Document:

Exhibit 10.3

 

ADAPTHEALTH CORP.

May 25, 2020

Deerfield Private Design Fund IV, L.P.

Deerfield Partners,
L.P.

c/o Deerfield Management Company L.P.

780 Third Avenue,
37th Floor

New York, NY 10017

 

Ladies and Gentlemen:

 

Reference is made to
(i) that certain Investment Agreement (the “Third Party Investment Agreement”), dated as of the date hereof, between
AdaptHealth Corp. (the “Company”), OEP AHCO Investment Holdings, LLC (“OEP Vehicle”) and, for the purposes
of Section 3.10 thereof, One Equity Partners VII, L.P. (“OEP Fund” and, together with OEP Vehicle, “One Equity”),
(ii) the form of Certificate of Designations (as defined in the Third Party Investment Agreement) attached as an exhibit to the
Third Party Investment Agreement and (iii) the Voting Agreement (the “Voting Agreement”), dated as of the date hereof,
between the Company and Deerfield Private Design Fund IV, L.P. (“DPDIV”). For good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, DPDIV, Deerfield Partners, L.P. (“Deerfield Partners”, and
together with DPDIV, “Deerfield”) and the Company hereby agree as follows:

 

1.
    Exchange. From and after the date hereof, each of DPDIV and the Company shall use their reasonable best efforts to, as
soon as practicable after the date hereof and in any event within thirty (30) days of the date hereof, (i) negotiate and
mutually agree to a Series B-1 Certificate of Designation, Preferences and Rights on substantially the terms and conditions
set forth in the summary of terms attached hereto as Exhibit A (the “Series B-1 Certificate of Designation” and
the shares of capital stock issuable thereunder, “Series B-1 Preferred Stock”), (ii) upon agreement thereof, file
the Series B-1 Certificate of Designation with the Secretary of State of the State of Delaware, (iii) negotiate and enter
into an agreement (the “Exchange Agreement”) to be entered into between the Company and DPDIV providing for the
exchange of all but 4.5% of the Class A Common Stock, par value $0.0001 per share (the “Class A Common Stock”),
beneficially owned by it (the “Exchange Shares”) as of the date of the closing of such exchange for Series B-1
Preferred Stock, and (iv) consummate the transactions contemplated by the Exchange Agreement (the “Exchange”).
The Company acknowledges and agrees that, to the knowledge of the Company, (i) for purposes of Rule 144 under the Securities
Act, DPDIV’s holding period for the shares of Series B1 Preferred Stock issued to it in the Exchange, and any shares of
Class A Common Stock issued upon the conversion thereof, shall be deemed to have commenced on the date DPDIV acquired the
Exchange Shares from the Company or an affiliate of the Company (or such earlier date as may be permitted pursuant to Rule
144 under the Securities Act); and (ii) the consummation of the Exchange, the issuance of shares of Series B-1 Preferred
Stock pursuant to the Exchange and the issuance of shares of Class A Common Stock upon the conversion of the Series B-1
Preferred Stock in full (without giving effect to the conversion of any Series B-2 Preferred Stock into Series B-1 Preferred
Stock and otherwise without regard to any limitation on the conversion thereof) shall not require the approval of
stockholders under the Certificate of Incorporation or Bylaws, the DGCL, Nasdaq listing rules or otherwise. The Exchange
Agreement will provide for the irrevocable surrender of DPDIV’s voting rights with respect to the Exchange Shares
(including its voting rights in respect of the Company’s annual meeting of stockholders). The Company shall use its
reasonable best efforts not to fix a record date for any meeting of its stockholders with respect to which a record date has
not already been set until the Exchange has become effective, unless the Exchange shall not have become effective as a result
of Deerfield’s willful breach of this Letter Agreement. No later than the consummation of the Exchange, Section 4(a) of
the Registration Rights Agreement (as defined in the Third Party Investment Agreement) shall be amended, modified or waived
to provide that:

 

    

     

    

 

(i)          
Deerfield shall not be required to enter into lock-up agreements pursuant to such Section 4(a) on more than two (2) occasions
(including any lock-up agreement entered into prior to the execution of such amendment).

 

(ii)         
The lock-up agreements to which Deerfield enters into pursuant to such Section 4(a) shall be for a period of not more than
sixty (60) days.

 

(iii)        
The obligation of Deerfield to enter into lock-up agreements pursuant to such Section 4(a) shall terminate on November 8,
2021.

 

(iv)        
Deerfield shall not be required to enter into a lock-up agreement pursuant to such Section 4(a) within six (6) months following
the expiration of a previous lock-up agreement pursuant to such Section 4(a).

 

The Company further acknowledges and agrees
that, even prior to the execution of such amendment, modification or waiver to the Registration Rights Agreement, Deerfield shall
not be obligated to enter into a lock-up in respect of a period of more than 60 days.

 

2.
     Sale of Shares. Each of Deerfield and the Company shall use their reasonable best efforts to, as soon as practicable
after the date hereof and in any event within thirty (30) days of the date hereof, (i) negotiate and mutually agree to a
Series B-2 Certificate of Designation, Preferences and Rights (the “Series B-2 Certificate of Designation” and
the shares of capital stock issuable thereunder, “Series B-2 Preferred Stock”), which shall be on terms and
conditions that are substantially equivalent to those set forth Series A Certificate of Designation (as defined in the Third
Party Investment Agreement (as defined below)) and otherwise as agreed between Deerfield and the Company, provided that the
shares of Series B-2 Preferred Stock shall be convertible into Series B-1 Preferred Stock (and otherwise be consistent with
the terms described below) and (ii) negotiate and enter into an investment agreement (the “Deerfield Investment
Agreement”) among the Company and Deerfield Partners that (A) provides for the purchase by Deerfield Partners from the
Company, and issuance and sale by the Company to Deerfield Partners, of an aggregate of $35,000,000 of Series B-2 Preferred
Stock and at the same purchase price per share as the price per share to be paid by One Equity for a share of Series A
Preferred Stock; and (B) otherwise contains representations, warranties, covenants, closing conditions and agreements that
are substantially equivalent to those contained in the Third Party Investment Agreement (with appropriate modifications) and
otherwise as agreed between Deerfield and the Company, except that (I) it shall provide for the purchase of Series B-2
Preferred Stock (and no Class A Common Stock), (II) it shall provide that the Series B-2 Preferred Stock and any shares of
capital stock (including Class A Common Stock issuable upon conversion of Series B-1 Preferred Stock) directly or indirectly
issuable upon conversion thereof (collectively, the “Purchased Securities”) will be subject to the restrictions
on transfer set forth in Section 5.3 of the Third Party Investment Agreement only for a period of 60 days following the
closing under the Deerfield Investment Agreement (which restrictions shall not, for the avoidance of doubt, apply to any
securities beneficially owned by Deerfield other than the Purchased Securities), (III) it shall include confidentiality
provisions and procedures with respect to Company information, (IV) it shall not provide for board observer or board
designation rights or any right of first offer and (V) it shall condition the closing on the consummation of the Exhange,
unless the Exchange shall not have become effective as a result of Deerfield’s willful breach of this Letter Agreement.
The shares of Series B-2 Preferred Stock shall be convertible into shares of Series B-1 Preferred Stock at a rate equal to
the result of the conversion rate of the Series A Preferred Stock, divided by the conversion rate of the Series B-1 Preferred
Stock.

 

    

     

    

 

3.
    Voting Agreement. The parties hereto acknowledge and agree that they are entering into this Letter Agreement as an
inducement to DPDIV’s willingness to enter in the Voting Agreement. Without limiting Deerfield’s rights to pursue
any other remedies available to it hereunder, at law or in equity including, without limitation, the right to pursue a decree
of specific performance and/or injunctive relief (which rights are hereby acknowledged), in the event that the parties hereto
fail to enter into the Exchange Agreement and consummate the Exchange in accordance with Section 1 hereof, or to enter into
the Deerfield Investment Agreement in accordance with Section 2 hereof, in each case other than as a result of
Deerfield’s breach of this Letter Agreement, then the Voting Agreement shall automatically terminate and be of no
further force or effect. In the event that DPDIV materially breaches its obligations under the Voting Agreement, then
DPDIV’s rights and the Company’s obligations under this Letter Agreement shall automatically terminate and be of
no further force or effect. The Company hereby confirms that (x) it and/or One Equity have entered into voting agreements
with stockholders of the Company representing a majority of the voting power of the outstanding common stock of the Company
in respect of the approval of such single matter as shall be necessary to approve the issuance of such number of shares to
permit the conversion in full into Class A Common Stock of the Series A Preferred Stock to be issued to One Equity pursuant
to the terms of the Third Party Investment Agreement under applicable Nasdaq rules and (y) agrees that it will use its
reasonable best efforts to provide for the Company to enter into voting agreements (consistent with the voting agreements
entered into with One Equity) with stockholders of the Company representing a majority of the voting power of the outstanding
common stock of the Company in respect of the approval of such single matter (less the number of shares with respect to which
Deerfield can exercise voting power after giving effect to the Exchange) as shall be necessary to approve the issuance of
such number of shares to permit the conversion in full into Class A Common Stock of the the Series B-1 Preferred Stock
issuable upon conversion of the Series B-2 Preferred Stock to be issued to Deerfield under the Deerfield Investment Agreement
under applicable Nasdaq rules; provided that the entry into such voting agreements shall be a condition to Deerfield’s
obligation to enter into the Deerfield Investment Agreement.

 

    

     

    

 

4.     No Conflicts.

 

4. 1. Deerfield
represents and warrants to the Company that neither the execution and delivery by Deerfield of this Letter Agreement, nor the consummation
of the transactions contemplated hereby, nor compliance by Deerfield with any of the provisions hereof or thereof will (a) violate
or conflict with the organizational documents of Deerfield, (b) conflict with or violate any law applicable to Deerfield or by
which any of its properties or assets is bound or subject or (c) result in any breach of, or constitute a default (or event which,
with the giving of notice or lapse of time or both, would constitute a default) under, or give to any person any rights of termination,
acceleration or cancellation of or result in the creation of any lien on any of the assets or properties of Deerfield, any note,
bond, mortgage, indenture, deed of trust, license, lease, agreement or other instrument or obligation to which Deerfield or any
of its subsidiaries is a party or by which any of them or any of their respective properties or assets is bound or subject, except,
in the case of clauses (b) and (c), for any such conflicts, violations, breaches, de-faults, terminations, accelerations, cancellations
or creations as, individually or in the aggregate, would not reasonably be expected to have a material impairment or material delay
in the ability of Deerfield to perform its material obligations under this Agreement or to consummate the transactions contemplated
by this Agreement.

 

4.2.
The Company represents and warrants to Deerfield that neither the execution and delivery by the Company of this Letter
Agreement, nor the consummation of the transactions contemplated hereby, nor compliance by the Company with any of the
provisions hereof or thereof will (a) violate or conflict with the organizational documents of the Company, (b) conflict with
or violate any law applicable to the Company or by which any of its properties or assets is bound or subject or (c) result in
any breach of, or constitute a default (or event which, with the giving of notice or lapse of time or both, would constitute
a default) under, or give to any person any rights of termination, acceleration or cancellation of or result in the creation
of any lien on any of the assets or properties of the Company, any note, bond, mortgage, indenture, deed of trust, license,
lease, agreement or other instrument or obligation to which the Company or any of its subsidiaries is a party or by which any
of them or any of their respective properties or assets is bound or subject, except, in the case of clauses (b) and (c), for
any such conflicts, violations, breaches, de-faults, terminations, accelerations, cancellations or creations as, individually
or in the aggregate, would not reasonably be expected to have a Company Material Adverse Effect (as defined in the Third
Party Investment Agreement). The execution and delivery of this Letter Agreement and the issuance (directly or indirectly) of
securities as contemplated hereby is not, and will not be, subject to, or trigger, any preemptive rights, rights of first
refusal, rights of first offer, notice rights, approval/consent rights, voting rights, review rights or similar rights of any
third party and will not trigger any anti-dilution rights, except for rights of the type contemplated in the Third Party
Investment Agreement. No consents of One Equity, other than those that have already been obtained, are necessary for the
consummation of the transactions contemplated by this Letter Agreement in accordance with the terms hereof.

 

    

     

    

 

		5.	Expenses. The Company shall, regardless of whether any transaction contemplated hereby is
consummated, reimburse Deerfield for its reasonable and documented out- of-pocket third-party costs and expenses (including legal
fees) incurred in connection with due diligence, the negotiation and preparation of this Letter Agreement, the Exchange Agreement
and the Deerfield Investment Agreement, including the negotiation and preparation of a draft investment agreement and certificates
of designation in connection with Deerfield’s proposed investment in Series A Preferred Stock prior to the date hereof, and
any other agreement or transaction contemplated hereby or thereby and undertaking of the transactions contemplated pursuant to
this Letter Agreement; provided, that such reimbursement obligation shall not exceed $250,000 in the aggregate. Any such
reimbursement shall be made promptly following submission of invoices in respect of the costs and expenses at or following the
first to occur of (x) the closing of the transactions contemplated by the Deerfield Investment Agreement, the (y) consummation
of the transactions contemplated by the Acquisition Agreement (as defined in the Third Party Investment Agreement) and (z) the
termination of the Acquisition Agreement (as defined in the Third Party Investment Agreement).

 

		6.	Miscellaneous.

 

6.1.
   The execution and delivery of this letter agreement (the “Letter
Agreement”) by the Company and Deerfield is binding on and enforceable against
the Company and Deerfield. This Letter Agreement supersedes any other agreement, whether written or oral, that may have been
made or entered into by the parties hereto relating solely to the matters contemplated hereby. In the event of any
inconsistency between the terms of this Letter Agreement and any other prior agreement relating to the matters addressed
herein, the parties agree that the terms of this Letter Agreement shall control. This Letter Agreement may be amended,
modified, superseded, or canceled, and any of the terms, representations, warranties or covenants hereof may be waived, only
by written instrument executed by all of the parties hereto or, in the case of a waiver, by the party waiving compliance.
This Letter Agreement may be executed in two or more counterparts, each of which shall be an original, but all of which
together shall constitute one and the same instrument. This Letter Agreement may not be assigned by any party without the
written consent of the other party, and shall be binding upon, inure to the benefit of, and may be enforced by, each of the
parties to this Letter Agreement and its successors and permitted assigns. This Letter Agreement shall be governed by and
construed, interpreted and enforced in accordance with the laws of the State of Delaware, without giving effect to the
principles of conflicts of law thereof. Each provision of this Letter Agreement shall be considered separable, and if, for
any reason, any provision or provisions hereof are determined to be invalid, illegal or unenforceable, such invalidity,
illegality or unenforceability shall attach only to such provision and shall not in any manner affect or render illegal,
invalid or unenforceable any other provision of this Letter Agreement, and this Letter Agreement shall be carried out as if
any such illegal, invalid or unenforceable provision were not contained herein.

 

6.2.
   This Letter Agreement shall terminate on the one-year anniversary of the date hereof; provided, however, that no such termination
shall relieve any party of any breach hereof prior to such termination.

 

6.3.
   This Letter Agreement, including any schedules, amendments, modifications, waivers, or notifications relating thereto may be executed
and delivered by facsimile, electronic mail, or other electronic means. Any such facsimile, electronic mail transmission, or communication
via such electronic means shall constitute the final agreement of the parties and conclusive proof of such agreement, and shall
be deemed to be in writing and to have the same effect as if signed manually.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK;
SIGNATURE PAGE FOLLOWS]

 

    

     

    

 

		Very Truly Yours,
	 	 
	 	ADAPTHEALTH CORP.
	 	 
	 	 
	 	By:	/s/ Luke McGee
	 	Name:	Luke McGee
	 	Title:	Authorized Signatory

 

[Signature page to the Side Letter]

 

    

     

    

 

	 	Very Truly Yours,
	 	 
	 	ADAPTHEALTH CORP.
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

Accepted as of the date first above written: 

 

DEERFIELD
PRIVATE DESIGN FUND IV, L.P.

 

	By: Deerfield Mgmt IV, L.P., its General Partner	 
	By: J.E. Flynn Capital IV, LLC, its General Partner	 
	 	 
	By:	/s/ David Clark	 
	Name: David Clark	 
	Title:   Authorized Signatory	 

 

 

DEERFIELD PARTNERS, L.P.

 

	By: Deerfield Mgmt, L.P., its General Partner	 
	By: J.E. Flynn Capital, LLC, its General Partner	 
	 	 
	By:	/s/ David Clark	 
	Name: David Clark	 
	Title:   Authorized Signatory	 

 

    

     

    

 

EXHIBIT A

 

Series B-1 Convertible Preferred Stock

AdaptHealth Corp.

 

	Subject	Summary
	Par Value	$0.0001 per share
	Dividends	Pro rata on an as-converted basis with the Class A Common Stock. No other dividends.
	Voting Rights	
        No voting rights, except for the following or
        as otherwise required by law

         

        Approval of a majority of the outstanding shares
        of Series B-1 is required to:

         

        ·     
        Alter rights, powers, preferences, etc. of Series B-1

        ·     
Increase authorized shares of Series B-1

         ·      Amend
charter or bylaws in a manner adverse to the rights (other than voting rights) of the Series B-1 relative to the rights of the
holders of common stock

        ·    
        Amend the Series B-1 Certificate of Designation

	Liquidation Rank	Senior to all common stock, junior to Series A Preferred and to any other series of preferred stock designated as senior to the Series B-1 Preferred Stock
	Liquidation Preference	
        Preference: $0.0001 per share, plus any declared
        but unpaid dividends

         

        Following payment of the preference, participates
        ratably with the common stock on an as-converted basis

	Optional Conversion	
        Convertible at the Holder’s option at any
        time into [100] shares of Class A Common Stock per share of Series B-1 Preferred Stock, subject to the Blocker/Beneficial
        Ownership Limitation

         

        Class A Common Stock must be delivered within
        the standard settlement period (currently two (2) trading days) after delivery of a conversion notice, consistent with the provisions
        in the Series A Preferred Certificate of Designations

	Blocker/Beneficial Ownership Limitation	4.9% of the total number of shares of common stock then outstanding

 

    

     

    

 

	Subject	Summary
	Fractional Shares	No fractional shares of Class A Common Stock will be issued upon conversion – fractional shares will be rounded up to the next whole share
	Adjustments to Conversion Rate	
        In the case of stock dividends, subdivisions of
        stock, combinations of stock, reclassifications of stock, in each case, with respect to Class A Common Stock, the conversion rate
        will be multiplied by the following fraction: A/B

         

        · 
        A = # of shares of Class A Common Stock outstanding immediately after such event

        · 
        B = # of shares of Class A Common Stock outstanding immediately after such event

	Fundamental Transactions	In the case of mergers, consolidations, sales of substantially all assets, tender or exchange offers or other fundamental transactions involving the Class A Common Stock, holders of Series B-1 are entitled to receive consideration they would have been entitled to receive if converted to Class A Common Stock immediately prior to such transaction.Exhibit
10.18

 

FORBEARANCE
AGREEMENT

 

This
Forbearance Agreement (“Agreement”) is made and entered into on April 14, 2020 (“Effective Date”),
by and between Inception Mining, Inc., a Nevada corporation (“Company”), and the investor whose name
appears on the signature page hereto (“Investor”).

 

Recitals

 

A.
On May 20, 2019, Company and Investor entered into a Note Purchase Agreement (“Purchase Agreement”) pursuant
to which Investor purchased a Note with an initial Face Value of $4,250,000.00.

 

B.
The Note is secured by all assets of Company and its subsidiaries, and ranks senior to all common and preferred stock, and
all existing and future indebtedness of Company. The Note constitutes a debt instrument, and Investor is a lender and creditor
of Company. Investor is and will only be an equity security holder if and to the extent that Investor actually converts the Note
into common stock as provided in the Transaction Documents.

 

C.
Investor has at all times fully and completely complied with all of its obligations under the Transaction Documents, and all
Delivery Notices and calculations provided to Company by Investor were and are fully correct and accurate in all respects.

 

D.
The Closing Price of the Common Stock has been below $0.05 per share for 20 Trading Days or more, which, at Investor’s
option, will constitute an Event of Default. Company failed to cure the low price within 5 Trading Days, which constitutes a Trigger
Event. As an accommodation to Company and in order to help facilitate implementation of Company’s business plan, Investor
is willing to forbear from declaring an Event of Default in accordance with the terms hereof.

 

E.
Certain capitalized terms used herein, but not otherwise defined herein, have the meanings given to such terms in the Purchase
Agreement and the Transaction Documents.

 

Agreement

 

In
consideration of the foregoing, the receipt and adequacy of which are hereby acknowledged, Company and Investor agree as follows:

 

1.
Recitals. The Recitals set forth above are incorporated into and are made a part of this Agreement, and the parties
hereto represent they are true, accurate and correct in all respects.

 

2.
Amendment. Section I.F.2 of the Note is hereby amended by deleting the words, “provided that no Trigger Event
has occurred.”

 

3.
Monthly and Quarterly Redemptions. On the first day of each calendar month beginning May 1, 2020, Company will redeem
a portion of the Note at the Early Redemption Price by paying Investor in cash by wire transfer of immediately available funds
at least the following amounts:

 

    	 

    	 

    

 

(a)
2020 Payments. $900,000 delivered during 2020, with $100,000 delivered during Q2 2020, with at least $50,000 per month
delivered in each of May 2020 and June 2020; $300,000 delivered during Q3 2020, with at least $75,000 per month delivered in each
of July, August and September 2020; $300,000 delivered during Q4 2020, with at least $100,000 per month delivered in each of October,
November and December 2020;

 

(b)
2021 Payments. $2,400,000 delivered during 2021, with at least $400,000 delivered each quarter, including minimum payments
of $100,000 delivered per month;

 

(c)
2022 Payments. $500,000 delivered during each quarter of 2022, with at least $150,000 delivered per month, until the
Note is converted or redeemed in full.

 

4.
Forbearance. The parties agree that Investor hereby rescinds and withdraws its prior declaration of an Events of Default.
For so long as Company fully and timely complies with its obligations under Paragraph 3 above, Investor will not declare an Event
of Default under Section II.G(g) of the Purchase Agreement, even if the Closing Price is or remains below $0.05 per share. For
the avoidance of doubt, the foregoing does not apply to and shall have no effect with regard to any Event of Default that may
occur with regard to any other subsection of Section II.G of the Purchase Agreement.

 

5.
No Non-Public Information. Neither Company nor any other Person acting on its behalf has provided or will provide Investor
or its representatives, agents or attorneys with any information that constitutes or might constitute material, non-public information.
Company understands and confirms that Investor will rely on the foregoing representations and covenants in effecting transactions
in securities of Company, including resale of the Conversion Shares.

 

6.
Acknowledgements. Company hereby represents and warrants to, and acknowledges and agrees with Investor, that (a) the
Note is secured by all assets of Company, and ranks senior to all common and preferred stock, and all existing and future indebtedness
of Company, (b) the Note constitutes a debt instrument, and Investor is a lender and creditor of Company, (c) Investor is and
will only be an equity security holder if and to the extent that Investor actually converts the Note into Common Stock as provided
in the Note and Transaction Documents, (d) Investor has at all times fully and completely complied with all of its obligations
under the Transaction Documents, (e) all Delivery Notices and calculations provided by Investor to Company were and are fully
correct and accurate in all respects; and (f) one Trigger Event has occurred as of the Effective Date. Company hereby absolutely,
unconditionally and irrevocably waives, releases and discharges any claim or right to assert any claim inconsistent with or contrary
to any of the foregoing.

 

    	2

    	 

    

 

7.
Release. Company, on behalf of itself and on behalf of each of its predecessors, successors, parents, subsidiaries,
shareholders, and affiliated and/or related companies, and each of its respective present and former officers, directors, shareholders,
employees, representatives, business entities, executors, administrators, conservators, assignors and assignees, hereby knowingly
and voluntarily fully and forever absolutely and irrevocably waive, release and discharge Investor and its predecessors, successors,
parents, subsidiaries, and affiliated and/or related companies and entities, and each of their respective present and former officers,
directors, shareholders, partners, members, employees, representatives, agents, attorneys, advisors, business entities, executors,
administrators, conservators, assignors and assignees and all parties acting through, under or in concert with them, and each
of them, in their individual and representative capacities, from any and all claims, charges, complaints, grievances, demands,
liens, actions, suits, causes of action, obligations, controversies, debts, costs, indemnity, attorneys’ fees, expenses,
damages, judgments, orders, and liabilities of whatever kind and/or nature in law, equity or otherwise, whether now known or unknown,
suspected or unsuspected, which have existed or may have existed, or which do exist or which hereafter can, shall or may exist
as of the date this Amendment is executed, including without limitation any that are based upon, connected with, or otherwise
arising out of or in any way relating to the Transaction Documents. Company expressly waives and relinquishes, to the fullest
extent permitted by law, the provisions, rights and benefits conferred by any law that would limit the scope of the release provided
above. Company acknowledges that it may hereafter discover facts in addition to or different from those that it now knows to be
true with respect to the subject matters of the claims released herein, and hereby stipulates and agrees that it has fully, finally,
and forever settled and released any and all such claims, whether known or unknown, suspected or unsuspected, contingent or non-contingent,
concealed or hidden, which now exist or heretofore existed upon any theory of law or equity now existing or coming into existence
in the future, without regard to the discovery or existence of such different or additional facts.

 

8.
Further Assurances. Each party will take all further actions and execute all further documents as may be reasonably
necessary to implement the provisions and carry out the intent of this Amendment fully and effectively.

 

9.
Ratification. The Note, Purchase Agreements and other Transaction Documents, which are incorporated by reference as
though set forth in full herein, are hereby ratified and affirmed in all respects, and remain in full force and effect. Except
as expressly provided herein, the execution of this Amendment shall not operate as a waiver of any right, power or remedy of the
Investor, constitute a waiver of any provision of any of any Transaction Document or serve to effect a novation of the obligations
under any Transaction Document. Except as expressly provided herein, all Transaction Documents between Company and Investor shall
continue in full force and effect and nothing herein shall act as a waiver of any of the Investor’s rights under any of
the foregoing.

 

10.
Execution. This Agreement may be executed in two or more counterparts, all of which when taken together will be considered
one and the same agreement and will become effective when counterparts have been signed by each party and delivered to the other
party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered
by portable document format (.pdf), facsimile or electronic transmission, such signature will create a valid and binding obligation
of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page
were an original thereof.

 

    	3

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized signatories
on the Effective Date.

 

Company:

 

	INCEPTION
    MINING, INC.	 
	 	 	 
	By:
    	/s/	 
	Name:
    	                	 
	Title:
    	 	 
	 	 	 
	Investor:	 
	 	 	 
	By:
    	/s/	 
	Name:
    	 	 
	Title:
    	 	 

 

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