Document:

EX-10.22

 Exhibit 10.22 

LIMITED LOAN GUARANTY AGREEMENT 

THIS GUARANTY AGREEMENT (this “Guaranty”) is made as of the 3rd day of July, 2013, by the undersigned (“Guarantor”
whether one or more), to and for the benefit of INTERNATIONAL BANK OF COMMERCE, whose address is 3817 N.W. Expressway, Suite 100, Oklahoma City, Oklahoma 73112 (“Lender”). 

WHEREAS, simultaneously with the execution of this Guaranty, the Lender has agreed to extend the following loan (“Loan”) to STINGRAY
PRESSURE PUMPING LLC, a Delaware limited liability company (“Borrower”), which Loan is evidenced by certain loan documents including, without limitation, a certain Promissory Note of even date herewith in the principal amount not to exceed
FIFTY MILLION and 00/100 Dollars ($50,000,000.00), executed by the Borrower in favor of the Lender (as the same may be amended from time to time, “Note”), payment of which Note is secured by certain collateral documents including a Loan
and Security Agreement (as the same may be amended from time to time, “Loan Agreement”). The Note, Loan Agreement and this Guaranty are sometimes collectively referred to herein as the “Loan Documents”; and 

WHEREAS, Guarantor acknowledges that Guarantor will receive direct and indirect benefits from the Lender making the Loan to Borrower and
Guarantor is willing to guarantee the Borrower’s obligation to the Lender on the terms and conditions contained in said Loan Documents; and 

WHEREAS, Guarantor’s execution and delivery of this Guaranty is one of the conditions precedent to the Lender making the Loans to the
Borrower. Capitalized terms used and not otherwise defined herein shall have the meanings given to them in the respective Loan Agreement. 

NOW, THEREFORE, intending to be legally bound and to satisfy a condition precedent to make the Loan, Guarantor, for other good and valuable
consideration the receipt and sufficiency of which are acknowledged, hereby covenants and agrees for the benefit of Lender and its successors, indorsees, transferees, permitted participants and permitted assigns as follows: 

1. Guarantor absolutely, unconditionally and irrevocably guarantees: (a) the full and prompt payment of the Loan, the principal of and
interest on the Loans when due, whether at stated maturity, upon acceleration or otherwise, and at all times thereafter, and the full and prompt payment of all sums which may now be or may hereafter become due and owing by Borrower to Lender under
the Loan Documents; (b) the prompt, full and complete performance of all of Borrower’s obligations under each and every covenant contained in the Loan Documents related to the Loan; (c) the full and prompt payment of any Enforcement
Costs (as hereinafter provided); and (d) all other liabilities or obligations of Borrower whether now existing or hereafter created or arising, due or to become due, direct or indirect, absolute or contingent, and whether joint, several, joint
and several, and all other sums owing by Borrower to Lender pursuant to the Loan Documents. All amounts due, debts, liabilities and obligations heretofore described shall be hereinafter collectively referred to as the “Obligations.”
Notwithstanding the foregoing or any other provision of this Guaranty or any other document or agreement, the maximum total liability for all Guarantors, in the aggregate, whether under this 

  

			
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	Wexford Spectrum Enities Limited Guaranty | Execution Version	  	

 
Guaranty or otherwise in connection with the other Loan Documents is limited to $15,000,000.00 plus Enforcement Costs (as defined in Section 7), if any (the “Limitation”). This
Guaranty shall always cover the “last” dollars of the Note at any time outstanding during the period this Guaranty remains in effect. Any payment by any Guarantor in respect of this Guaranty shall count towards the Limitation, and the
Limitation shall apply in the aggregate to all Guarantors. As a result of the limited nature of this Guaranty and the aggregate nature of the Limitation, any payment by a Guarantor shall result in decreased liability hereunder for each other
Guarantor. Lender’s sole recourse against Guarantor in respect of the Obligations shall be under this Guaranty, and Lender shall have no recourse against Guarantor for amounts in excess of the Limitation. 

2. The Limitation under this Guaranty will automatically be reduced to $7,500,000 upon the occurrence of the following conditions:
(a) Lender’s receipt of Borrower’s 2013 Audited Financials reflecting, Borrower’s 2013 year end EBITDA, as defined in Section 1.13 of the Loan Agreement to be in excess of $10,000,000.00; and (b) no Event of Default
shall exist under any Loan Document. This Guaranty will automatically terminate and the obligations hereunder shall be released upon the occurrence of the following conditions: (a) Borrower’s cumulative EBITDA, as defined in
Section 1.13 of the Loan Agreement and as calculated beginning January 1, 2013 shall be in excess of $20,000,000.00, based upon Lender’s receipt of either: (i) Borrower’s Audited Financials for any year-end period, or
(ii) Borrower’s Quarterly Financials for any quarterly period; and (b) no Event of Default shall exist under any Loan Document. As used herein, the term “Quarterly Financials” shall mean a copy of the financial statements of
Borrower for such fiscal quarter containing, on a combined basis, balance sheets, statements of income, statements of members’ capital and statements of cash flows as at the end of such fiscal quarter and for the 3 month period then ended, all
in reasonable detail, prepared and reviewed in accordance with GAAP by independent certified public accountants of recognized standing acceptable to Lender. 

3. In the event of the existence of any Event of Default by Borrower in the payment of the then outstanding Obligations, Guarantor agrees,
within ten (10) Business Days after demand by Lender, to pay the Obligations to the extent of this Guaranty, regardless of any defense (other than the defense of payment), right of set-off or claims which Borrower or Guarantor may have against
Lender. All of the remedies set forth herein and/or provided for in any of the Loan Documents or at law or equity shall be equally available to Lender, and the choice by Lender of one such alternative over another shall not be subject to question or
challenge by Guarantor or any other person. 
 4. Guarantor does hereby, to the extent permitted by applicable law, (a) waive notice of
acceptance of this Guaranty by Lender and, except as otherwise expressly provided in any Loan Document, any and all notices and demands of every kind which may be required to be given by any statute, rule or law; (b) agree to refrain from
asserting, until after repayment in full of the Loan, any defense, right of set-off or other claim which Guarantor may have against Borrower, (c) waive any defense (other than the defense of payment and other than the Limitation), right of
set-off or other claim which Guarantor or Borrower may have against Lender, or the holder of the Loan, (d) waive any and all rights Guarantor may have under any anti-deficiency statute or other similar protections; (e) waive, except as
otherwise expressly provided in any Loan Document, presentment for payment, demand for payment, notice of 

  
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nonpayment or dishonor, protest and notice of protest, diligence in collection and any and all formalities which otherwise might be legally required to charge Guarantor with liability; and
(f) waive any failure by Lender to inform Guarantor of any facts Lender may now or hereafter know about Borrower, the Collateral, the Loan, or the transactions contemplated by the Loan Documents, it being understood and agreed that Lender has
no duty so to inform and that Guarantor is fully responsible for being and remaining informed by Borrower of all circumstances bearing on the risk of nonperformance of Borrower’s obligations. Credit may be granted or continued from time to time
by Lender to Borrower without notice to or authorization from Guarantor, regardless of the financial or other condition of Borrower at the time of any such grant or continuation. Lender shall have no obligation to disclose or discuss with Guarantor
its assessment of the financial condition of Borrower. Guarantor acknowledges that no representations of any kind whatsoever have been made by Lender. No modification or waiver of any of the provisions of this Guaranty shall be binding upon Lender
except as expressly set forth in a writing duly signed and delivered by or on behalf of Lender. 
 5. Guarantor further agrees that
Guarantor’s liability as guarantor shall not in any way be impaired or affected by any renewals or extensions which may be made from time to time, with or without the knowledge or consent of Guarantor of the time for payment of interest or
principal under the Loan or by any forbearance or delay in collecting interest or principal under the Loans, or by any waiver by Lender under the Loan Documents, or by Lender’s failure or election not to pursue any other remedies it may have
against Borrower or Guarantor, or by any change or modification in the Loan Documents, or by the acceptance by Lender of any additional security or any increase, substitution or change therein, or by the release by Lender of any security or any
withdrawal thereof or decrease therein, or by the application of payments received from any source to the payment of any obligation other than the Obligations even though Lender might lawfully have elected to apply such payments to any part or all
of the Obligations, it being the intent hereof that Guarantor shall remain liable for the payment of the Obligations, subject to the Limitation, until the Obligations have been paid in full, notwithstanding any act or thing (other than the
Limitation) which might otherwise operate as a legal or equitable discharge of a surety. Guarantor specifically waives any and all suretyship type defenses. Guarantor further understands and agrees that Lender may at any time enter into agreements
with Borrower to amend and modify the Loan Documents, and may waive or release any provision or provisions of the Loan Documents and, with reference to such instruments, may make and enter into any such agreement or agreements as Lender and Borrower
may deem proper and desirable, without in any manner impairing or affecting this Guaranty or any of Lender’s rights hereunder or Guarantor’s obligations hereunder. 

6. Subject to the termination and release provisions set forth in Paragraph 2 above, this is an absolute, present and continuing guaranty of
payment and not of collection. Guarantor agrees that this Guaranty may be enforced by Lender without the necessity at any time of resorting to or exhausting any other security or collateral given in connection herewith or with the Loan Documents
through foreclosure or sale proceedings, as the case may be, under the Security Agreements or otherwise, or resorting to any other guaranties, and Guarantor hereby waives any right to require Lender to join Borrower in any action brought hereunder
or to commence any action against or obtain any judgment against Borrower or to pursue any other remedy or enforce any other right. Guarantor further agrees that nothing contained herein or otherwise shall prevent Lender from pursuing concurrently
or successively all rights and 

  
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remedies available to it at law and/or in equity or under the Loan Documents, and the exercise of any of its rights or the completion of any of its remedies shall not constitute a discharge of
Guarantor’s obligations hereunder (except to the extent of payment in full of the Obligations and all applicable Enforcement Costs as a result thereof), it being the purpose and intent of Guarantor that the obligations of Guarantor hereunder
shall be absolute, independent and unconditional under any and all circumstances whatsoever, subject to the Limitation. None of Guarantor’s obligations under this Guaranty or any remedy for the enforcement thereof shall be impaired, modified,
changed or released in any manner whatsoever by any impairment, modification, change, release or limitation of the liability of Borrower under the Loan Documents or by reason of the bankruptcy of Borrower or by reason of any creditor or bankruptcy
proceeding instituted by or against Borrower. This Guaranty shall continue to be effective or be reinstated (as the case may be) if at any time payment of all or any part of any sum payable pursuant to the Loan Documents is rescinded or otherwise
required to be returned by Lender upon the insolvency, bankruptcy, dissolution, liquidation, or reorganization of Borrower, or upon or as a result of the appointment of a receiver, intervenor, custodian or conservator of or trustee or similar
officer for, Borrower or any substantial part of its property, or otherwise, all as though such payment to Lender had not been made, regardless of whether Lender contested the order requiring the return of such payment. In the event of the
foreclosure of any Mortgage and/or Deeds of Trust and of a deficiency, Guarantor hereby promises and agrees forthwith to pay the amount of such deficiency, subject to the Limitation, notwithstanding the fact that recovery of said deficiency against
Borrower would not be allowed by applicable law; however, the foregoing shall not be deemed to require that Lender institute foreclosure proceedings or otherwise resort to or exhaust any other collateral or security prior to or concurrently with
enforcing this Guaranty. If the Lender elects to foreclose any lien created by the Loan Documents, the Lender is authorized to purchase for the respective accounts of the Lender all or any part of the collateral covered by such lien at public or
private sale and to credit the actual amount recovered first against that portion of the obligations for which the Guarantor is not liable with any balance remaining to be applied in reduction of the liability of the Guarantor hereunder. 

7. If: (a) this Guaranty is placed in the hands of an attorney for collection or is collected through any legal proceeding; or
(b) an attorney is retained to represent Lender in any proceedings whatsoever in connection with this Guaranty and Lender prevails in any such proceedings, then Guarantor shall pay to Lender within five (5) Business Days after demand all
reasonable out-of-pocket attorneys’ fees, paralegals’ fees, court costs, filing fees and other costs and expenses incurred in connection therewith (all of which are referred to herein as “Enforcement Costs”), in addition to all
other amounts due hereunder. 
 8. The parties hereto intend and believe that each provision in this Guaranty comports with all applicable
local, state and federal laws and judicial decisions. However, if any provision or provisions, or if any portion of any provision or provisions, in this Guaranty is found by a court of law to be in violation of any applicable local, state or federal
ordinance, statute, law, administrative or judicial decision, or public policy, and if such court should declare such portion, provision or provisions of this Guaranty to be illegal, invalid, unlawful, void or unenforceable as written, then it is
the intent of all parties hereto that such portion, provision or provisions shall be given force to the fullest possible extent that they are legal, valid and enforceable, that the remainder of this Guaranty shall be construed as if such illegal,
invalid, unlawful, void or unenforceable portion, provision or provisions were not contained therein, and that the rights, obligations and interest of Lender or the holder of the Note(s) under the remainder of this Guaranty shall continue in full
force and effect. 

  
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 9. TO THE GREATEST EXTENT PERMITTED BY LAW, GUARANTOR HEREBY WAIVES ANY AND ALL RIGHTS TO REQUIRE
MARSHALING OF ASSETS BY LENDER. WITH RESPECT TO ANY SUIT, ACTION OR PROCEEDINGS RELATING TO THIS GUARANTY (EACH A “PROCEEDING”), LENDER AND GUARANTOR IRREVOCABLY (A) SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL
COURTS HAVING JURISDICTION IN THE CITY OF OKLAHOMA CITY AND STATE OF OKLAHOMA, AND (B) WAIVE ANY OBJECTION WHICH ANY OF THEM MAY HAVE AT ANY TIME TO THE LAYING OF VENUE OF ANY PROCEEDING BROUGHT IN ANY SUCH COURT, WAIVE ANY CLAIM THAT ANY
PROCEEDING HAS BEEN BROUGHT IN AN INCONVENIENT FORUM AND FURTHER WAIVE THE RIGHT TO OBJECT, WITH RESPECT TO SUCH PROCEEDING, THAT SUCH COURT DOES NOT HAVE JURISDICTION OVER SUCH PARTY. NOTHING IN THIS GUARANTY SHALL PRECLUDE LENDER FROM BRINGING A
PROCEEDING IN ANY OTHER JURISDICTION NOR WILL THE BRINGING OF A PROCEEDING IN ANY ONE OR MORE JURISDICTIONS PRECLUDE THE BRINGING OF A PROCEEDING IN ANY OTHER JURISDICTION. LENDER AND GUARANTOR FURTHER AGREE AND CONSENT THAT, IN ADDITION TO ANY
METHODS OF SERVICE OF PROCESS PROVIDED FOR UNDER APPLICABLE LAW, ALL SERVICE OF PROCESS IN ANY PROCEEDING IN ANY OKLAHOMA STATE OR UNITED STATES COURT SITTING IN THE CITY OF OKLAHOMA CITY MAY BE MADE BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT
REQUESTED, DIRECTED TO THE APPLICABLE PARTY AT THE ADDRESS INDICATED BELOW, AND SERVICE SO MADE SHALL BE COMPLETE UPON RECEIPT; EXCEPT THAT IF SUCH PARTY SHALL REFUSE TO ACCEPT DELIVERY, SERVICE SHALL BE DEEMED COMPLETE FIVE (5) DAYS AFTER THE
SAME SHALL HAVE BEEN SO MAILED. 
 10. Any Obligations of Borrower to Guarantor now or hereafter existing is hereby subordinated to the
Obligations. Guarantor agrees that, until the entire Obligations have been paid in full, Guarantor will not seek, accept, or retain for its own account, any payment from Borrower on account of such subordinated debt. Any payments to Guarantor on
account of such subordinated debt shall be collected and received by Guarantor in trust for Lender and, subject to the Limitation, shall be paid over to Lender on account of the Obligations without impairing or releasing the obligations of Guarantor
hereunder. 
 11. Any amounts received by Lender from any source on account of the Loans may be utilized by Lender for the payment of the
Obligations and any other indebtedness of Borrower to Lender in respect of the Loans in such order as Lender may from time to time elect. 

12. GUARANTOR AND LENDER (BY THEIR ACCEPTANCE HEREOF) HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR
DEFEND ANY RIGHT UNDER THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR RELATING THERETO OR ARISING FROM THE LENDING RELATIONSHIP WHICH IS THE SUBJECT OF THIS GUARANTY AND AGREE THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT
BEFORE A JURY. 

  
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 13. Any notices or other communications required or permitted to be given by this Guaranty must
be (i) given in writing, and (ii) personally delivered or mailed by prepaid mail or overnight courier, to the address of such party as provided herein. Any such notice or other communication shall be deemed to have been given (whether
actually received or not) on the day three days after it is mailed by prepaid certified or registered mail, one day after sent by over night courier, or on the day it is personally delivered as aforesaid, and otherwise when actually received. Any
party may, for purposes of the Loan Documents, change its address or the person to whom a notice or other communication is marked to the attention of, by giving notice of such change to the other parties pursuant hereto. 

14. Guarantor makes the following representations and warranties to Lender: (a) any and all financial statements and other information
with respect to Guarantor which have heretofore been given to Lender by or on behalf of Guarantor fairly present in all material respects the financial condition of Guarantor as of the respective dates thereof and there has been no change that would
result in a material adverse effect with respect to Guarantor since the date of the latest statement delivered to Lender; (b) the execution, delivery, and performance by Guarantor of this Guaranty does not and will not contravene or conflict
with (i) any applicable laws, order, rule, regulation, writ, injunction or decree now in effect of any government authority, or court having jurisdiction over Guarantor, or (ii) any contractual restriction binding on or affecting Guarantor
or Guarantor’s property or assets which may adversely affect Guarantor’s ability to fulfill its obligations under this Guaranty; (c) this Guaranty creates legal, valid, and binding obligations of Guarantor enforceable in accordance
with its terms; (d) there is no action, proceeding, or investigation pending or, to the knowledge of Guarantor, threatened or affecting Guarantor, which may adversely affect Guarantor’s ability to fulfill its obligations under this
Guaranty; (e) there are no judgments or orders for the payment of money rendered against Guarantor for any material amount which have been undischarged for a period of ten (10) or more consecutive days and the enforcement of which is not
stayed by reason of a pending appeal or otherwise; and (f) Guarantor is not in default under any agreements to which Guarantor is a party which may adversely affect Guarantor’s ability to fulfill its obligations under this Guaranty. All of
the foregoing representations and warranties shall be deemed remade on the date of the first disbursement of loan proceeds and on the date of each advance of loan proceeds. Subject to the Limitation, Guarantor hereby agrees to indemnify and hold
Lender free and harmless from and against all loss, liability, damage, and reasonable out-of-pocket costs and expenses, including reasonable out-of-pocket attorneys’ fees and costs, which Lender sustains by reason of the inaccuracy or breach of
any of the foregoing representations and warranties as of the date the foregoing representations and warranties are made and are remade. 

15. This Guaranty shall be binding upon the permitted successors and assigns of Guarantor. If more than one party executes this Guaranty, the
liability of all such parties shall be joint and several. 
 16. THIS GUARANTY, WAS NEGOTIATED IN THE STATE OF OKLAHOMA AND DELIVERED BY
GUARANTOR AND ACCEPTED BY LENDER IN THE STATE OF OKLAHOMA, WHICH STATE THE PARTIES AGREE HAS A 

  
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SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND THE UNDERLYING TRANSACTIONS EMBODIED HEREBY. IN ALL RESPECTS, INCLUDING, WITHOUT LIMITATION, MATTERS OF CONSTRUCTION AND PERFORMANCE OF THIS GUARANTY
AND THE OBLIGATIONS ARISING HEREUNDER, THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF OKLAHOMA AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. 

17. Lender shall be entitled to honor any request for loan proceeds made by Borrower and shall have no obligation to see to the proper
disposition of such advances. Guarantor agrees that its obligations hereunder shall not be released or affected by reason of any improper disposition by Borrower of such loan proceeds. 

18. This Guaranty may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when
so executed shall be deemed to be an original and all of which taken together shall constitute one and the same instrument. 
 19.
Arbitration Provisions. LENDER and GUARANTOR AGREE AS FOLLOWS (hereinafter referred to as the “Arbitration Provisions” and for the purpose of these Arbitration Provisions any reference to “Borrower”, “you” or
“your” shall be read to include “Guarantor”): 
  

	I.	Special Provisions and Definitions applicable to both CONSUMER DISPUTES and BUSINESS DISPUTES: 

  

	 	(a)	Informal Resolution of Customer Concerns. Most customer concerns can be resolved quickly and to the customer’s satisfaction by contacting your account officer, branch manager or by calling the
Customer Service Department in your region. The region and numbers are: 

  

					
	1.	  	Laredo	  	956-722-7611
	2.	  	Austin	  	512-397-4506
	3.	  	Brownsville	  	956-547-1000
	4.	  	Commerce Bank	  	956-724-1616
	5.	  	Corpus Christi	  	361-888-4000
	6.	  	Eagle Pass	  	830-773-2313
	7.	  	Houston	  	713-526-1211
	8.	  	McAllen	  	956-686-0263
	9.	  	Oklahoma	  	405-841-2100
	10.	  	Port Lavaca	  	361-552-9771
	11.	  	San Antonio	  	210-518-2500
	12.	  	Zapata	  	956-765-8361

 In the unlikely event that your account officer, branch manager or the customer service department is unable to
resolve a complaint to your satisfaction or if the Lender has not been able to resolve a dispute it has with you after attempting to do so informally, you and the Lender agree to resolve those disputes through binding arbitration or small claims
court instead of in courts of general jurisdiction. 

  
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	 	(b)	Sending Notice of Dispute. If either you or the Lender intend to seek arbitration, then you or the Lender must first send to the other by certified mail, return receipt requested, a written Notice of
Dispute. The Notice of Dispute to the Lender should be addressed to: Dennis E. Nixon, President, at International Bancshares Corporation, P.O. Drawer 1359, Laredo, Texas 78042-1359 or if by email, ibcchairman@ibc.com (special email address to be
provided by IBC). The Notice of Dispute must (a) describe the nature and basis of the claim or dispute; and (b) explain specifically what relief is sought. You may download a copy of the Notice of Dispute at www.ibc.com or you may obtain a
copy from your account officer or branch manager. 

  

	 	(c)	If the Dispute is not Informally Resolved. If you and the Lender do not reach an agreement to resolve the claim or dispute within thirty (30) days after the Notice of Dispute is received, you or the
Lender may commence a binding arbitration proceeding. During the binding arbitration proceeding, any settlement offers made by you or the Lender shall not be disclosed to the Arbitrator. 

 

	 	(d)	“DISPUTE(S)”. As used herein, the word “DISPUTE(S)” includes any and all controversies or claims between the PARTIES of whatever type or manner, including without
limitation, any and all claims arising out of or relating to the Note or any other agreement, compliance with applicable Laws and/or regulations, any and all services or products provided by the Lender, any and all past, present and/or future loans,
lines of credit, letters of credit, credit facilities or other form of indebtedness and/or agreements involving the PARTIES, any and all transactions between or involving the PARTIES, and/or any and all aspects of any past or present
relationship of the PARTIES, whether banking or otherwise, specifically including but not limited to any claim founded in contract, tort, fraud, fraudulent inducement, misrepresentation or otherwise, whether based on statute, regulation,
common law or equity. 

  

	 	(e)	“CONSUMER DISPUTE” and “BUSINESS DISPUTE”. As used herein, “CONSUMER DISPUTE” means a DISPUTE relating to an account (including a deposit
account), agreement, extension of credit, loan, service or product provided by the Lender that is primarily for personal, family or household purposes. “BUSINESS DISPUTE” means any DISPUTE that is not a CONSUMER
DISPUTE. 

  

	 	(f)	 “PARTIES” or “PARTY”. As used in these Arbitration Provisions, the term “PARTIES” or
“PARTY” means Borrower, Lender, and each and all Persons signing this Guaranty or any other agreements between or among any of the PARTIES as part of this transaction. “PARTIES” or “PARTY” shall be
broadly construed and include individuals, beneficiaries, partners, limited partners, limited liability members, shareholders, Subsidiaries, parent companies, Affiliates, officers, directors, employees, heirs, agents and/or representatives of any
party to 

  
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such documents, any other Person claiming by or through one of the foregoing and/or any Person or beneficiary who receives products or services from the Lender and shall include any other owner
and holder of the Note. Throughout these Arbitration Provisions, the term “you” and “your” refer to Borrower, and the term “Arbitrator” refers to the individual arbitrator or panel of arbitrators,
as the case may be, before which the DISPUTE is arbitrated. 

  

	 	(g)	BINDING ARBITRATION. The PARTIES agree that any DISPUTE between the PARTIES shall be resolved by mandatory binding arbitration pursuant to these Arbitration Provisions at the election
of either PARTY. BY AGREEING TO RESOLVE A DISPUTE IN ARBITRATION, THE PARTIES ARE WAIVING THEIR RIGHT TO A JURY TRIAL OR TO LITIGATE IN COURT (except for matters that may be taken to small claims court for a CONSUMER DISPUTE as
provided below). 

  

	 	(h)	CLASS ACTION WAIVER. The PARTIES agree that (i) no arbitration proceeding hereunder whether a CONSUMER DISPUTE or a BUSINESS DISPUTE shall be certified as a class action or proceed as
a class action, or on a basis involving claims brought in a purported representative capacity on behalf of the general public, other customers or potential customers or Persons similarly situated, and (ii) no arbitration proceeding hereunder shall
be consolidated with, or joined in any way with, any other arbitration proceeding. THE PARTIES AGREE TO ARBITRATE A CONSUMER DISPUTE OR BUSINESS DISPUTE ON AN INDIVIDUAL BASIS AND EACH WAIVES THE RIGHT TO PARTICIPATE IN A CLASS ACTION.

  

	 	(i)	FEDERAL ARBITRATION ACT AND OKLAHOMA LAW. The PARTIES acknowledge that this Guaranty evidences a transaction involving interstate commerce. The Federal Arbitration Act shall govern (i) the
interpretation and enforcement of these Arbitration Provisions, and (ii) all arbitration proceedings that take place pursuant to these Arbitration Provisions. THE PARTIES AGREE THAT, EXCEPT AS OTHERWISE EXPRESSLY AGREED TO BY THE PARTIES IN
WRITING, OR UNLESS EXPRESSLY PROHIBITED BY LAW, OKLAHOMA SUBSTANTIVE LAW (WITHOUT REGARD TO ANY CONFLICT OF LAWS PRINCIPLES) WILL APPLY IN ANY BINDING ARBITRATION PROCEEDING OR SMALL CLAIMS COURT ACTION REGARDLESS OF WHO INITIATES THE PROCEEDING,
WHERE YOU RESIDE OR WHERE THE DISPUTE AROSE. 

  

	II.	Provisions applicable only to a CONSUMER DISPUTE: 

  

	 	(a)	 Any and all CONSUMER DISPUTES shall be resolved by arbitration administered by the American Arbitration Association (“AAA”) under the
Commercial Arbitration Rules and the Supplemental Procedures for Resolution of Consumer Disputes and Consumer Due Process Protocol (which are incorporated herein for all purposes). It is intended by the PARTIES that these Arbitration
Provisions meet and include all fairness standards and principles of the American 

  
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Arbitration Association’s Consumer Due Process Protocol and due process in predispute arbitration. If a CONSUMER DISPUTE is for a claim of actual damages above $250,000.00 it shall be
administered by the AAA before three neutral arbitrators at the request of any PARTY. 

  

	 	(b)	Instead of proceeding in arbitration, any PARTY hereto may pursue its claim in your local small claims court, if the CONSUMER DISPUTE meets the small claims court’s jurisdictional limits. If the small
claims court option is chosen, the PARTY pursuing the claim must contact the small claims court directly. The PARTIES agree that the class action waiver provision also applies to any CONSUMER DISPUTE brought in small claims court.

  

	 	(c)	For any claim for actual damages that does not exceed $2,500.00, the Lender will pay all arbitration fees and costs provided you submitted a Notice of Dispute with regard to the CONSUMER DISPUTE prior to
initiation of arbitration. For any claim for actual damages that does not exceed $5,000, the Lender also agrees to pay your reasonable attorney’s fees and reasonable expenses your attorney charges you in connection with the arbitration (even if
the Arbitrator does not award those to you) plus an additional $2,500.00 if you obtain a favorable arbitration award for your actual damages which is greater than any written settlement offer for your actual damages made by the Lender to you prior
to the selection of the Arbitrator. 

  

	 	(d)	Under the AAA’s Supplemental Procedures for Consumer Disputes, if your claim for actual damages does not exceed $10,000.00, you shall only be responsible for paying up to a maximum of $125.00 in arbitration fees
and costs. If your claim for actual damages exceeds $10,000.00 but does not exceed $75,000.00, you shall only be responsible for paying up to a maximum of $375.00 in arbitration fees and costs. For any claim for actual damages that does not exceed
$75,000.00, the Lender will pay all other arbitrator’s fees and costs imposed by the administrator of the arbitration. With regard to a CONSUMER DISPUTE for a claim of actual damages that exceeds $75,000.00, or if the claim is a
non-monetary claim, the Lender agrees to pay all arbitration fees and costs you would otherwise be responsible for that exceed $1,000.00. The fees and costs stated above are subject to any amendments to the fee and cost schedules of the AAA. The fee
and cost schedule in effect at the time you submit your claim shall apply. The AAA rules also permit you to request a waiver or deferral of the administrative fees and costs of arbitration if paying them would cause you financial hardship.

  

	 	(e)	Although under some Laws, the Lender may have a right to an award of attorney’s fees and expenses if it prevails in arbitration, the Lender agrees that it will not seek such an award in a binding arbitration
proceeding with regard to a CONSUMER DISPUTE for a claim of actual damages that does not exceed $75,000.00. 

  
 -10- 

	 	(f)	To request information on how to submit an arbitration claim, or to request a copy of the AAA rules or fee schedule, you may contact the AAA at 1-800-778-7879 (toll free) or at www.adr.org. 

 

	III.	Provisions applicable only to a BUSINESS DISPUTE: 

  

	 	(a)	Any and all BUSINESS DISPUTES between the PARTIES shall be resolved by arbitration in accordance with the Commercial Arbitration Rules of the AAA in effect at the time of filing, as modified by, and
subject to, these Arbitration Provisions. A BUSINESS DISPUTE for a claim of actual damages that exceeds $250,000.00 shall be administered by AAA before at least three (3) neutral arbitrators at the request of any PARTY. In the event
the aggregate of all affirmative claims asserted exceeds $500,000.00, exclusive of interest and attorney’s fees, or upon the written request of any PARTY, the arbitration shall be conducted under the AAA Procedures for Large, Complex
Commercial Disputes. If the payment of arbitration fees and costs will cause you extreme financial hardship you may request that AAA defer or reduce the administrative fees or request the Lender to cover some of the arbitration fees and costs that
would be your responsibility. 

  

	 	(b)	The PARTIES shall have the right to (i) invoke self-help remedies (such as setoff, notification of account debtors, seizure and/or foreclosure of collateral, and nonjudicial sale of personal property and real
property collateral) before, during or after any arbitration, and/or (ii) request ancillary or provisional judicial remedies (such as garnishment, attachment, specific performance, receiver, injunction or restraining order, and sequestration) before
or after the commencement of any arbitration proceeding (individually, and not on behalf of a class). The PARTIES need not await the outcome of the arbitration proceeding before using self-help remedies. Use of self-help or ancillary and/or
provisional judicial remedies shall not operate as a waiver of either PARTY’s right to compel arbitration. Any ancillary or provisional judicial remedy which would be available from a court at law shall be available from the Arbitrator.
The PARTIES agree that the AAA Optional Rules for Emergency Measures of Protection shall apply in an arbitration proceeding where emergency interim relief is requested. 

 

	 	(c)	Except to the extent the recovery of any type or types of damages or penalties may not by waived under applicable law, the Arbitrator shall not have the authority to award either PARTY (i) punitive, exemplary,
special or indirect damages, (ii) statutory multiple damages, or (iii) penalties, statutory or otherwise. 

  

	 	(d)	The Arbitrator may award attorney’s fees and costs including the fees, costs and expenses of arbitration and of the Arbitrator as the Arbitrator deems appropriate to the prevailing PARTY. The Arbitrator
shall retain jurisdiction over questions of attorney’s fees for fourteen (14) days after entry of the decision. 

  
 -11- 

	IV.	General provisions applicable to both CONSUMER DISPUTES and BUSINESS DISPUTES: 

  

	 	(a)	The Arbitrator is bound by the terms of these Arbitration Provisions. The Arbitrator shall have exclusive authority to resolve any DISPUTES relating to the scope or enforceability of these Arbitration Provisions,
including (i) all arbitrability questions, and (ii) any claim that all or a part of these Arbitration Provisions are void or voidable (including any claims that they are unconscionable in whole or in part). 

 

	 	(b)	These Arbitration Provisions shall survive any modification, renewal, extension, repayment (whether partial or full), or discharge (whether partial or full) of the Note, unless all of the PARTIES otherwise expressly
agree in writing. 

  

	 	(c)	If a PARTY initiates legal proceedings, the failure of the initiating PARTY to request arbitration pursuant to these Arbitration Provisions within 180 days after the filing of the lawsuit shall be deemed a
waiver of the initiating PARTY’S right to compel arbitration with respect to the claims asserted in the litigation. The failure of the defending PARTY in such litigation to request arbitration pursuant to these Arbitration
Provisions within 180 days after the defending PARTY’S receipt of service of judicial process, shall be deemed a waiver of the right of the defending PARTY to compel arbitration with respect to the claims asserted in the
litigation. If a counterclaim, cross-claim or third party action is filed and properly served on a PARTY in connection with such litigation, the failure of such PARTY to request arbitration pursuant to these Arbitration Provisions
within ninety (90) days after such PARTY’S receipt of service of the counterclaim, cross-claim or third party claim shall be deemed a waiver of such PARTY’S right to compel arbitration with respect to the claims asserted
therein. The issue of waiver pursuant to these Arbitration Provisions is an arbitrable dispute. Active participation in any pending litigation described above by a PARTY shall not in any event be deemed a waiver of such PARTY’S
right to compel arbitration. All discovery obtained in the pending litigation may be used in any subsequent arbitration proceeding. 

  

	 	(d)	Any PARTY seeking to arbitrate shall serve a written notice of intent to any and all opposing PARTIES after a DISPUTE has arisen. The PARTIES agree a timely written notice of intent to
arbitrate by either PARTY pursuant to these Arbitration Provisions shall stay and/or abate any and all action in a trial court, save and except a hearing on a motion to compel arbitration and/or the entry of an order compelling arbitration
and staying and/or abating the litigation pending the filing of the final award of the Arbitrator. 

  

	 	(e)	Any Arbitrator selected shall be knowledgeable in the subject matter of the DISPUTE and be licensed to practice law. 

  

	 	(f)	 For a one (1) member arbitration panel, the PARTIES are limited to an equal number of strikes in selecting the arbitrator from the AAA neutral
list, such that at least one arbitrator remains after the PARTIES exercise all of their respective strikes. For a three (3) member arbitration panel, the PARTIES are limited to an

  
 -12- 

	 	
equal number of strikes in selecting the arbitrators from the AAA neutral list, such that at least three arbitrators remain after the PARTIES exercise all of their respective strikes.
After exercising all of their allotted respective strikes, the PARTIES shall rank those potential arbitrators remaining numerically in order of preference (with “1” designating the most preferred). The AAA shall review the
PARTIES rankings and assign a score to each potential arbitrator by adding together the ranking given to such potential arbitrator by each PARTY. The arbitrator(s) with the lowest score total(s) will be selected. In the event of a tie
or ties for lowest score total and if the selection of both or all of such potential arbitrators is not possible due to the required panel size, the AAA shall select the arbitrator(s) it believes to be best qualified. 

 

	 	(g)	The PARTIES and the Arbitrator shall treat all aspects of the arbitration proceedings, including, without limitation, any documents exchanged, testimony and other evidence, briefs and the award, as strictly
confidential; provided, however, that a written award or order from the Arbitrator may be filed with any court having jurisdiction to confirm and/or enforce such award or order. 

 

	 	(h)	Any statute of limitation which would otherwise be applicable shall apply to any claim asserted in any arbitration proceeding under these Arbitration Provisions, and the commencement of any arbitration proceeding tolls
such statute of limitations. 

  

	 	(i)	If the AAA is unable for any reason to provide arbitration services, then the PARTIES agree to select another arbitration service provider that has the ability to arbitrate the DISPUTE pursuant to and
consistent with these Arbitration Provisions. If the PARTIES are unable to agree on another arbitration service provider, any PARTY may petition a court of competent jurisdiction to appoint an Arbitrator to administer the arbitration
proceeding pursuant to and consistent with these Arbitration Provisions. 

  

	 	(j)	The award of the Arbitrator shall be final and Judgment upon any such award may be entered in any court of competent jurisdiction. The arbitration award shall be in the form of a written reasoned decision and shall
be based on and consistent with applicable law. 

  

	 	(k)	Unless the PARTIES mutually agree to hold the binding arbitration proceeding elsewhere, venue of any arbitration proceeding under these Arbitration Provisions shall be in the county and state where Lender is
located, which is Lender’s address set out in the first paragraph of this Guaranty. 

  

	 	(l)	If any of these Arbitration Provisions are held to be invalid or unenforceable, the remaining provisions shall be enforced without regard to the invalid or unenforceable term or provision. 

[SIGNATURE PAGE FOLLOWS] 

  
 -13- 

 IN WITNESS WHEREOF, Guarantor has delivered this Guaranty in the State of Oklahoma as of
the date first written above. 
  

							
		 	WEXFORD SPECTRUM INVESTORS LLC, a Delaware limited liability company
			
		 	By:	 	WEXFORD CAPITAL LP, a Delaware limited partnership, its Manager
			
		 	By:	 	WEXFORD GP LLC, a Delaware limited liability company, its Manager
				
		 		 	BY:	 	  /s/ Arthur Amron

		 		 		 	Name: Arthur Amron
		 		 		 	Title:   Vice President & Assistant Secretary
			
		 	Address:	 	411 West Putnam
		 		 	Greenwich, Connecticut 06830
		
		 	WEXFORD SPECTRUM TRADING LIMITED, a Cayman Island exempted company
				
		 		 	BY:	 	  /s/ Arthur Amron

		 		 		 	Name: Arthur Amron
		 		 		 	Title:   Vice President & Assistant Secretary
			
		 	Address:	 	411 West Putnam
		 		 	Greenwich, Connecticut 06830

  
 -14-EX-10.23

 Exhibit 10.23 

Mack Financial Services 
 Master Loan
and Security Agreement 
  

									
	 
	
BORROWER’S NAME AND ADDRESS
  

	Legal Name:	 	STINGRAY LOGISTIC LLC	  	 
	 		 
	Business Type:	 	Limited Liability Company (LLC)	  	 
	 		 
	Mailing Address:	 	14313 N. May, OKLAHOMA CITY, 73134	  	 
	 		 
	Street Address:	 	14313 N. May	  	 
	 			 
	City:	 	OKLAHOMA CITY	  	State:    OKLAHOMA	  	            Zip: 73134           
         
	 			 
	County:	 	OKLAHOMA	  	Telephone:    (405) 848-8807	  	            Fax:
	 				 
	Federal ID/SSN:	 	45-1105483	  		  		  	 
	 		 
	Customer No.:	 	7630979	  	State of Formation: DELAWARE

 Dated: As of 11/26/2012. 
  

			
	Borrower: STINGRAY LOGISTIC LLC	  	 Lender: Mack Financial Services, a division
of
 VGS US LLC

	 	  	7025 Albert Pick Road, Suite 105 (27409)
	Title: _________________________________	  	P.O. Box 26131
	Print Name: ___________________________	  	Greensboro, North Carolina 27402-6131
	 Signature: X____________________________

 
	  	 Signature:
_____________________________
  

 This Master Loan and Security Agreement (this “Agreement”) is entered into as of
11/26/2012 by and between STINGRAY LOGISTICS LLC (“Borrower,” and if more than one, jointly and severally, the “Borrower”), whose principal place of business is at the address set forth above, and Mack
Financial Services, a division of VFS US LLC, a Delaware limited liability company, (“Lender”), at 7025 Albert Pick Road Suite 105, PO Box 26131, Greensboro, North Carolina 27402-6131 (“Lender”). 

Borrower has requested Lender to make loans from time to time to Borrower, the proceeds of which will be used by Borrower to acquire
directly from sellers and/or manufacturers such construction, motor vehicles, trailers, and other personal property or related equipment (collectively, the “Equipment”) as more particularly described on schedules to be attached from
time to time to this Agreement in the fate attached as Exhibit “A” (each a “Schedule”) and, subject to the terms and conditions of this Agreement, Lender has to agreed to make such loans to Borrower, the proceeds of the
loam to be used for such acquisitions. In order to induce Lender to entire into this Agreement, Borrower has agreed to grant Lender a purchase money, first priority security interest in the Equipment When used in this Master Loan and Security
Agreement the phrase “this Agreement” and any similar phrase shall mean collectively, this Agreement, all Schedules and all other documents executed by Lender and Borrower. Each Schedule shall be deemed a separate loan agreement with
respect to the Equipment described therein, and each Schedule shall be deemed to incorporate by reference the terms of this Agreement. 

 For valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Borrower
and Lender agree as follows: 
 1. The Loan. Subject to satisfaction of all of the terms and conditions of this Agreement, Lender agrees to loan to
Borrower, in one or more transactions, such amounts as may be mutually agreed upon by Lender and Borrower from time to time (collectively, the “Loan Amount”). 

(a) Advances. Each advance of a portion of the Loan Amount (an “Advance”) shall be evidenced by a Promissory
Note (Secured) in form and substance satisfactory to Lender and substantially in the form attached as Exhibit “I” to this Agreement (each a “Note”). Borrower agrees to make all payments of any amounts due under this
Agreement the Notes, or any other agreement or document executed in connection therewith, in the manner required by Lender, including, but not limited to, by wire transfer, electronic funds transfer, or by automatic withdrawal from Borrower’s
accounts. 
 (b) Conditions Precedent. Lender shall have no obligation to make any Advance to or on behalf of Borrower
until all of the following conditions precedent are fulfilled to the reasonable satisfaction of Lender, (1) all of the representations made by Borrower in this Agreement are true and accurate as of the date of such requested Advance (each a
“Funding Date”); (ii) Borrower has provided Lender with evidence of Borrower’s compliance with the insurance requirements act forth in this Agreement; (iii) Lender has received UCC Form I Financing Statements (if
required by Lender) which Borrower hereby authorizes Lender to file and, if applicable, evidence of titling and registration of the Equipment for which the Advance has been requested, all of such documents reflecting Lender’s first priority
security interest in form and substance satisfactory to Lender; (iv) if required by Lender, Borrower has provided a certificate of its secretary or other authorized officer certifying (1) Borrower’s charter and governing documents,
(2) resolutions of Borrower’s governing board duly authorizing the execution, delivery, and performance of this Agreement, the Notes, and all other documents executed in connection therewith (each a “Loan Document” and
collectively with any guaranties required under this Agreement, the “Loan Documents”), and (3) the incumbency and signatures of the officers authorized to execute the Loan Documents; (v) in the event and solely to the
extent that any guarantees are required by Lender, Lender has received such executed guaranties in form and substance satisfactory to Lender, (vi) Lender has received a Schedule and Note executed by Borrower, each in form and substance
satisfactory to Lender, (vii) if Lender so requires, opinion(s) of counsel for each Borrower and any Guarantor, in foot and substance satisfactory to Lender; (viii) a certificate from a duly executed officer of Borrower that no Event of
Default or event which, but for the passage of time or the giving of notice, or both, would constitute an Event of Default under any of the Loan Documents has occurred and is coalman& and (ix) such other documents as may be requested by
Lender. 
 2. Security Agreement. To secure Borrower’s full and complete payment and performance undo- all of the Loan Documents,
Borrower hereby grants to Lender a security interest in and to the Equipment and such other equipment and goods as described on the Schedules now and hereafter to be attached to this Agreement together with all enactments, accessions, replacements,
parts, proceeds (including insurance proceeds), income, earnings, accounts, rights to payment (including monetary obligations, whether or rice earned by performance), secondary 

  
 2 

 
obligations incurred or to be incurred, chattel paper, electronic chattel paper, general intangibles, payment intangibles, promissory notes, warranties, service contracts, documents, records now
or hereafter arising from the Equipment (collectively, the “Collateral”). The security interest in the Collateral and the rights granted hereunder shall secure the following (collectively, the “Obligations”),
(i) the indebtedness of Borrower to Lender, or any affiliates of Lender, evidenced by each the Notes (and any renewals, extensions, or modifications thereof), together with interest thereon, late charges, and costs of’ collection as
provided in each of the Notes; (ii) the payments of all amounts agreed to be paid by Borrower in this Agreement and the other Loan Documents; and (iii) the observance and performance by Borrower of all of the terms, provisions, and
covenants to be performed by Borrower under this Agreement or any of the other Loan Documents, or under any agreement(s), of whatever nature with any affiliate of the Lender. The security interest shall remain in full effect, without waiver or
surrender of any of Lender’s rights hereunder, notwithstanding any one or more of the following: (i) extension of the time of payment of the whole or any pest of any Note; (ii) any change in the tame and conditions of any Note;
(iii) substitution of any other note or evidence of indebtedness for any Note; (iv) surrender, release, exchange, or alteration of any Collateral or other security, either in whole or in part; or (v) release, settlement, discharge,
compromise, change, or amendment, in whole or in part, of any claim of Lender against Borrower or of any claim against any guarantor or other party secondarily or additionally liable for the payment of any Note. 

3. Borrower’s Representations. Borrower warrants and represents to Lender, expressly acknowledging that Lender is relying on these warranties and
representations, that, as of the date of this Agreement and/or the date of each Advance, as applicable, and agrees that until all of the Obligations have been irrevocably satisfied in fide (i) all information supplied by Borrower in any
financial, credit, or accounting statement to Lender is and will be true, correct, and genuine; (ii) that each item of Equipment is to be used only for business purposes; (iii) Borrower is duly organized, validly existing, and in good
standing under the laws of the state of its formation; (iv) Borrower has the full authority to enter into each of the Loan Documents and to perform all of its obligations under each of the Loan Documents; (v) Borrower has duly executed,
authorized, and delivered all of the Loan Documents and each of the Loan Documents constitutes the legal, valid, and binding obligation of Borrower, enforceable against Borrower in accordance with its terms; (vi) that the execution, delivery,
and performance of the transactions contemplated in each of the Loan Documents does not require the approval of any stockholder, trustee, or holder of any obligations of Borrower and does not and will not violate any law, rule, or order now binding
on Borrower, or the charter, by-laws, Or other governing documents of Borrower, or violate the provisions of, constitute a default under, or result in the creation of any lien or encumbrance upon the property of Borrower under, any contract or
agreement to which Borrower is a party or by which it or its assets are bound, or require the consent or approval or the giving of notice to the federal or any state or local government (other than customary titling, registration, and security
interest filings): (vii) there are no pending or overtly threatened actions or proceedings, which either, individually, or in the aggregate, would materially adversely affect the financial condition of Borrower or Borrower’s ability to
fully perform all of its obligations under any of Me Loan Documents; (viii) the Equipment is owned by Borrower and are free of all security interests and liens, except for the lien of the Loan Documents; (ix) Borrower maintains its
principal place of business at the address set forth on page 1 of this Agreement, and Borrower’s exact legal name and state of formation, are identified on page 1 of this Agreement; Borrower agrees not to change its principal place of business,
state of formation, or legal name 

  
 3 

 
without 30 days’ prior written notice to Lender; and Borrower retains its records concerning the Collateral at the address set forth above; and (x) Lender shall have a perfected
security interest in the Collateral at all times that shall be prior to any other interests in the Collateral. 
 4. Borrower’s Obligations. In
addition to and not in limitation of any other agreements of Borrower, Borrower agrees at its sole expense: (a) to use or permit the use of each item of Equipment only in the United States (or in Canada for not more than 60 days during any
rolling 12 calendar month period to be determined individually for each item of &mimeo° in the ordinary course of its business and in compliance with all applicable laws and regulations and insurance (b) to keep earn item of Equipment
free from all claims and liens; (c) to file, report, and pay on its and Lancet’s behalf by their due date all taxes, fees, and assessments of any and every kind on each item of Equipment Bending a copy of such filing and payment
contemporaneously to Lender; (d) to defend any action, proceeding, or claim affecting the Equipment or Lender’s security interest therein; (e) to maintain the Equipment in good operating condition, repair, and appearance in conformity
with all governmental regulations, insurance requirements, and manufacturer’s warranty requirements; (f) if titled Equipment, to obtain a certificate of title on each item of Equipment showing Lender’s security interest, and for all
types of Equipment to preserve and perfect Lender’s security interest by authorizing Lender to Mc financing statements and also execute any required financing statements; (g) to not misuse, secrete, sell, rent, lend, encumber, transfer, or
illegally use any of the Equipment nor permit any item of Equipment to be operated by or be in the possession of any affiliate of Borrower nor any other entity nor assign any of its interests or obligations (regardless of whether any of the
foregoing occur voluntarily or by operation of taw); (h) that Lender may enter any premises to inspect the Equipment or Borrower’s boas and records on the Equipment at any time during usual business hours; (i) to provide Lender with
complete financial information of Borrower upon request by Lender filing time to time, such financial information to include income statements and balance sheets, prepared in accordance with generally accepted accounting principles — unaudited
on a quarterly basis within 30 days after the end of each quarter and audited on an annual basis within 90 days after each fiscal year-end; (j) to give Lender prompt written notice of any lien or claim on any Item of Equipment for which it is
obligated to indemnify Lender; (k) Borrower will not transfer or permit any transfer of any part of the Collateral to be mark or any interest therein to be created by sale (except as expressly restrained in this Agreement), grant of a security
interest, or by levy, or other judicial process (whether occurring voluntarily or by operation of law); (I) Borrower may sell or dispose of only that part of the Collateral that Borrower is obligated hereby to replace, and, unless the proceeds
arc invested in replacement property of like kind and of equal or greater value, or Lender agrees otherwise in writing, all proceeds of any such sale or other disposition shall promptly be paid by Borrower to Lender to be applied against the
Obligations, regardless of whether the Obligations are then due and payable; (in) Borrower shall take all actions and execute and file all documents reasonably requested by Lender to establish, maintain, and continue the perfected security interest
of Lender in the Collateral and that a carbon, photographic, or other reproduction of this Agreement may be filed as a financing statement, (n) Borrower will, within ten (10) days of receipt of written notice from Lender, pay all costs and
expenses of filing and recording (including the costs of all searches deemed necessary by Lender) to establish, maintain, and determine the validity of Lender’s security interest; (a) Borrower, within ten (10) days after any request
of Lender, will confirm the amount due on any Note and will provide a description of any alleged offsets, counterclaims, or defenses to the payment thereon (p) if titled Equipment, 

  
 4 

 
Borrower hereby grants Lender an irrevocable power of attorney for the purpose of titling and registering the Equipment and perfecting Lender’s security interest in the Collateral so long as
the Obligations remain outstanding; (q) if non-tilled Equipment, Borrower hereby appoints Lender as agent for the benefit of Borrower and grants Lender an irrevocable power of attorney, to take any and all actions and to execute and file all
documents necessary to establish, maintain, and continue the perfected security interest of Lender in the Units, in the name of and on behalf of Borrower, at Borrower’s sole cost and expense. This power of attorney is coupled with an interest
and is irrevocable during the term of this Agreement; and (r) Borrower shall not permit the Equipment to be used for transportation of passengers or for the digging, hauling, loading, storing or transporting of material designated as
hazardous, radioactive, toxic, flammable, or explosive, or environmentally hazardous, unsafe, or dangerous under any federal, state, or local law, rule. 

5. Insurance and Risk of Loss: All risk of loss, damage or destruction of the Equipment will at all times be on Borrower. Borrower agrees to maintain,
at Borrower’s expense: (a) property insurance or other insurance acceptable to Lender, protecting the Equipment from loss or damage by fire, theft and other customary risks for the greater of the Equipment’s replacement cost or the
Indebtedness with a deductible not to exceed $2,500 per item of Equipment, naming Lender as a loss payee on a “Leader’s Loss Payable” endorsement, and (b) liability insurance in an amount not less than $1,000,000 per occurrence
(collectively “Requited Insurance). Borrower must provide Lender satisfactory written evidence of Required Insurance within thirty (30) days of the commencement date of this agreement, the cancellation or expiration of such Required
Insurance, or of any subsequent written request from Lender. If Borrower does not do so, Lender may obtain insurance from an insurer of Lender’s choosing in such forms and amounts as Lender deems reasonable to protect Lender’s interests
(collectively, “Lender’s Insurance”). Lender’s Insurance will cover the Equipment and the Lender; it will not name Borrower as an insured sad may not cover all of the Borrower’s interest in the Equipment. Borrower
agrees to pay Lender periodic charges for Lender’s Insurance (collectively, “Insurance Charges”) that include: a premium that may be higher than if the Borrower maintained the Required Insurance separately; a finance charge of
up to 1.5% per month on any advances made by Lender or Lender’s agents; and commissions, and billing and processing fees; any or all of which may generate a profit to Lender and Lender’s agents. If Borrower fads to provide
satisfactory evidence of Required Insurance by the due date, Lender may pay Insurance Charges by debiting Borrower’s account under any previously authorized automatic payment. Lender shall discontinue billing or debiting Insurance Charges upon
receipt of satisfactory evidence of Required Insurance. Borrower shrill immediately notify Lender of any loss or damage to Equipment which makes any item of Equipment unfit for continued or repairable use. Borrower hereby irrevocably appoints Lender
as Borrower’s attorney-in-fact to execute and endorse all checks or drafts in Borrower’s mime to collect under any insurance covering Equipment. Lender may apply insurance proceeds to the Obligations or any other obligation of Borrower to
Lender as Lender deems appropriate- 
 6. Borrower’s General Indemnities: Borrower, at Borrower’s sole expense, will indemnify and bold
harmless and upon demand reimburse Lender and its agents for, from, and against any and all liabilities, losses, damages, actions, causes of action, suits, proceedings, claims, demands, assessments, fines, penalties, judgments, fees, casts and
expenses (including attorneys’ fees and expenses) of every kind and nature arising out of or misted to this 

  
 5 

 
Agreement, any other Loan Document, the Collateral, or any part thereof, and the selection, manufacture, purchase, delivery, sale, possession, use, misuse, contents, repair, collision, condition,
or return of any hem of Equipment and any breach by Borrower of any of its obligations to Lender under this Agreement or any other Loan Document. The obligations of Borrower and the dente of Lender under this Section 6 shall survive payment and
performance of the Obligations in full and shall remain in full force and effect without termination. 
 7. Continuation of Agreement. This Agreement
shall remain in full force and effect, without waiver or surrender of any of Lender’s rights hereunder, notwithstanding (a) extrusion of the time of payment of the whole or any part of the Obligations; (b) any modification to the
Notes or substitution of any other note or evidence of indebtedness for any Note; (c) acceptance by Lender of any Collateral or security of any kind as partial payment of the Obligations; or (d) surrender, release, exchange, or alteration
of any Collateral in whole or any part. 
 8. Events of Default. An “Event of Default” shall exist under this Agreement or any
Schedule and all of the Loan Documents upon the occurrence of any of the following: (i) the occurrence of an Event of Default under any Note or any other of the Loan Documents; (ii) the failure by Borrower or any guarantor to perform any
obligation not involving die payment of money, or to comply with any other tsar or condition applicable to Borrower or guarantor under any of the Loan Documents and each obligation, term, or condition remains unsatisfied after fifteen
(15) days’ written notice to Borrower or guarantor; provided, however, that for any breach of any insurance provision or other covenant causing immediate risk to Lender’s interest in the Equipment, the cure period will
be limited to ten (10) days; (iii) any representation or warranty made by Borrower or any guarantor in any of the Loan Documents or otherwise or any information delivered by Borrower or any guarantor in obtaining or he easier in connection
with the credit evidenced by any Loan Document is materially incomplete, incorrect, or misleading as of the dale made or delivered; (iv) Borrower or any guarantor is unable or admits in writing its inability to pay its monetary obligations as
the become due, makes a general assignment for the benefit of creditors, or applies far or acquiesces in the appointment of a trustee, receiver, or other custodian for such party or any of its assets or property, or a trustee, receiver, or other
custodian is appointed for Borrower or any guarantor or any of their assets or property; (v) commencement of any case tinder the Bankruptcy Code (Title 11 of the United States Code) or any similar proceeding under any federal, state, or foreign
law by or against Borrower or any guarantor, (vi) the death, incompetence, dissolution, or liquidation of Borrower or any guarantor, the consolidation or merger of Borrower or any guarantor with any person or entity, or the taking of any action
by Borrower or any guarantor toward any dissolution, liquidation, consolidation, or merger (regardless of whether such actions occur voluntarily or by operation of law); (vii) Borrower or any guarantor becomes insolvent, ceases to do business
in the ordinary course or suffers a material adverse change in its management or ownership; (viii) the sale, assignment, or transfer of all or substantially all of its assets by Borrower or any guarantor (regardless of whether such action
occurs voluntarily or by operation of law); (ix) Borrower or any guarantor, or any other person acting on behalf of such parties, claims that any Loan Document or any lien or security interest is not legal, valid, binding, or enforceable
against Borrower or any guarantor, or that the priority of any lien or security interest securing any of the Obligations is different than the priority represented and warranted in the Loan Documents; (x) any of the Equipment is lost, severely
damaged, destroyed, or seized; (xi) Borrower or any guarantor shall be in default with respect to any agreement with or obligation to any other party for the payment of borrowed 

  
 6 

 
money, contractual obligation, or rent and such default exceeds an aggregate amount of One Million Dollars (US $1,000,000); and omit the occurrence of any condition or event that is a default or
is designated as a default, event of default, or Event of Default, under any other Loan Document, or in any other agreement, contract, or indebtedness of Borrower or any guarantor to Lender or of Borrower or any guarantor to any affiliate of Lender,

 9. Rights and Remedies of Lender. Upon the occurrence of an Event of Default under this Agreement and at any time thereafter, Lender shall have
the following rights and remedies: (i) Lender may, at its option, declare all of the Obligations immediately due and payable; (ii) Lender may, without notice or demand or legal process, take possession of the Collateral wherever found and,
for this purpose, may enter upon the property occupied or under the control of Borrower; (iii) Lender may require Borrower to assemble the Collateral and make it available to Lender at a place to be designated by Lender, (iv) Lender, at
the expense of Borrower, may make repairs deemed necessary or desirable to the Collateral; (v) with or without obtaining possession of the Collateral or any part thereof sell the same at a public or private sale in the wholesale or retail
market, with or without notice to the Borrower. Lender may also advertise and sell repossessed Collateral through interact websites through which equipment similar to the Collateral is sold and such disposition shall be deemed in conformity with
reasonable commercial practice among dealers of the type of property that was the subject of the disposition. The proceeds of any sale or sales, after deducting all expense of Lender in taking, storing, repairing, and selling time Collateral
(including reasonable attorneys’ fees and legal expenses) shall be applied to the payment of any part or all of the Obligations and any other indebtedness or liability of Borrower to Lender, and any surplus thereafter remaining shall be paid to
Borrower or to any other person that may be legally entitled to such surplus. At any sale or disposition, Lender may accept a trade of property for all or any portion of the sales price. As permitted by applicable law, Lender may, at any sale,
public or private, of the Collateral, purchase any or all of the Collateral offered at such sale. Lender shall be under no duty to select any items of Collateral over any other items or to sell the items of Collateral pro rata or in any order but
may select and sell such items as Lender may determine. Lender shall not be responsible for any injury ix loss to the Collateral unless caused by the willful wrongful acts or omission of Lender while the Collateral is in Lender’s possession.
Lender may, at its option, and without any obligation to do so, pay, perform, and discharge any and all amounts, coats, expenses, and liabilities herein agreed to be paid or performed by Borrower, and all amounts so expended by Lender may become
part of the Obligations and shall be immediately due and payable by Borrower upon demand and shall bear interest at the Default Rate (as defined in the Notes), Lender may pursue any legal remedy available to collect all Obligations and to enforce
its rights in the Collateral. No action by Lender shall operate as a waiver of any edger right or remedy of Lender. The failure of Lender to take any of the actions or exercise any of the rights or remedies granted to Lender in this Agreement shall
not be construed to be a waiver of any of the rights or remedies of Lender. Lender shall have all of the rights and remedies afforded a secured party under the Uniform Commercial Code as adopted in North Carolina and all other rights or remedies
provided under applicable law. Borrower agrees that the Collateral is of a type customarily sold in recognized markets within the meaning of the Uniform Commercial Code. All rights and remedies of Lender under this Agreement shall be cumulative and
not alternative and shall inure to the benefit of Lender and its successors and assigns. In Lender’s exercise of the powers granted by Borrower under this Agreement, no liability shall be asserted or enforced against Lender except for
Lender’s willful wrongful acts, and Borrower expressly waives and Mimes Wider from all other such claims or liabilities. 

  
 7 

 10. Consents and Waivers. To the extent permitted under applicable law, Borrower expressly consents to and
authorizes any court of competent jurisdiction to issue, by hearing without notice, such order or orders as may be appropriate or necessary to enforce the tarns of this Agreement, granting to Lender such powers, orders, or authority as Lender shall
need or desire to enforce this Agreement Any such court is directed not to require any bond of Lender, the parties agreeing that time is of the essence to protect the interests of Lender. Borrower hereby acknowledges its express intent to waive and
abandon all personal property exemptions granted by law with respect to the Collateral. To the extent permitted under applicable law, Borrower expressly waives any notice of sale or other disposition of the Collateral, notice of exercise of any
other right or remedy by Lender and any other right to notice after an Event of Default; and that to the extent such notices can not be waived, any notice given to Borrower at the address set forth on page 1 of this Agreement (or to such other
address provided in writing by Borrower) by registered or certified mail at least five (5) days before the date of sale shall be deemed reasonable and to fully satisfy the requirement for giving of notice to Borrower. 

11. Liability of Lender. Lender shall not in any way be liable for the condition or maintenance of the Collateral or any failure to do any or all of
the actions for which rights and authority arc granted in this Agreement The failure of Lender to take any of the actions or exercise any of the rights, interests, powers, or authority granted to Lender under this Agreement shall not be construed to
be a waiver of any of the rights, interests, powers, or authority granted to Lender under this Agreement In exercise of its rights and remedies Lender shall not have any liability to Borrower for any injury to the assets, business, or operations of
Borrower or any other liability, other titan for Lender’s on gross negligence or willful misconduct 
 12. Incorporation by Reference. Each of
the Notes, Exhibits, Schedules, and other Loan Documents attached to, or referred to in, this Agreement now or at any time hereafter are hereby incorporated in this Agreement by this reference as if restated in their entirety. 

13. Construction. Unless otherwise expressly provided in a Loan Document, in the event of any conflict between any provision of a Note and any ether
Loan Document, the terms of the Note shall control such conflict. The parties to the Loan Documents have negotiated the terms of the transactions evidenced by the Loan Documents and the drafting of the Loin Documents shall not be construed for or
against Borrower, any guarantor, IS Lender. 
 14. Assignments or Transfers. 

(a) Transfers by Lender. Borrower acknowledges that Lender may assign, transfer, grant a participation in, or gram a security interest
in this Agreement, any Note, or Lender’s interest therein without notice to Borrower. Any assignee or transferee of Lender shall have the rights, assigned and transferred, but none of the obligations of Lender under this Agreement, and Borrower
agrees that it will not assert against any assignee or transferee of Lender any defense, counterclaim, or offset which Borrower may have or may chin against Lender or its areal& Borrower acknowledges that any assignment or transfer by Lender
shall not materially change Borrower’s duties or obligations under this Agreement, any Note, or any other Loan Document. 

  
 8 

 (b) Transfers by Borrower. Neither Borrower nor any guarantor shall assign,
transfer, delegate, or dispose (whether voluntarily or by operation of law) of all or any part of its Obligations under this Agreement, any Note, or any other Loan Document, or cuter into a lease of all or any part of the Equipment, without the
prior written consent of fender and any such action attempted without the prior written consent of Lender shall be void as against Lender and constitute an immediate Event of Default under this Agreement. Notwithstanding the foregoing prohibition
against such transfers by Borrower, Borrower hereby transfers, conveys, and assigns to Lender and grants to Lender a security interest in all of Borrower’s rights, tide, and interest in, but none of its obligations under, any lease of the
Equipment, and all proceeds and income arising therefrom In the event Lender is requested to consent to a lease of the Equipment, any permitted lease must be in form acceptable to Lender and assigned to Lender by Borrower by an assignment in form
approved by Lender. 
 15. Survival. The representations, warranties, and covenants, of the Bo rower and any guarantor in the Loan Documents
shall survive the execution and delivery of the Loan Documents and the making of the Advances to or on behalf of Borrower. 
 16. Multiple Finance
Accommodations. If Borrower has more than one loan or other finance accommodation with Lender, Borrower agrees that (i) the Loan Documents and the documents relating to such ether finance accommodations shall all remain in effect and
neither shall supersede the other, regardless of whether the Loan Documents and such other financing documents have differing terms, conditions, and requirements; and (ii) regardless of such differences, Borrower shall comply with all of the
terms, conditions, and requirements of the Loan Documents and such other financing documents. 
 17. Miscellaneous. TIME IS OF THE ESSENCE WITH
REGARD TO EACH PROVISION OF TIE LOAN DOCUMENTS AS TO WHICH TIME IS A FACTOR. The headings at the beginning of sections of the Loan Documents are solely for convenience and do not modify any sections. In each Loan Document, the singular shall include
the plural and vice versa and each gender shall include the other gender. If any provision of any of the Loan Documents is unenforceable, such provision shall be automatically modified to the minimum extent possible to make such provision
enforceable, and the enforceability of the other provisions of the Loan Doormats shalt not be of The Loan Documents shall be binding upon and inure to the benefit of Lender, Borrower, and any guarantor and each of their respective permitted
successors and assigns. Borrower agrees that any document processing fees may be shared with or rebated to the selling dealer. In the event Borrower is composed of more than one party, the obligations, covenants, agreements, and warranties contained
herein, as well as the obligations arising therefrom, arc and shall be joint and severe as to each such party. Borrower certifies they are not subject to any prohibitions under any regulation or orders of the U.S. Dept. of Treasury’s Office of
Foreign Assets Control Borrower also certifies that they do not engage in any transactions prohibited by any U.S. laws. To the extent permitted by applicable law the Borrower and Lender hereby voluntarily and intentionally waive the right either may
have to trial by jury in respect to any litigation in connection with this Agreement, any other loan document, or actions or statements (whether verbal or written) of any party. These Loan Documents may be executed and delivered by facsimile
signature and a facsimile signature shall be treated as an original. Multiple signatures to these Loan Documents delivered separately shall constitute one original Loan Document. 

  
 9 

 18. Lender Agents. Borrower agrees that Lender may appoint one or more agents to act on its behalf and
that such agents have the power and right to administer and enforce this Agreement 

  
 10 

 Mack Financial Services 

Exhibit “A” 

Master Loan and Security Agreement Schedule 

Customer Name: STINGRAY LOGISTICS LLC 
 Customer
Number: 7630979 
 Schedule Number: 

This Schedule is made pursuant that certain Master Loan and Security Agreement dated 11/26/2012, and signed by STINGRAY LOGISTICS LLC
(“Borrower”) (the “Agreement”). The terms and conditions of the Agreement are incorporated in this Schedule and made a part of this Schedule by reference. The term “Equipment” shall include all items
described herein and which may be defined as either “Vehicles” or “Units” in the Agreement. All capitalized terms used and not defined are used with the same meaning as given in the Agreement. 

 

	1.	Description of Equipment 

  

															
	 Year
	 	  	 	 Make
	 	  	    	 Model
	 	  	  	 VIN/Serial Number*
	  	 Attachments/Body

								
	2013	 		 	Mack	 		    	CXU613	 		  	1M1AW07Y2DM031179	  	
								
	2013	 		 	Mack	 		    	CXU613	 		  	1M1AW07Y9DM031180	  	
								
	2013	 		 	Mack	 		    	CXU613	 		  	1MIAW07110DM031181	  	
								
	2013	 		 	Mack	 		    	CXU613	 		  	1M1AW07Y2DM031182	  	
								
	2013	 		 	Mack	 		    	CXU613	 		  	1MlAW07Y4DM031183	  	
								
	2013	 		 	Mack	 		    	CXU613	 		  	1M1AW07Y6DMO31184	  	
								
	2013	 		 	Mack	 		    	CXU613	 		  	1MIAW07Y8DM1Y31185	  	
								
	2013	 		 	Mack	 		    	CXU613	 		  	1MIAW07YXDM031186	  	

  

	*	Last 4 numeric characters of serial number for construction equipment, Additional Equipment, if any, is listed in Exhibit A-1. 

  

	2.	Address(es) of Location(s) of Primary Domicile or Garage of Equipment. 

 14313 N. May

 OKLAHOMA CITY, OK 73134 
  

	3.	Description of Other Personal Property 

  

	4.	Terms and Conditions of Advance. 

  

									
	Principal Amount;	  	$921,406.59	  		  		  	
					
	Interest Rate:	  	5.99	  		  		  	
					
	Term:	  	48 months	  		  		  	
					
	Payment Amount:	  	$21,635.04	  		  		  	
					
	Other:	  		  		  		  	

 Complete for Non-Titled Equipment—Delivery and Acceptance 

On __________________ (the “Date of Acceptance”), each item of Equipment listed in this Schedule was delivered to Borrower, in
conjunction with Borrower’s purchase of equipment, and Buyer acknowledges its receipt and irrevocable acceptance of each item of Equipment. Borrower represents and 

 
warrants to Lender that Borrower has: accepted delivery of and inspected each item of Equipment; determined that each item of Equipment contains all of the major components and accessories as
agreed; each item of Equipment is in good working order, repair, and condition; and that each item of Equipment is fit for immediate and continued use and conforms to Borrower’s requirements without maim Borrower understands and acknowledges
that Borrower is entering into the Agreement based on Borrowers representation and warranty that Borrower will pay in fun to Lender all payments when due as required by the Agreement Borrower also represents and warrants to Lender that no Event of
Default or event which, but for the passage of time or the giving of notice, or both, would constitute an Event of Default under the Agreement has occurred and is continuing as of the Date of Acceptance and that all of the representations and
warranties made by Borrower in the Agreement are correct and complete as though made on and as of the date of this Schedule. If no Date of Acceptance is indicated, the Borrower agrees the date of this Contract is the Date of Acceptance. 

 

			
	Dated: 11/26/2012	  	
		
	Borrower:	  	Accepted by Lender:
	STINGRAY LOGISTIC LLC	  	Mack Financial Services, a division of VFS US LLC
	Signature: X__________________________	  	Signature: ______________________________
		
	Title: ___________________________	  	

  
 2 

 Exhibit A-1 
  

															
	Customer No.	 	        Schedule No.:	  		  		  		  		  		  	

  

															
	 Year
	 	  	 	 Make
	 	  	    	 Model
	 	  	  	 VIN/Serial Number
	  	 Attachment/Body

	2013	 		 	Mack	 		    	CXU613	 		  	1M1AW071110M026942	  	
	2013	 		 	Mack	 		    	CXU613	 		  	1M1AW07Y3CDM026943	  	
	2013	 		 	Mack	 		    	CXU613	 		  	1M1AW07Y1DM026944	  	
	2013	 		 	Mack	 		    	CXU613	 		  	1M1AW07Y3DM026945	  	
	2013	 		 	Mack	 		    	CXU613	 		  	1M1AW07Y5D14026946	  	

  
 3 

 Mack Financial Services 

Exhibit “B” 

Master Loan and Security Agreement 

Customer Name: STINGRAY LOGISTICS LLC  

Customer Number: 7630979 
 Schedule Number:

 PROMISSORY NOTE 

(Secured) 
  

							
	$921,406.59	  		  		  	Greensboro, North Carolina
	(Principal Amount)	  		  		  	Date: 11/26/2012

 Promise to Pay and Interest. For value received STINGRAY LOGISTICS LLC, (Borrower, and if
more them one, jointly and severally, the “Borrower”), promises to pay to Mack Financial Services, a division of VFS US LLC, a Delaware limited liability company, or order (“Lender”), at 7025 Albert Pick Road,
Suite 105, P.O. Box 26131, Greensboro, North Carolina 27402-6131, or at such other place as Lender designates in writing, in lawful money of the United States of America, the principal sum of 5921,406.59, with interest on the outstanding unpaid
principal balance at the rate of 5.99% per annum (the “Interest Rate”). 
 Principal and interest shall
be paid in 48 consecutive monthly payments in Arrears, in the amount of $21,635.04, commencing on 12/26/2012 and continuing thereafter on the 26th day of each month thereafter; provided, however, that,
unless due earlier, all accrued and unpaid interest and the unpaid principal balance shall be due and paid in full on 11/26/2016 (the “Maturity Date”). 

On the Maturity Date, Borrower shall pay to Lender the unpaid principal, all accrued and unpaid interest, and all other amounts payable
by Borrower to Lender under the Loan Documents (collectively the “Obligations”). The term “Loan Documents” shall mean this Note; the Master Loan and Security Agreement, dated as of 11/26/2012 between Borrower and
Lender; all other Notes made by Borrower to Lender, any guaranty(ies) of any payment or performance of the Obligations; and all other agreements or documents evidencing, guaranteeing, securing, or otherwise relating to this Note, as any or all of
such documents may be executed or amended from time to time. 
 Principal shall bear interest at the Interest Rate from the
date of disbursement until the applicable due date, whether due by acceleration or otherwise. Any payment due on a date which is a date when banking institutions are not open to the public under the laws of the United States or the State of North
Carolina shall be due on the next succeeding date on which such institutions are open. All Obligations not paid when due shall bear interest from the due date or the judgment date, as applicable, until paid at a rate (the “Default
Rate”) which is the lesser of eighteen percent (18%) per annum or the maximum rate permitted under applicable law. 

All interest due under the Loan Documents shall be computed on the basis of a 360-day year and accrue on a daily basis for the actual number
of days elapsed. Borrower agrees to pay an effective rate of interest that is the sum of (i) the Interest Rote and (ii) the additional rate of interest resulting from any other charges or fees paid or to be paid in connection with the Loan
Documents that arc determined to be interest or in the nature of interest. 

 This Promissory Note is executed as of the date first written above. 

 

			
	Borrower: STINGRAY LOGISTIC LLC	  	Co-Borrower (if applicable):
	 	 
	Signature: X___________________________	  	Signature: X___________________________
	 	 
	Title: _________________________________	  	Title: _________________________________
	 	 
	 Print Name: ___________________________

 
	  	 Print Name: ___________________________

 

 Address for Notices: 
 14313 N.
May, OKLAHOMA CITY, OK, 73134 
 Receipt and Application of Payments. Payments shall not be deemed received by Lender until
good funds are actually received by Lender. At the option of Lender, payments shall be applied to principal, interest, and other Obligations in such order as Lender shall determine. 

Prepayment. Borrower may prepay the outstanding principal balance of this Note, in whole or in part, at any time prior to the
Maturity Date, provided that as express conditions precedent to Lender’s acceptance of any prepayment, Borrower must: (i) give Lender at least thirty (30) days’ prior written notice of its intent to maize such prepayment; and (IQ
pay, in all cases (whether prepayment is voluntary or involuntary as a result of the acceleration of the Maturity Date), not as a penalty, but as reimbursement for the loss of the bargain, a prepayment premium of 0% of the amount of principal being
prepaid; and (iii) pay all accrued and unpaid interest on the unpaid principal balance being prepaid. At the option of Lender, any prepayment of principal shall be applied to payments coming due under this Note in the inverse order of their due
dates. 
 Late Charges. If any payment of principal and interest or any other Obligation is not received in full by Lender
within fifteen (15) days after its due date, then in addition to all other rights and remedies of Lender, a late charge of five percent (5%) of the amount due and unpaid will be charged to Borrower. Such late charge shall be immediately
due and payable upon receipt of written notice from Lender and shall be an “Obligation” under this Note. 
 No
Counterclaim, Deductions, or Offsets. All payments and obligations of Borrower under the Loan Documents will be made and performed without counterclaim, deduction, defense, deferment, set-off or reduction. 

Events of Default: Each of the following shall be an event of default under this Note (an “Event of Default”):

 1. Failure by any Loan Party to pay when due (i) any amount dim by such Loan Party under any of the Loan Documents, or (ii) any other amount
due by a Loan Party to Lender under any 

  
 2 

 
other agreement or contract or indebtedness of any kind. “Loan Party” means Borrower and any other person that from time to time is obligated to Lender under any of the Loan
Documents; executes any guaranty of all or any portion of Borrower’s obligations under the Loan Documents; or grants any property, interests in property, or rights to property to secure any or all of the Obligations., and 

2. The occurrence of any condition or event that is a default or is designated as a default or event of default or an “Event of
Default” under any other Loan Document or in any other agreement, contract, or indebtedness of any Loan Party to Lender. 

Rights and Remedies of Lender. Upon the occurrence of an Event of Default, Lender may, at its option, and without demand or
notice: (i) declare the Obligations to be immediately due and payable, whereupon all of the Obligations in the Loan Documents shall be immediately due and payable, and (ii) exercise any or all other rights and remedies concurrently or
consecutively in such order as Lender elects. Such rights and remedies shall be cumulative and mm-exclusive. Delay, discontinuance, or failure to exercise any remedy shall not be a waiver of such remedy or of any other right or remedy of Lender, or
of the TIME IS OF THE ESSENCE provision. Exercise of any right or remedy of Lender shall not are or waive any Event of Default or invalidate any act of Lender taken in response to such Event of Default. 

Binding Effect. This Note shall be binding upon Borrower and its permitted successors and assigns and inure to the benefit of
Lender and its successors and assigns. Lender may from time to time assign or transfer its rights and/or delegate its obligations under the Loan Documents in whole or in part and without notice to or the consent of any Loan Party. In addition and as
permitted under applicable law, NO LOAN PARTY SHALL ASSERT AGAINST ANY ASSIGNEE OR TRANSFEREE OF LENDER ANY CLAIMS OR DEFENSES SUCH LOAN PARTY MAY HAVE AGAINST LENDER, 

Costs, Expenses and Fees. Borrower agrees to pay on demand all reasonable external and internal costs, expenses, and fees
(including reasonable attorneys’ fees and expenses) of Lender in enforcing the Loan Documents and the rights and remedies of Lender under the Loan Documents and applicable law, regardless of whether any legal action or proceeding is instigated.
Such costs, expenses, and fees shall constitute an “Obligation” under the Loan Documents. 
 Severability. If
any provision of any of the Loan Documents is unenforceable, such provision shall be modified to the minimum extent possible to make such provision enforceable and the enforceability of the other provisions of the Loan Documents shall not be
affected. 
 Choice of Law. The Loan Documents have been delivered and accepted in the State of North Carolina and shall be
governed by the substantive (arid not choice of law or conflicts) laws of the State of North Carolina. 
 Notices and Demands.
All demands or notices under the Loan Documents shall be in writing (including, without limitation, telecopy or facsimile - receipt confirmed) and mailed, telecopied, or delivered to the address specified in this Note or in writing by the party to
which such notice is given. Any demand or notice mailed shall be mailed first-class mail, postage prepaid, return-receipt requested. Demands or notices shall be effective upon the earlier of (i) actual receipt by the addressee, or (ii) the
date shown on the return receipt, fax confirmation, or delivery receipt. 

  
 3 

 Rescission or Return of Payments. If at any time or from time to time, whether
before or after payment and performance of the Obligations in full, all or any part of any amount received by Lender as payment of an Obligation, must or is claimed to be subject to avoidance, rescission, or return to Borrower or any other party for
any reason whatsoever, such Obligation and any liens, security interests, and other encumbrances that secured such Obligations at the time such avoidance, rescission, or returned payment was received by Lender shall be deemed to have continued in
existence or shalt be reinstated, as the ease may be, all as though such payment had not been received. 
 Waivers. Borrower
waives, to the fullest extent permitted tinder applicable law, the right to assert any statutes of limitations as a defense to any of its Obligations. Borrower (i) waives, to the fullest extent permitted by law, presentment, notice of dishonor,
protest, notice of protest, notice of intent to accelerate, notice of acceleration, and all other notices or demands of any kind (except notices specifically provided for in the Loan Documents), and (ii) agrees that Lender may enforce this Note
and any other Loan Documents against Borrower without first having sought enforcement against any other Loan Party or any collateral securing the Obligations. 

Miscellaneous. The than Documents constitute the entire agreement and understanding of Lender and Borrower and supersede all
prior representations, warranties, agreements, understandings, and negotiations. No provision of any Loan Document can be amended, waived, discharged, or terminated except in writing executed by the parties thereto. Acceptance of late payments shall
not waive the TIME IS OF THE ESSENCE PROVISION, the right of Lender to require that subsequent payments be made when due, or the right of Lender to declare an Event of Default if subsequent payments are not made when due. Any approval, consent, or
statement that a matter is acceptable to Lender under the Loan Documents must be in writing executed by Lender and shall be construed to apply only to the party and facts specifically set forth in writing. 

  
 4

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