Document:

CONFIDENTIAL TREATMENT REQUEST BY HAVERTY FURNITURE COMPANIES, INC. PURSUANT TO RULE 24B-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934.  **Confidential portions have been omitted pursuant to the request for confidential treatment.

EXHIBIT 10.1

EXECUTED VERSION

FIRST AMENDMENT TO AMENDED AND RESTATED

RETAILER PROGRAM AGREEMENT

(Haverty Furniture Companies)

THIS FIRST AMENDMENT TO AMENDED AND RESTATED RETAILER PROGRAM AGREEMENT (this "Amendment" or "First Amendment") is entered into as of June 27, 2018, by and between Synchrony Bank ("Bank"), and Haverty Furniture Companies, Inc. ("Retailer").  Capitalized terms used herein and not otherwise defined have the meanings given them in the Agreement.

WHEREAS, Bank and Retailer are parties to that certain Amended and Restated Retailer Program Agreement made as of November 5, 2013 (the "Agreement").

WHEREAS, Bank and Retailer desire to amend the Agreement to extend the Term of the Agreement and to address certain other issues set forth below, subject to the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual promises and subject to the terms and conditions hereinafter set forth, the parties hereby agree as follows:

I. AMENDMENTS TO THE AGREEMENT

1.1 Elimination of Credit Review Point.  The parties agree to delete the concept of the Credit Review Point from the Agreement.  Accordingly, Section 5(b) and Section 17(b)(ii), both dealing with the Credit Review Point, are deleted in their entirety, and each marked as "Intentionally Omitted."

1.2 Amendment to Section 6(e).  Effective as of July 1, 2018, Section 6(e) is deleted in its entirety and replaced with the following:

"(e) Without limiting Bank's right to adjust Retailer Fee Percentages (as defined in Section 6(h)) as set forth in Section 6(f), [**Confidential portion has been omitted pursuant to a request for confidential treatment and has been filed separately with the Commission], and as of the end of each calendar quarter thereafter, Bank may adjust the Retailer Fee Percentage for each credit-based promotion then offered to Cardholders by Bank based on movements in the Twelve Month LIBOR.  As of the end of each calendar quarter, the Retailer Fee Percentages set forth on Schedule 6 shall be adjusted as follows:  (x) any prior adjustment to such Retailer Fee Percentages pursuant to this Section 6(e) shall be eliminated, and (y) with respect to each such Retailer Fee Percentage, Bank shall adjust (either up or down) such Retailer Fee Percentage by:

(i) in the case of a Retailer Fee Percentage applicable to a "with pay" credit based promotion of less than twelve (12) months in duration, [**Confidential portion has been omitted pursuant to a request for confidential treatment and has been filed separately with the Commission];

(ii) in the case of a Retailer Fee Percentage applicable to a "with pay" credit based promotion of twelve (12) months or more in duration, [**Confidential portion has been omitted pursuant to a request for confidential treatment and has been filed separately with the Commission];

(iii) in the case of a Retailer Fee Percentage applicable to an "equal pay" credit based promotion of less than thirty-six (36) months in duration, [**Confidential portion has been omitted pursuant to a request for confidential treatment and has been filed separately with the Commission]

(iv) in the case of a Retailer Fee Percentage applicable to an "equal pay" credit based promotion of thirty-six (36) months or more in duration, [**Confidential portion has been omitted pursuant to a request for confidential treatment and has been filed separately with the Commission]

(v) in the case of a Retailer Fee Percentage applicable to a "fixed pay" credit based promotion, [**Confidential portion has been omitted pursuant to a request for confidential treatment and has been filed separately with the Commission]

For purposes of effecting the above calculation, Bank shall establish the Twelve Month LIBOR for any quarter (the "COF Quarter") as of the last business day of the calendar quarter immediately preceding the COF Quarter and shall apply the revised Retailer Fee Percentages resulting from such calculation as of the first day of the second month in the COF Quarter.  If the cost of funds adjustment calculation set forth in this Section 6(e) results in a Retailer Fee Percentage that is less than zero, such Retailer Fee Percentage shall, irrespective of such calculation, be deemed to equal zero and Bank shall have no obligation to rebate any amounts to Retailer in connection with the applicable credit-based promotion related to such Retailer Fee Percentage.  For the avoidance of doubt, (i) the adjustment (either up or down) to any Retailer Fee Percentage pursuant to this Section 6(e) will be in addition to any other prior adjustments (either up or down) made to any Retailer Fee Percentage pursuant to any provision of Section 6, and (ii) no adjustment pursuant to this Section shall eliminate any prior adjustments (either up or down) made to any Retailer Fee Percentage pursuant to any provision of Section 6.

Each adjustment to the Retailer Fee Percentages pursuant to this Section 6(e) shall be applied prospectively only.  [**Confidential portion has been omitted pursuant to a request for confidential treatment and has been filed separately with the Commission].  For clarification purposes only, examples of the foregoing calculations are set forth on Schedule 6(e).

If at any time the [**Confidential portion has been omitted pursuant to a request for confidential treatment and has been filed separately with the Commission], Retailer shall have the right to notify Bank that Retailer wishes to [**Confidential portion has been omitted pursuant to a request for confidential treatment and has been filed separately with the Commission].

1.3 Amendment to Section 6(h).  Effective as of July 1, 2018, in Section 6(h), the definition of Base Twelve Month LIBOR is hereby deleted in its entirety and replaced with the following: "Base Twelve Month LIBOR" means [**Confidential portion has been omitted pursuant to a request for confidential treatment and has been filed separately with the Commission]."

1.4 Amendment to Section 6(i).  Effective as of September 1, 2018, Section 6(i) is deleted in its entirety and replaced with the following:

"(i) Volume Discount.  Each Volume Discount Year (as defined below) Bank will pay to Retailer an amount (each such payment, a "Volume Discount") equal to Net Program Sales for such Volume Discount Year multiplied by [**Confidential portion has been omitted pursuant to a request for confidential treatment and has been filed separately with the Commission].  As used in this Section 6(i), "Volume Discount Year" means a period of twelve consecutive months, with the first such period beginning [**Confidential portion has been omitted pursuant to a request for confidential treatment and has been filed separately with the Commission].  Provided that no event has occurred which would allow Bank to terminate the Agreement under Section 17(b) as a result of an ongoing breach of this Agreement by Retailer, Bank will pay any Volume Discount due within thirty (30) days after the end of each Volume Discount Year during the Term.  If the Term ends on a date other than August 31st, the Volume Discount Year will end on the last day of the Term and Bank will pay any amounts due within 30 days after the end of the Term."

1.5 Addition of New Section 6(j).  Effective as of [**Confidential portion has been omitted pursuant to a request for confidential treatment and has been filed separately with the Commission], the following new Section 6(j) is hereby added to the Agreement:

"(j) Marketing Fund.  For calendar years [**Confidential portion has been omitted pursuant to a request for confidential treatment and has been filed separately with the Commission], Bank will allocate to a fund held on the books of Bank (the "Marketing Fund") at the beginning of each calendar year, an amount equal to [**Confidential portion has been omitted pursuant to a request for confidential treatment and has been filed separately with the Commission].  The Marketing Fund will be used to pay for mutually agreed upon, out of pocket, marketing expenses.  Except for the right to require Bank to make payments from such fund, Retailer will have no right, title or interest in or to the Marketing Fund or in or to any amounts which have been allocated thereto.  Bank will reimburse Retailer for mutually agreed upon, out of pocket, marketing expenses from the Marketing Fund within 30 days after Retailer submits an invoice to Bank that meets Bank's reasonable requirements.   Any amounts previously allocated to the Marketing Fund but not used by Bank as of the earlier of [**Confidential portion has been omitted pursuant to a request for confidential treatment and has been filed separately with the Commission]."

1.6 Addition of New Section 6(k).  The following new Section 6(k) is hereby added to the Agreement:

"(k) Extension Incentive.  As an incentive for Retailer to enter into the First Amendment, Bank will pay to Retailer, the amount of [**Confidential portion has been omitted pursuant to a request for confidential treatment and has been filed separately with the Commission] within 30 days after each party executes the First Amendment (the "Extension Incentive")."

1.7 Amendment to Section 17(a).  Section 17(a) is hereby deleted and replaced with the following:

"(a) This Agreement will continue from the Effective Date hereof through February 29, 2024, and may be extended by the mutual written agreement of the parties (such period, and any extensions thereof, the "Term")."

1.8 Amendment to Section 17(c).  Section 17(c) is hereby amended by adding the following to the end of the Section:

[**Confidential portion has been omitted pursuant to a request for confidential treatment and has been filed separately with the Commission].

1.9 Amendment to Schedule 6(a).  Effective as of [**Confidential portion has been omitted pursuant to a request for confidential treatment and has been filed separately with the Commission], Schedule 6(a) to the Agreement is hereby deleted in its entirety and replaced with the revised Schedule 6(a) attached hereto as Attachment I.

II.  GENERAL

2.1 Authority for Amendment.  Retailer represents and warrants to Bank that the execution, delivery and performance of this Amendment has been duly authorized by all requisite corporate action on the part of Retailer and upon execution by all parties, will constitute a legal, binding obligation of Retailer.

2.2 Effect of Amendment.  Except as specifically amended hereby, the Agreement, and all terms contained therein, remains in full force and effect.  The Agreement, as amended by this Amendment, constitutes the entire understanding of the parties with respect to the subject matter hereof.

2.3 Binding Effect; Severability.  Each reference herein to a party hereto will be deemed to include its successors and assigns, all of whom will be bound by this Amendment and in whose favor the provisions of this Amendment will inure.  In case any one or more of the provisions contained in this Amendment will be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein will not in any way be affected or impaired thereby.

2.4 Further Assurances.  The parties hereto agree to execute such other documents and instruments and to do such other and further things as may be necessary or desirable for the execution and implementation of this Amendment and the consummation of the transactions contemplated hereby and thereby.

2.5 Governing Law.  This Amendment will be governed by and construed in accordance with the laws of the State of Utah, without regard to principles of conflicts of laws.

2.6 Counterparts.  This Amendment may be executed in counterparts, each of which will constitute an original, but all of which, when taken together, will constitute but one agreement.

*  *  *  *  *

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their duly authorized officers, all as of the day and year first above written.

	
SYNCHRONY BANK

 

By: /s/ Anthony S. Foster

Name:  Anthony S. Foster

Its: Senior Vice President

 

 

	
HAVERTY FURNITURE COMPANIES, INC.

 

By: /s/ Richard B. Hare

Name:  Richard B. Hare

Its: Executive Vice President and Chief Financial Officer

 

 

 

 

Attachment 1

 Schedule 6(a)

To Retailer Program Agreement

(Haverty Furniture Companies)

Approved Credit-Based Promotions

A. Non-Promotional Credit Offer:

Retailer Fee Percentage:  [**Confidential portion has been omitted pursuant to a request for confidential treatment and has been filed separately with the Commission]

B. Credit-Based Promotions:

Standard Retailer Fee Percentages at [**Confidential portion has been omitted pursuant to a request for confidential treatment and has been filed separately with the Commission]

	
Promotional Term

	
Retailer Fee Percentage

	 	
With Pay/Deferred Interest

	
Equal Pay/No Interest

	
6 Month

	
**

	
**

	
12 Month

	
**

	
**

	
18 Month

	
**

	
**

	
24 Month

	
**

	
**

	
36 Month

	
**

	
**

	
48 Month

	
**

	
**

	
60 Month

	
**

	
**

[**Confidential portion has been omitted pursuant to a request for confidential treatment and has been filed separately with the Commission].

The Retailer Fee Percentages set forth above are subject to revision as set forth in in Section 6(e) and 6(f).Exhibit 4.1

 

NEITHER THIS WARRANT NOR THE SECURITIES
INTO WHICH THIS WARRANT IS EXERCISABLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS. THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE
OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS, OR AN OPINION OF COUNSEL, IN A FORM ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE
STATE SECURITIES LAWS OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT.

 

VICTORY
OILFIELD TECH, INC.

 

COMMON STOCK PURCHASE WARRANT

 

	 	Original Issue Date:  July 31, 2018   
	
        Initial Holder:

        Kodak Brothers All America Fund, LP

        3355 Bee Cave Rd., Suite 608

        Austin, TX 78746.
	No. of Shares Subject to Warrant:  375,000
	Initial Exercise Price Per Share:  $0.75 (subject to the adjustment pursuant to Section 9)
	Expiration Time:  5:00 p.m., Central time, on July 31, 2023 

 

VICTORY OILFIELD TECH,
INC., a Nevada corporation (the “Company”), hereby certifies that, for value received, the Initial Holder shown
above, or its permitted registered assigns (the “Holder”), is entitled to purchase from the Company up to the
number of shares of its Common Stock, par value $0.001 per share (the “Common Stock”), shown above (each such
share, a “Warrant Share” and all such shares, the “Warrant Shares”) at the exercise price
shown above (as may be adjusted from time to time as provided herein, the “Exercise Price”), at any time and
from time to time on or after the original issue date indicated above (the “Original Issue Date”) and through
and including the expiration time shown above (the “Expiration Time”), and subject to the following terms and
conditions:

 

This Warrant is being
issued pursuant to that certain Loan Agreement, dated July 31, 2018, 2018 (the “Loan Agreement”), by and between
the Company and the Initial Holder.

 

1. Definitions.
In addition to the terms defined elsewhere in this Warrant, capitalized terms that are not otherwise defined herein have the meanings
given to such terms in the Loan Agreement.

 

2. List
of Warrant Holders.  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.

 

3. List
of Transfers; Restrictions on Transfer. The Company shall register any transfer of all or any portion of this Warrant in the
Warrant Register, upon surrender of this Warrant, with the Form of Assignment attached hereto duly completed and signed, to the
Company at its address specified herein. 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.

  

     

     

    

 

4. Exercise
and Duration of Warrant; Forced Exercise of Warrant.

 

(a) All
or any part of this Warrant shall be exercisable by the registered Holder in any manner permitted by this Section 4 at any time
and from time to time on or after the Original Issue Date and through and including the Expiration Time. At the Expiration Time,
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 shall no longer be outstanding.

 

(b) The
Holder may exercise this Warrant by delivering to the Company: (i) an exercise notice, in the form attached hereto (the “Exercise
Notice”), completed and duly signed, and (ii) if such Holder is not utilizing the cashless exercise provisions set forth
in this Warrant, payment by wire transfer of immediately available funds to an account designated by the Company of the Exercise
Price for the number of Warrant Shares as to which this Warrant is being exercised. The Holder shall be required to deliver the
original Warrant in order to effect an exercise hereunder. The date such items are delivered to the Company (as determined in accordance
with the notice provisions hereof) is an “Exercise Date.” 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.

 

(c) Notwithstanding
anything contained herein to the contrary, so long as the Warrant Shares are not freely transferable, the Holder may, in its sole
discretion, exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made
to the Company upon such exercise in payment of the Exercise Price, elect instead to receive upon such exercise the “Net
Number” of shares of Common Stock determined according to the following formula (a “Cashless Exercise”):

 

	 	Net Number =	(A x B) - (A x C)	 
	 	 	B	 

 

For purposes of the foregoing
formula:

 

		A	=	the total number of shares with respect to which this Warrant is then being
exercised.

 

		B	=	the Per Share Price (as defined below) of one (1) share of Common Stock
at the time the net issuance election under this Section 4(c) is made.

 

		C	=	the Exercise Price then in effect for the applicable Warrant Shares at the
time of such exercise.

 

For purposes of Section
4(c), “Per Share Price” means: (A) if Company’s Common Stock is traded on a securities exchange, the Per Share
Price shall be deemed to be the closing price of Company’s Common Stock as quoted on any exchange, as published in the Western
Edition of The Wall Street Journal for the trading day immediately prior to the date of Holder’s election hereunder, or (B)
if Company’s Common Stock is actively traded over-the-counter, the Per Share Price shall be deemed to be the closing bid
or sales price, whichever is applicable, of Company’s Common Stock for the trading day immediately prior to the date of Holder’s
election; or (C) if neither (A) nor (B) is applicable, the Per Share Price shall be determined in good faith by the Board of Directors
of Company based on relevant facts and circumstances at the time of the net exercise under Section 4(c), including in the case
of a change of control of the Company the consideration receivable by the holders of the Common Stock in such change of control.

  

    	 	2	 

     

    

 

For purposes of Rule
144(d) promulgated under the Securities Act, as in effect on the date hereof, assuming the Holder is not an affiliate of the Company,
it is intended that the Warrant Shares issued in a Cashless Exercise 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 closing date of the Offering pursuant to which
the Company was obligated to issue this Warrant.

 

(d) The
Holder understands and covenants that if (i) the Company is listed on a national securities exchange or the over-the-counter market,
(ii) Warrant Shares are registered or the Holder otherwise has the ability to trade the Warrant Shares without restriction, (iii)
the 30-day volume-weighted daily average price of the Company’s Common Stock exceeds 150% of the Exercise Price, as adjusted
and (iv) the average daily trading volume is at least 300,000 shares of Common Stock during such 30-day period, the Holder shall
be required to fully exercise the Warrant within thirty (30) business days of receiving written notice from the Company following
the aforementioned 30th trading day and if the Holder does not so exercise the Warrant, then it shall automatically expire. The
Holder shall furnish the Company with a completed and fully executed Notice to Exercise attached to this Warrant and, if exercised
for cash, remit the funds pursuant to the Notice to Exercise.

 

(e) The
Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant pursuant
to the terms hereof.

 

5. Delivery
of Warrant Shares.

 

(a) Upon
exercise of this Warrant, the Company shall promptly (but in no event later than ten (10) business days after the Exercise Date)
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, a certificate for the Warrant Shares issuable upon such exercise, free of 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.  The Company shall, upon the written request of the Holder, use its best efforts
to deliver, or cause to be delivered, Warrant Shares hereunder electronically through the Depository Trust and Clearing Corporation
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 the Depository Trust and Clearing Corporation.  If as of the time of exercise the Warrant Shares constitute restricted
or control securities, the Holder, by exercising, agrees not to resell them except in compliance with all applicable securities
laws.

 

(b) To
the extent permitted by law, the Company’s obligations to issue and deliver Warrant Shares in accordance with the terms hereof
are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent
with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or any
setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder or any other Person
of any obligation to the Company or any violation or alleged violation of law by the Holder or any other Person, and irrespective
of any other circumstance that might otherwise limit such obligation of the Company to the Holder in connection with the issuance
of Warrant Shares. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at
law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s
failure to timely deliver certificates representing shares of Common Stock upon exercise of the Warrant as required pursuant to
the terms hereof.

  

    	 	3	 

     

    

 

(c) If
the Company fails to cause its transfer agent to transmit to the Holder a certificate or the certificates (either physical or electronic)
representing the Warrant Shares pursuant to the terms hereof by applicable delivery date, then, the Holder will have the right
to rescind such exercise.

 

6. 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, withholding 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 Warrants 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.

 

7. 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 and customary and reasonable
indemnity, if requested. 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.

 

8. 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 then 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 9). 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.

 

9. Certain
Adjustments to Exercise Price. 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 9.

 

(a) Adjustments
for Stock Splits and Combinations and Stock Dividends. If the Company shall at any time or from time to time after the date
hereof, effect a stock split or combination of the outstanding Common Stock or pay a stock dividend in shares of Common Stock,
then the Exercise Price shall be proportionately adjusted. Any adjustments under this Section 9(a) shall be effective at the close
of business on the date the stock split or combination becomes effective or the date of payment of the stock dividend, as applicable.

 

(b) Merger
Sale, Reclassification, etc. In case of any: (i) consolidation or merger (including a merger in which the Company is the surviving
entity), (ii) sale or other disposition of all or substantially all of the Company’s assets or distribution of property to
shareholders (other than distributions payable out of earnings or retained earnings), or reclassification, change or conversion
of the outstanding securities of the Company or of any reorganization of the Company (or any other corporation the stock or securities
of which are at the time receivable upon the exercise of this Warrant) or any similar corporate reorganization on or after the
date hereof, then and in each such case the Holder of this Warrant, upon the exercise hereof at any time thereafter shall be entitled
to receive, in lieu of the stock or other securities and property receivable upon the exercise hereof prior to such consolidation,
merger, sale or other disposition, reclassification, change, conversion or reorganization, the stock or other securities or property
to which such Holder would have been entitled upon such consummation if such Holder had exercised this Warrant immediately prior
thereto.

  

    	 	4	 

     

    

 

(c) Adjustment
for Proposed Private Placement. In the event that the Company completes its proposed $5 million private placement of its common
stock (the “Proposed Private Placement”) at a price per share that is less than the anticipated price per share
of $0.75, with 50% warrant coverage at an exercise price of less than the anticipated $0.75 per share, the Exercise Price will
be reduced to the exercise price per share paid by investors in the Proposed Private Placement.

  

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 Company shall pay cash equal to the product of such fraction multiplied
by the closing price of one Warrant Share as reported by the applicable trading market on the Exercise Date, or if there is no
trading market for the Common Stock, the product of such fraction multiplied by the then fair market value of one Warrant Share
as reasonably determined by the Board of Directors of the Company.

 

11. Notices.
Any and all notices or other communications or deliveries hereunder (including, without limitation, any Exercise Notice) shall
be delivered in accordance with the procedures set forth in the Loan Agreement.

 

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.

 

13. No
Net Cash Settlement. Notwithstanding anything herein to the contrary, in no event will the Holder hereof be entitled to receive
a net-cash settlement as liquidated damages in lieu of physical settlement in shares of Common Stock, regardless of whether the
Common Stock underlying this Warrant is registered pursuant to an effective registration statement; provided, however, that the
foregoing will not preclude the Holder from seeking other remedies at law or equity for breaches by the Company of its registration
obligations hereunder.

 

14. Miscellaneous.

 

(a) This
Warrant shall be binding on and inure to the benefit of the parties hereto 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. This Warrant may be amended only in writing signed
by the Company and the Holder, or their successors and assigns.

 

(b) All
questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed
and enforced in accordance with the internal laws of the State of Delaware, without regard to the principles of conflicts of law
thereof.

 

(c) 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.

   

(d) 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 parties will
attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefore,
and upon so agreeing, shall incorporate such substitute provision in this Warrant.

 

(e) Prior
to exercise of this Warrant, the Holder hereof shall not, by reason of by being a Holder, be entitled to any rights of a stockholder
with respect to the Warrant Shares.

 

(f) No
provision hereof, in the absence of any affirmative action by Holder to exercise this Warrant to purchase Warrant Shares, and no
enumeration herein of the rights or privileges of Holder, shall give rise to any liability of Holder for the purchase price of
any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

  

    	 	5	 

     

    

 

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

  

	 	VICTORY OILFIELD TECH, INC.
	 	 
	 	By:	 /s/ Kenneth Hill
	 	 	Name:  	 Kenneth Hill
	 	 	Title:	 Chief Executive Officer

  

    	 	6	 

     

    

 

VICTORY OILFIELD TECH, INC.

 

EXERCISE NOTICE

 

Ladies and Gentlemen:

 

(1) The
undersigned hereby elects to exercise the above-referenced Warrant with respect to ______________ shares of Common Stock. 
Capitalized terms used herein and not otherwise defined herein have the respective meanings set forth in the Warrant.

 

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

 

☐  
Cash Exercise under Section 4(b)

☐  
Cashless Exercise under Section 4(c) (assuming conditions precedent are met)

 

(3) If
the Holder has elected a Cash Exercise, the holder shall pay the sum of $ ______________      to
the Company in accordance with the terms of the Warrant.

 

(4) Pursuant
to this Exercise Notice, the Company shall deliver to the Holder ________________ Warrant Shares determined in accordance with
the terms of the Warrant.

  

	Dated: 	 	 	HOLDER:	 
	 	 	 	 
	 	 	 
	 	 	Print name 
	 	 	 	 
	 	 	By:	 
	 	 	 	 
	 	 	Title:	 

  

     

     

    

 

VICTORY OILFIELD TECH, INC.

 

FORM OF ASSIGNMENT

 

To be completed and signed only upon transfer
of Warrant

  

FOR VALUE RECEIVED, the undersigned
hereby sells, assigns and transfers unto _________________ the right represented by the within Warrant to purchase _________________
shares of Common Stock 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.

 

	Dated: 	 	 	TRANSFEROR:	 
	 	 	 	 
	 	 	 
	 	 	Print name 	 
	 	 	 	 
	 	 	By:	 
	 	 	 	 
	 	 	Title:	 
	 	 	 	 
	 	 	TRANSFEREE:	 
	 	 	 	 
	 	 	 
	 	 	Print name 	 
	 	 	 	 
	 	 	By: 	 
	 	 	 	 
	 	 	Title:	 
	 	 	 	 
	 	 	Address of Transferee:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00285-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00285-of-00352.parquet"}]]