long as any of REFCO, RCEF, such Executing Affiliate or any other such Affiliate is the lessor or lender of one or more Other Schedules, it being the intention of the parties that all Schedules with REFCO, RCEF,
any Executing Affiliate or any such other Affiliate shall be cross collateralized notwithstanding the fact that different entities are the lessor or lender of any such Schedules. Notwithstanding anything to the contrary herein, including the
Commencement Date, any security interest granted pursuant to this Agreement shall become effective between the parties with respect to each Item as soon as a Company receives possession thereof. In addition to, and without limiting the foregoing,
the Companies hereby further agree that any security interests granted in this Master Agreement, any Schedule or any other document, instrument or agreement executed in connection with the foregoing shall also secure all obligations of the Companies
to each Affiliate of Regions (including the Companies’ obligations under or in connection with any existing and future swap agreements (as defined in 11 U.S.C. § 101, as in effect from time to time) with Regions or any of its Affiliates),
provided, however, that such security interest shall be 

 
for the benefit of any assignee of Regions or any such Affiliates so long as but only to the extent that such assignee is also an Affiliate of Regions.” 

3. Reference to and Effect on the Master Agreement. 
 (a) On and after the date hereof, each reference in the Master Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import, shall mean
and be a reference to the Master Agreement as amended hereby. 
 (b) Except as specifically amended above, the Master Agreement
and the Schedules thereof shall remain in full force and effect and are hereby ratified and confirmed. 
 4. Execution in
Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together
shall constitute but one and the same instrument. 
 5. Facsimile Documents and Signatures. For purposes of negotiating
and finalizing this Amendment, if this document or any document executed in connection with it is transmitted by facsimile machine, it shall be treated for all purposes as an original document. Additionally, the signature of any party on this
document transmitted by way of a facsimile machine shall be considered for all purposes as an original signature. Any such faxed document shall be considered to have the same binding legal effect as an original document. At the request of any party,
any faxed document shall be re-executed by each signatory party in an original form. 
 6. Final Agreement. THIS
WRITTEN AMENDMENT OF THE MASTER AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN 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. 
 [Signature Pages to Follow] 

 IN WITNESS WHEREOF, each of the parties has signed this Amendment as of the day and year
first above written. 
  

			
	COMPANIES:
	
	TX ENERGY SERVICES, LLC
		
	By:	 	/s/ L. Melvin Cooper
	Name:	 	L. Melvin Cooper
	Title: 	 	SVP & CFO

  

			
	C.C. FORBES, LLC
		
	By:	 	/s/ L. Melvin Cooper
	Name:	 	L. Melvin Cooper
	Title:	 	SVP & CFO

  

			
	RCEF:
	
	REGIONS COMMERCIAL EQUIPMENT FINANCE, LLC
		
	By:	 	/s/ Scott McClain
	Name:	 	B. Scott McClain
	Title: 	 	Senior Vice President

  

			
	REFCO:
	
	REGIONS EQUIPMENT FINANCE CORPORATION
		
	By: 	 	/s/ Scott McClain
	Name:	 	B. Scott McClain
	Title: 	 	Senior Vice President

 [Signatures Continued on Following Page] 

Signature Page to First Amendment to Master Agreement 

 
			
	Agreed and Acknowledged to by CapitalSource Bank (“CapitalSource”) pursuant to the terms of that certain Notice and Acknowledgment of Assignment dated
July 6, 2012, by and among CapitalSource, RCEF, Forbes Energy Services Ltd. and each Company.
	
	CAPITALSOURCE BANK
		
	By: 	 	/s/ Robert S. Wille
	Name:	 	Robert S. Wille
	Title: 	 	Senior Vice President

  

			
	Agreed and Acknowledged to by NewStar Equipment Finance I, LLC (“NewStar”) pursuant to the terms of that certain Notice and Acknowledgement of Assignment
dated July 11, 2012, by and among NewStar, RCEF, Forbes Energy Services, Ltd. and each Company
	
	NEWSTAR EQUIPMENT FINANCE I, LLC
		
	By: 	 	/s/ Stephen O’Leary
	Name:	 	Stephen J. O’Leary
	Title:	 	Managing Director

 Signature Page to First Amendment to Master Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00207-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00207-of-00352.parquet"}]]