Document:

Exhibit 10.1

 

Execution Version

 

 

 

FORBEARANCE AGREEMENT AND SIXTH AMENDMENT TO CREDIT AGREEMENT

 

AMONG

 

Sundance
Energy INC.,

as
parent,

 

Sundance
Energy, Inc.,

AS BORROWER,

 

TORONTO DOMINION (TEXAS) LLC

AS ADMINISTRATIVE AGENT,

 

THE LOAN PARTIES PARTY HERETO

 

AND

 

THE LENDERS PARTY HERETO

 

Dated as of December 18, 2020

 

 

 

     

     

    

 

FORBEARANCE AGREEMENT AND SIXTH AMENDMENT
TO CREDIT AGREEMENT

 

This FORBEARANCE AGREEMENT
AND SIXTH AMENDMENT TO CREDIT AGREEMENT (this “Agreement”) dated as of December 18, 2020 (the “Execution
Date”) but effective for all purposes as of November 30, 2020 (the “Effective Date”) is among
SUNDANCE ENERGY INC., a Delaware corporation (“Parent”), SUNDANCE ENERGY, INC., a Colorado corporation
(the “Borrower”), TORONTO DOMINION (TEXAS) LLC, as administrative agent for the Lenders (in such capacity, together
with its successors, the “Administrative Agent”), each of the Loan Parties party hereto and each of the lenders
party hereto (individually a “Lender” and collectively, the “Lenders”).

 

RECITALS

 

A.            The
Parent, the Borrower, the Administrative Agent and the Lenders are parties to that certain Credit Agreement dated as of April 23,
2018 (as amended, modified, supplemented, restated, replaced or otherwise modified from time to time prior to the date hereof,
the “Credit Agreement”) pursuant to which the Lenders have made certain Loans and other credit available to
and on behalf of the Borrower.

 

B.            The
Borrower has notified the Administrative Agent and the Lenders that the Existing Defaults (defined below) have occurred.

 

C.            The
Loan Parties have requested that the Administrative Agent and the Lenders agree to forbear from exercising their remedies under
the Loan Documents with respect to the Suspended Defaults (defined below).

 

D.            Subject
to the terms and conditions set forth herein, the Parent, the Borrower, the Administrative Agent, the Loan Parties party hereto
and the Lenders party hereto have agreed to such forbearance, to be effective as of the Effective Date.

 

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

 

Section 1.              Defined
Terms. Each capitalized term which is defined in the Credit Agreement, but which is not defined in this Agreement, shall have
the meaning ascribed such term in the Credit Agreement. Unless otherwise indicated, all article and section references in this
Agreement refer to the Credit Agreement.

 

Section 2.              Acknowledgements.

 

2.1          Existing
Defaults. The Borrower acknowledges and agrees that the following Defaults and Events of Default (the “Existing Defaults”)
have occurred and are continuing under the Loan Documents:

 

(a)           an
Event of Default under Section 10.01(d) as a result of Borrower’s failure to comply with the financial covenants
in Sections 9.01(a) and (b) for the quarter ending September 30, 2020;

 

(b)           an
Event of Default under Section 10.01(d) as a result of Borrower’s breach of Section 9.02(k) as
a result of certain obligations owed to Calfrac Well Services, totaling approximately $1,900,000;

 

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(c)           an
Event of Default under Section 10.01(g) as a result of the Term Lenders having the right, as a result of the above
Events of Default and events of default arising under Sections 8.02(a), 8.22(b) and 9.01(b) of the Term Credit Agreement,
to cause the Term Debt to become due prior to its scheduled maturity;

 

(d)           a
Default under Section 10.01(e) as a result of the Borrower’s failure to maintain the Required Hedges pursuant
to Section 8.17; and

 

(e)           an
Event of Default under Section 10.01(d) as a result of the Borrower’s breach of Section 9.11(f) with
respect to the early termination of certain Swap Agreements on or prior to December 18, 2020 without Required Lender consent.

 

2.2          Suspended
Defaults. The Borrower acknowledges and agrees that during the Forbearance Period (as hereinafter defined), the following Defaults
may exist (together with the Existing Defaults, collectively, the “Suspended Defaults”): (a) an Event of
Default occurring under Section 10.01(d) as a result of Borrower’s failure to comply with the financial
covenants set forth in Sections 9.01(a) and (b) for the quarter ending December 31, 2020 and (b) an
Event of Default occurring under Section 10.01(g) as a result of Borrower’s failure to comply with Section 9.01(a) or
(b) under the Term Credit Agreement for the quarter ending December 31, 2020.

 

2.3          Acknowledgment
of Outstanding Amounts/No Further Commitments. Each of the Loan Parties acknowledges, confirms, and agrees that as of the Execution
Date (a) the outstanding principal amount of the Loans is $130,600,000.00; (b) the aggregate LC Exposure is $16,350,000.00;
(c) the Lenders have no further commitments or obligations to provide any further financing or loans to the Borrower; (d) the
Issuing Bank has no further commitment or obligation to issue, increase or extend any Letters of Credit; and (e) the Secured
Obligations (excluding obligations and amounts owed to a Secured Swap Provider or Secured Cash Management Provider) are not subject
to any claim, offset, deduction, defense, or counterclaim of any kind, nature, or description whatsoever.

 

2.4          Acknowledgment
of Liens and Security Interests. Each of the Loan Parties acknowledges, confirms, and agrees that the Liens granted to the
Administrative Agent, for the benefit of the Secured Parties, under the Security Instruments remain valid, enforceable and perfected
in accordance with the terms thereof.

 

2.5          Binding
Effect of Loan Documents. Each of the Loan Parties hereby acknowledges, confirms, and agrees that (a) each of the Loan
Documents has been duly executed and delivered to the Administrative Agent, and each is in full force and effect as of the date
hereof; (b) the agreements and obligations of each of the Loan Parties contained in each of the Loan Documents, including,
but not limited to, this Agreement and the Guarantee and Collateral Agreement, constitute the legal, valid, and binding obligations
of each of the Loan Parties, enforceable against each of the Loan Parties in accordance with their respective terms, except as
such enforcement may be limited by bankruptcy, insolvency, or similar Laws of general application relating to the enforcement of
creditors’ rights and by general principles of equity, and the Loan Parties otherwise have no valid defense to the enforcement
of such obligations, and (c) the Secured Parties are and shall be entitled to the rights, remedies, and benefits provided
for in the Loan Documents and under applicable Laws.

 

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2.6          Notice
Requirements Satisfied. Each of the Loan Parties acknowledges and agrees that all notice requirements embodied in the Loan
Documents and imposed upon the Administrative Agent, each Issuing Bank or any Lender in connection with the Suspended Defaults,
and the exercise of its remedies therefor (together with all applicable cure and/or grace periods) have been satisfied (or shall
be deemed to have been satisfied by this Agreement) without exception, and that upon the Forbearance Termination Date, Administrative
Agent, the Issuing Bank and Lenders shall, with respect to the Suspended Defaults, have the full right and power to exercise all
remedies granted to them under the Loan Documents without further notice to the Borrower or any other Loan Party and subject to
no other conditions precedent.

 

2.7          Fair
and Reasonable Consideration. Each of the Loan Parties hereby acknowledges, confirms, and agrees that the consideration the
Loan Parties received from the Secured Parties under this Agreement, including the extension of the forbearance and any fees or
other payments received or to be received in connection herewith, was negotiated at arm’s-length, constitutes fair and reasonable
value in exchange for the execution, delivery, and performance of the Loan Parties’ obligations under this Agreement and
that such consideration provided by the Secured Parties hereunder has or will provide substantial benefit to the Loan Parties.
Each of the Loan Parties hereby further acknowledges, confirms, and agrees that the consideration that the Loan Parties and the
Secured Parties will receive in accordance with this Agreement constitutes both reasonably equivalent value and a contemporaneous
exchange for new value, and hereby confirms, acknowledges, and agrees that the Secured Parties are entering into this Agreement
in reliance upon the foregoing.

 

Section 3.              Forbearance.
Subject to the occurrence of the Forbearance Effectiveness (defined below), Administrative Agent and each Lender hereby agrees
to forbear from the exercise of any of their remedies under the Credit Agreement, the other Loan Documents and/or applicable law
in connection with the Suspended Defaults for a period (the “Forbearance Period”) beginning effective as of
the Effective Date and through and including the earlier to occur of (x) 11:59 PM Central Standard Time, February 7,
2021, and (y) the date that any of the events set forth in Section 3.4 of this Agreement occurs (such earlier
date, the “Forbearance Termination Date”), subject to the terms and conditions set forth herein. As a result
of the occurrence and continuance now or hereafter of the Suspended Defaults, the Borrower agrees that the Lenders have, and shall
have, no further commitment or obligation to provide any further financing or loans to Borrower or to grant any request for the
conversion to, or continuation of Eurodollar Loans and no Issuing Bank has, and shall have, any further commitment or obligation
to issue, increase or extend any Letters of Credit.

 

3.1           Forbearance
Limited to Suspended Defaults. Administrative Agent’s and the Lenders’ forbearance shall be limited solely to the
exercise of their remedies arising under the Loan Documents, or otherwise, as a result of the Suspended Defaults during the Forbearance
Period, and Administrative Agent and the Lenders shall not be deemed to have waived any remedies under the Loan Documents that
they may have with respect to any other existing breach or Default occurring thereunder, including during the Forbearance Period,
or any breach of this Agreement.

 

3.2           Agreement
in the Nature of Forbearance Only; Reservation of Rights. Each of the Loan Parties hereby acknowledges that Administrative
Agent’s and the Lenders’ obligations under this Agreement are in the nature of a conditional forbearance only, and
that the Administrative Agent and the Lenders have not made any agreement or commitment to modify or extend the Loan Documents
beyond the Forbearance Termination Date, and that, upon the Forbearance Termination Date, Administrative Agent and the Lenders
shall have the immediate and unconditional right to exercise their remedies under the Loan Documents, including with respect to
the Suspended Defaults. In accordance with the terms of this Agreement, Administrative Agent, each Issuing Bank and the Lenders
hereby reserve all rights and remedies available to them under the Loan Documents or otherwise. The description herein of the Suspended
Defaults is based upon the information available to the Administrative Agent as of the Effective Date, and the failure of any Secured
Party to give notice to any Loan Party of any other Defaults or Events of Default is not intended to be, nor shall be, a waiver
thereof.

 

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3.3          Secured
Swap Providers. Nothing in this Agreement shall impair the rights or remedies of any Secured Swap Provider under a Secured
Swap Agreement, whether with respect to the Suspended Defaults or otherwise.

 

3.4          Termination
of the Forbearance Period. The occurrence of any of the following events shall immediately terminate the Forbearance Period:

 

(a)          the
occurrence of any Default or Event of Default, other than the Suspended Defaults;

 

(b)          any
material misrepresentations by Borrower or any other Loan Party under this Agreement or any other Loan Document;

 

(c)          the
failure of Borrower or any other Loan Party to perform, observe, or comply with any covenant, agreement or term contained in this
Agreement including, without limitation, any failure of one or more of the Milestones (defined below), as may be extended in writing
pursuant to Section 6.12, to be timely performed;

 

(d)          the
Term Lenders accelerate the Term Debt;

 

(e)           (i) an
involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (A) liquidation, reorganization
or other relief in respect of any Loan Party, or its or their debts, or of a substantial part of its or their assets, under any
Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (B) the appointment
of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any other Loan Party or for
a substantial part of its or their assets or (ii) the Borrower or any other Loan Party shall (A) voluntarily commence
any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy,
insolvency, receivership or similar law now or hereafter in effect, (B) consent to the institution of, or fail to contest
in a timely and appropriate manner, any proceeding or petition described in Section 3.3(e)(i), (C) apply for or
consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or
any other Loan Party or for a substantial part of its or their assets, (D) file an answer admitting the material allegations
of a petition filed against it or them in any such proceeding, (E) make a general assignment for the benefit of creditors,
or (F) take any action for the purpose of effecting any of the foregoing;

 

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(f)            any
creditor(s) of Borrower or any of the Guarantors take(s) any enforcement action against Borrower or any Guarantor which,
in Administrative Agent’s judgment, would materially interfere with the Administrative Agent’s ability to collect the
Loans or the other obligations under the Loan Documents;

 

(g)           Any
Loan Party or any of their Affiliates, or principals, initiates any judicial, administrative or arbitration proceeding against
the Administrative Agent, the Lenders or any of their Affiliates; or

 

(h)           The
Loan Parties’ failure to deliver an executed and effective Term Loan Forbearance Agreement, in form and substance substantially
similar to this Agreement or otherwise in form and substances satisfactory to the Administrative Agent in its sole discretion (such
agreement, the “Term Loan Forbearance Agreement”) on or prior to the expiration of five (5) days following
the Execution Date or the Term Loan Forbearance Agreement otherwise expires or terminates.

 

Upon the Forbearance Termination
Date, the Administrative Agent’s and the Lenders’ agreement to forbear shall terminate automatically without further
act or action by the Administrative Agent or any Lender, and the Administrative Agent and the Lenders shall be entitled to exercise
any and all rights and remedies available under the Loan Documents and this Agreement, at law, in equity, or otherwise without
any further lapse of time, expiration of applicable grace periods, or requirements of notice, all of which are hereby expressly
waived by each Loan Party.

 

Section 4.              Conditions
Precedent. The Forbearance Period shall become effective upon receipt by the Administrative Agent of the following documents
and satisfaction of the other conditions provided in this Section 4 (or their waiver in accordance with Section 12.02;
such satisfaction or waiver, the “Forbearance Effectiveness”):

 

4.1           Agreement.
The Administrative Agent shall have received executed multiple counterparts as requested of this Agreement from the Parent, the
Borrower, the other Loan Parties and the Lenders constituting the Majority Lenders.

 

4.2           Fees
and Expenses. The Administrative Agent and the Lenders shall have received all fees and other amounts due and payable on or
prior to the Execution Date, including reimbursement or payment of all reasonable and documented out-of-pocket expenses (including
the reasonable and documented fees and expenses of Haynes and Boone, LLP, as counsel to the Administrative Agent and Opportune
LLP, advisor to Haynes and Boone, LLP) required to be reimbursed or paid by the Borrower under the Credit Agreement.

 

Without limiting the
generality of the provisions of this Section 4, for purposes of determining satisfaction of the conditions specified
in this Section 4, each Lender that shall have delivered executed multiple counterparts of this Agreement to the Administrative
Agent shall be deemed to have consented to, approved of, or accepted or been satisfied with, each document or other matter required
thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have
received notice from such Lender prior to the proposed Execution Date specifying its objection thereto.

 

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Section 5.              Amendments
to Credit Agreement. Subject to the occurrence of the Forbearance Effectiveness, the Credit Agreement is hereby amended as
follows:

 

5.1           Section 1.02
is amended by deleting the definition of “Excluded Account” in its entirety and replacing such definition with the
following:

 

““Excluded
Account” means (a) each deposit account all or substantially all of the deposits in which consist of amounts utilized
to fund payroll obligations of any Loan Party for the then-current pay period, employee benefit obligations of any Loan Party for
the then-current pay period or tax obligations of any Loan Party that have accrued or that will accrue in the then-current calendar
month, (b) any fiduciary, trust, suspense, escrow or third-party oil and gas royalty account in each case that is permitted
to be incurred hereunder (including by Section 9.05), (c) the deposit account of the Borrower held with Bank of
America, N.A. with an account number ending in 1093 so long as such account is a “zero balance account” and (d) any
deposit accounts of the Loan Parties that in aggregate with all other such accounts have a balance at the end of each day (Central
Standard Time) of less than $150,000, provided that in no event shall any of the principal operating accounts of any Loan
Party constitute an Excluded Account.”

  

5.2           Section 1.02
is amended by deleting the definition of “LC Sublimit” in its entirety and replacing such definition with the following:

 

““LC Sublimit”
at any time means twenty million dollars ($20,000,000.00).”

 

5.3           Section 9.23(b) is
amended by replacing the reference therein to “December 31, 2020” with “February 7, 2021”.

 

Section 6.              Covenants
and Agreements. Without limitation to any covenants or agreements in the Credit Agreement or any Loan Document, from and after
the Execution Date (irrespective of the occurrence of the Forbearance Termination Date, which obligations expressly survive such
date) each Loan Party hereby covenants and agrees as follows:

 

6.1           Interest
on Loans. Interest on all amounts outstanding under the Loan Documents shall accrue at the rate provided under Section 3.02(b) and
be payable upon each Interest Payment Date for such Loan (or in the event of a repayment or prepayment of any Loan, accrued interest
on the principal amount repaid or prepaid shall be paid on the date of such repayment or prepayment), unless demand is otherwise
made therefor.

 

6.2           Actions.
The Loan Parties shall not (a) take any actions (or inactions) that are prohibited under the Credit Agreement or any other
Loan Document during the pendency of a Default or Borrowing Base Deficiency or (b) make any Investment (including acquisitions
of Oil and Gas Properties) from and after the Effective Date (excluding, for purposes of clarity, Investments in the amounts
outstanding as of such date).

 

6.3           Term
Loan Debt. No Loan Party may make any payments under the Term Loan Documents or to any Term Lender in its capacity as an agent
or lender thereunder including, without limitation, any payments of principal or interest on the Term Debt.

 

6.4           Borrowings.
Borrowings, issuances of new Letters of Credit and renewal or extension of any existing Letter of Credit (other than the extension
of Letters of Credit contemplated by Section 7 hereof) shall be subject to the discretion, and require the prior written
consent of, of the Majority Lenders, in their sole and absolute discretion.

 

6.5           Accounts.
Borrower and Guarantors shall not, without the consent of the Majority Lenders, (a) open any new deposit accounts, (b) use
any existing deposit account for a purpose for which such account is not currently used (other than using an existing deposit account
as a utilities adequate assurance account) or (c) transfer, or permit any person to transfer, any funds to any deposit account
that is not subject to a deposit account control agreement in favor of the Administrative Agent.

 

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6.6            Budgets.

 

(a) Initial
Budget. On or prior to the expiration of three (3) Business Days following the Execution Date, the Administrative Agent
shall have received, in form and substance reasonably satisfactory to the Administrative Agent and the Majority Lenders, an internally
prepared 13-week cash flow forecast, prepared by the Borrower or its representatives (the “Budget”) and setting
forth the projected financial operations of the Borrower and its Subsidiaries for the succeeding 13-week period, including good
faith projections of all weekly cash receipts and disbursements, along with a statement of then current accounts aging and payable
(each such cash flow forecast and projection, a “13-Week Report”).

 

(b) Budget
Reporting. On or prior to Wednesday of the first full week following the Execution Date, and continuing each Wednesday thereafter,
Borrower shall deliver to Agent a reconciliation report showing variances of Budget amounts to actual amounts for the trailing
four-week time period, or such shorter period if the Borrower has not yet completed four weeks of post-Execution Date operations.
Cash disbursements shall only be used to fund disbursements in accordance with the Budget and Borrower shall not permit total
disbursements for any trailing four-week time period of the Budget to exceed the total disbursements allowed in the Budget by
more than ten percent (10%); provided that any disbursements (i) due to early termination of Swap Agreements not prohibited
hereby or (ii) related to Lender or professional fees and expenses (in the case of professionals retained by any Loan Party
or their Affiliates, in a manner consistent with the engagement letters of such professionals as of the Execution Date), in each
case of (i) and (ii), shall not be prohibited or included in the calculation of such variance. The Budget may only be amended
or modified with the prior written consent of the Administrative Agent and the Majority Lenders.

 

6.7           Borrowing
Base. The Lenders shall have the right, at the discretion of the Administrative Agent and the Required Lenders, to immediately
redetermine the Borrowing Base on or prior to the Forbearance Termination Date and such redetermination shall constitute the November 2020
Scheduled Redetermination.

 

6.8           Contact
with Advisors. Subject to applicable state ethical rules, the Administrative Agent, the Lenders designated by the Administrative
Agent as forming a part of the “steering committee” (who agree to consult with the Administrative Agent prior to any
such contact) and each of their respective professionals shall be permitted to have direct contact with any financial consultants,
attorneys, and other professionals retained by the Borrower or any other Loan Party to discuss the business operations and financial
affairs of the Borrower or any other Loan Party. The Borrower shall, and upon the request of the Administrative Agent shall require
its and any Loan Party’s financial advisor to: (a) attend and participate in good faith in weekly update calls with
the Administrative Agent and the steering committee for the Lenders during normal business hours on a day and time reasonably requested
by the Administrative Agent; (b) if requested by the Administrative Agent, upon reasonable notice and during normal business
hours, the Borrower shall attend and participate in good faith in additional conference calls with the Administrative Agent and
the Lenders; and (c) provide such other information regarding the operations, business affairs and financial condition of
Loan Parties as the Administrative Agent or any Lender may reasonably request.

 

6.9           Swap
Agreements. During the Forbearance Period, no Loan Party may request or consent to the early termination of any Swap Agreements
without the prior written consent of Agent and Majority Lenders. Not in limitation of the foregoing, the Borrower shall provide
prompt written notice of the early termination of any Swap Agreement, to be delivered on or before the date such termination becomes
effective and require any Net Cash Proceeds payable to any Loan Party in connection therewith to be deposited into the account
ending in 9039 maintained with Bank of America, N.A.

 

6.10         Management
Compensation. No Loan Party may make, and the Budget shall not include, any discretionary retention or incentive bonus payments
by a Loan Party to management of any Loan Party or their Affiliates without the prior written consent of the Administrative Agent
and the Majority Lenders.

 

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6.11         Payment
of Fees and Expenses. During the Forbearance Period, the Borrower shall pay all of the Administrative Agent’s and each
Lender’s reasonable and documented out-of-pocket expenses, costs and fees related to the Loan Documents and this Agreement,
including, but not limited to, the reasonable and documented fees and expenses of the Administrative Agent’s and each Lender’s
outside legal counsel and financial advisors within three (3) Business Days of the receipt of an invoice (which shall not
include time entry description details, but, upon request by the Borrower, shall include a list of all timekeepers, the hourly
rate for each timekeeper, the hours worked by each timekeeper, and a summary of all expenses charged) for such fees and expenses.

 

6.12         Milestones.
The Borrower shall strictly comply with the following milestones (the “Milestones”); provided that the dates
for compliance may be extended by the written approval of the Administrative Agent, or, if extended by more than three (3) Business
Days, the written approval of the Majority Lenders (in each case, such written approval may be by electronic mail):

 

(a)  Borrower
shall have established December 14, 2020 as the deadline for Miller Buckfire & Co., LLC (the “I-Banker”)
to receive cash bids to acquire all or substantially all of the Borrower’s assets (“Bids”) pursuant to
Bankruptcy Code Section 363 sale (“Sale”).

 

(b)  On
or prior to December 15, 2020, the Borrower shall have delivered to the Administrative Agent a summary report, in a reasonable
level of detail, of all Bids received.

 

(c)  On
or prior to December 18, 2020, the Borrower shall deliver to the Administrative Agent a comprehensive restructuring and capitalization
term sheet for the Parent and its Subsidiaries as an alternative to a Sale (the “Restructuring Plan”).

 

(d)  If
the terms of the Restructuring Plan are acceptable to the Administrative Agent and Required Lenders:

 

(1)  The
Borrower shall, on or prior to the expiration of eight (8) Business Days subsequent to the date on which the Administrative
Agent has delivered notice to the Borrower as to whether (or not) the terms of the Restructuring Plan are acceptable to the Administrative
Agent and the Required Lenders, which Administrative Agent shall use reasonable efforts to provide on or before December 23,
2020 (December 23rd, or such later date on which such notice is provided, the “Notice Date”),
deliver to the Administrative Agent and the Required Lenders a draft Restructuring Support Agreement (“Restructure RSA”);

 

(2) On
or prior to the expiration of fifteen (15) Business Days subsequent to the Notice Date, the Borrower shall enter into the Restructure
RSA with the Loan Parties, the Administrative Agent, the Required Lenders, the Term Agent, requisite (not to be less than half
in number and two-thirds in amount) Term Lenders, and any other parties required to execute the Restructure RSA on terms satisfactory
to each of such parties in their sole discretion;

 

(3)  On
or prior to the expiration of fifteen (15) Business Days subsequent to the Notice Date, finalize the terms for the use of cash
collateral and DIP financing required to pursue the Restructuring Plan in a Chapter 11 bankruptcy proceeding, with such terms to
be acceptable to the Administrative Agent and the Required Lenders in their sole discretion; and

 

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(4)  On
or prior to the expiration of twenty-five (25) Business Days subsequent to the Notice Date, file a voluntary petition for relief
pursuant to Chapter 11 of the Bankruptcy Code in U.S. Bankruptcy Court for the Southern District of Texas (a “Chapter
11 Petition”).

 

(e)  If
the terms of the Restructuring Plan are not acceptable to the Administrative Agent and Required Lenders:

 

(1)  The
Borrower shall, on or prior to the expiration of eight (8) Business Days subsequent to the Notice Date, delivery to the Administrative
Agent and the Required Lenders a draft Restructuring Support Agreement (“Sale RSA”);

 

(2)  The
Borrower shall, on or prior to the expiration of eight (8) Business Days subsequent to the Notice Date, deliver to the Administrative
Agent drafts of the proposed Bankruptcy Code Section 363 sale and bid procedures motion, bid procedures, and bid procedures
order (the “363 Pleadings”);

 

(3)  On
or prior to the expiration of fifteen (15) Business Days subsequent to the Notice Date, finalize the terms of: (A) the 363
Pleadings; and (B) the use of cash collateral and/or debtor-in-possession financing required to pursue the Sale in a Chapter
11 bankruptcy proceeding, with such terms to be acceptable to the Administrative Agent and the Required Lenders;

 

(4)  On
or prior to the expiration of fifteen (15) Business Days subsequent to the Notice Date (or such later date as approved by the Administrative
Agent in its sole discretion to accommodate the credit approval process of the Lenders), the Borrower shall enter into the Sale
RSA along with the Loan Parties, the Administrative Agent, the Required Lenders, on terms satisfactory to each of such parties
in their sole discretion, and any other parties required to execute the Sale RSA; and

 

(5)  On
or prior to the expiration of twenty-five (25) Business Days subsequent to the Notice Date, file a Chapter 11 Petition in U.S.
Bankruptcy Court for the Southern District of Texas.

 

Section 7.               Limited
Waiver. Subject to the occurrence of the Forbearance Effectiveness and notwithstanding anything to the contrary in the Credit
Agreement, the parties hereto hereby agree to waive any limitation in the Credit Agreement that, solely as a result of the Suspended
Defaults, would prohibit or restrict the Borrower’s ability to request an amendment and renewal (or replacement Letter of
Credit) with respect to that certain Standby Letter of Credit No. S101436, in favor of Newpek, LLC, that certain Standby Letter
of Credit No. S101437, in favor of Reliance Holding USA, Inc. and that certain Standby Letter of Credit No. S101438,
in favor of Pioneer Natural Resource Company, in each case, as amended or otherwise modified from time to time prior to October 30,
2020 (collectively, the “Specified Letter of Credit”), and issued by The Toronto-Dominion Bank, New York Branch
(including, for purposes of clarity, any requirement that the Borrower make the representation set forth in Section 7.07
as a condition to the amendment, renewal or issuance of such Letter of Credit). The limited waivers set forth in this Section 7
(the “Limited Waiver”) are limited to the extent expressly set forth herein and no other terms, covenants or
provisions of the Credit Agreement or any other Loan Document shall in any way be affected hereby. The Limited Waiver is granted
only with respect to the Suspended Defaults as applied to the Specified Letter of Credit, and no other Borrowing or issuance, amendment,
renewal or extension of any Letter of Credit is consented to or otherwise permitted hereby. Other than with respect to the Suspended
Defaults as applied to Specified Letter of Credit, the Limited Waiver does not waive any other requirement with respect to any
other Borrowing or the issuance, amendment, renewal or extension of any Letter of Credit. The Limited Waiver shall not in any manner
create a course of dealing or otherwise impair the future ability of the Administrative Agent or the Lenders to decline to waive
the applicability of any Default or Event of Default under Credit Agreement (including the Suspended Defaults) with respect to
any request for a Borrowing or the issuance, amendment, renewal or extension of any Letter of Credit. For purposes of clarity,
prior to and immediately after the effectiveness of the Limited Waiver any Suspended Defaults continuing immediately prior to the
Execution Date shall remain continuing and are not waived hereby.

 

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Section 8.               Ratification
and Affirmation; Representations and Warranties; Etc. Each Loan Party hereby (a) ratifies and affirms its obligations
under, and acknowledges, renews and extends its continued liability under, each Loan Document to which it is a party and agrees
that each Loan Document to which it is a party remains in full force and effect, except as expressly amended and modified hereby,
and (b) represents and warrants to the Lenders that, as of the date hereof, after giving effect to the terms of this Agreement:
(i) all of the representations and warranties contained in each Loan Document to which it is a party are true and correct
in all material respects (unless already qualified by materiality in which case such applicable representation and warranty shall
be true and correct), except to the extent any such representations and warranties are expressly limited to an earlier date, in
which case, such representations and warranties shall continue to be true and correct in all material respects (unless already
qualified by materiality in which case such applicable representation and warranty shall be true and correct) as of such specified
earlier date and (ii) no Default or Event of Default has been waived as a result of this Agreement.

 

Section 9.               Reference
to and Effect Upon the Credit Agreement and other Loan Documents.

 

9.1           Loan
Document. This Agreement shall constitute a Loan Document as such term is defined in the Credit Agreement.

 

9.2           Effect
Upon Credit Agreement. Except as specifically amended and modified hereby, the Credit Agreement shall remain in full force
and effect following the effectiveness of this Agreement.

 

9.3           No
Waiver; Interpretation. The Borrower agrees that no Event of Default and no Default has been waived or remedied by the execution
of this Agreement by the Administrative Agent and the Lenders, and any such Default or Event of Default heretofore arising and
currently continuing shall continue after the execution and delivery hereof. The execution, delivery and effect of this Agreement
shall be limited precisely as written and shall not be deemed to (a) be a consent to any waiver of any term or condition,
or to any amendment or modification of any term or condition of the Credit Agreement or any other Loan Document (except as specifically
set forth in this Agreement) or (b) except as specifically set forth in this Agreement during the Forbearance Period with
respect to the Suspended Defaults, prejudice any right, power or remedy which the Administrative Agent or any Lender now has or
may have in the future under or in connection with the Credit Agreement or any other Loan Document. Each reference in the Credit
Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or any other word
or words of similar import shall mean and be a reference to the Credit Agreement as amended and modified hereby, and each reference
in any other Loan Document to the Credit Agreement or any word or words of similar import shall be and mean a reference to the
Credit Agreement as amended and modified hereby.

 

9.4          Violations.
Except as expressly provided herein during the Forbearance Period with respect to the Suspended Defaults, neither the execution
by the Administrative Agent or the Lenders of this Agreement, nor any other act or omission by the Administrative Agent or the
Lenders or their respective officers in connection herewith, shall be deemed a waiver by the Administrative Agent or the Lenders
of any defaults which may exist or which may occur in the future under the Credit Agreement and/or the other Loan Documents (collectively,
 “Violations”). Similarly, nothing contained in this Agreement shall directly or indirectly in any way whatsoever
either: (a) other than with respect to the Suspended Defaults during the Forbearance Period, impair, prejudice or otherwise
adversely affect the Administrative Agent’s or any Lender’s right at any time to exercise any right, privilege or remedy
in connection with the Loan Documents with respect to any Violations, (b) amend or alter any provision of the Credit Agreement,
the other Loan Documents, or any other contract or instrument, except as expressly set forth herein, or (c) constitute any
course of dealing or other basis for altering any obligation of the Borrower or any right, privilege or remedy of the Administrative
Agent or the Lenders under the Credit Agreement, the other Loan Documents, or any other contract or instrument. Section 12.02(a) remains
in full force and effect and is hereby ratified by the Borrower.

 

    	 	 10	 

     

    

 

Section 10.            Miscellaneous.

 

10.1         RELEASE.
EACH LOAN PARTY, IN CONSIDERATION OF THE ADMINISTRATIVE AGENT’S AND THE UNDERSIGNED LENDERS’ EXECUTION AND DELIVERY
OF THIS AGREEMENT AND FOR OTHER GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH IS HEREBY ACKNOWLEDGED, UNCONDITIONALLY,
FREELY, VOLUNTARILY AND, AFTER CONSULTATION WITH COUNSEL AND BECOMING FULLY AND ADEQUATELY INFORMED AS TO THE RELEVANT FACTS, CIRCUMSTANCES
AND CONSEQUENCES, RELEASES, WAIVES AND FOREVER DISCHARGES (AND FURTHER AGREES NOT TO ALLEGE, CLAIM OR PURSUE) ANY AND ALL CLAIMS,
RIGHTS, CAUSES OF ACTION, COUNTERCLAIMS OR DEFENSES OF ANY KIND WHATSOEVER, IN CONTRACT, IN TORT, IN LAW OR IN EQUITY,
WHETHER KNOWN OR UNKNOWN, DIRECT OR DERIVATIVE, WHICH EACH LOAN PARTY OR ANY PREDECESSOR, SUCCESSOR OR ASSIGN MIGHT OTHERWISE HAVE
OR MAY HAVE AGAINST THE ADMINISTRATIVE AGENT, THE LENDERS, THE OTHER SECURED PARTIES AND THEIR PRESENT OR FORMER SUBSIDIARIES
AND AFFILIATES OR ANY OF THE FOREGOING’S OFFICERS, DIRECTORS, EMPLOYEES, ATTORNEYS OR OTHER REPRESENTATIVES OR AGENTS IN
EACH CASE ON ACCOUNT OF ANY CONDUCT, CONDITION, ACT, OMISSION, EVENT, CONTRACT, LIABILITY, OBLIGATION, DEMAND, COVENANT, PROMISE, INDEBTEDNESS,
CLAIM, RIGHT, CAUSE OF ACTION, SUIT, DAMAGE, DEFENSE, CIRCUMSTANCE OR MATTER OF ANY KIND WHATSOEVER WHICH EXISTED, AROSE OR OCCURRED
AT ANY TIME PRIOR TO THE EXECUTION DATE RELATING TO THE LOAN DOCUMENTS, THIS AGREEMENT AND/OR THE TRANSACTIONS CONTEMPLATED THEREBY
OR HEREBY, EXCEPT, WITH RESPECT TO ANY INDEMNIFIED PERSON, TO THE EXTENT THAT SUCH CLAIM AROSE AS A RESULT OF THE ACTUAL FRAUD,
GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH PERSON. THE FOREGOING RELEASE SHALL SURVIVE THE TERMINATION OF THE LOAN DOCUMENTS
AND THIS AGREEMENT.

 

10.2         Counterparts.
This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart
of a signature page of this Agreement, and/or any document, amendment, approval, consent, information, notice, certificate,
request, statement, disclosure or authorization related to this Agreement and/or the transactions contemplated hereby and/or thereby
(each an “Ancillary Document”) that is an electronic sound, symbol, or process attached to, or associated with,
a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record (an
 “Electronic Signature”) transmitted by telecopy, emailed pdf or any other electronic means that reproduces an
image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement
or such Ancillary Document, as applicable. The words “execution,” “signed,” “signature,” “delivery,”
and words of like import in or relating to this Agreement and/or any Ancillary Document shall be deemed to include Electronic Signatures,
deliveries or the keeping of records in any electronic form (including deliveries by telecopy, emailed pdf or any other electronic
means that reproduces an image of an actual executed signature page), each of which shall be of the same legal effect, validity
or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system,
as the case may be.

 

    	 	 11	 

     

    

 

10.3         No
Oral Agreement. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT AMONG
THE PARTIES HERETO AND THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS
OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

10.4         Severability.
Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability
of the remaining provisions hereof or thereof; and the invalidity of a particular provision in a particular jurisdiction shall
not invalidate such provision in any other jurisdiction.

 

10.5         Governing
Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

10.6         JURISDICTION;
CONSENT TO SERVICE OF PROCESS; JURY TRIAL WAIVER. EACH PARTY HERETO AGREES TO THE PROVISIONS OF SECTION 12.09(B),
(C) AND (D) AND SUCH PROVISIONS ARE INCORPORATED HEREIN MUTATIS MUTANDIS AS A PARTY HEREOF FOR ALL
PURPOSES.

 

10.7         Headings.
Section headings used herein are for convenience of reference only, are not part of this Agreement and shall not affect the
construction of, or be taken into consideration in interpreting, this Agreement.

 

10.8         Confidentiality.
The Loan Parties shall not disclose the terms and conditions of this Agreement without the express written consent of the Administrative
Agent, which consent shall not unreasonably be withheld, except that the terms and conditions of this Agreement may be disclosed
to the Borrower’s Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents,
trustees, advisors and representatives and to the Term Agent and the Term Lenders (it being understood that the Persons to whom
such disclosure is made will be informed of the confidential nature of such terms and conditions and instructed to keep such terms
and conditions confidential).

 

[Signatures Begin Next Page.]

 

    	 	 12	 

     

    

  

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

 

	PARENT:	SUNDANCE ENERGY INC.

 

	 	By: 	 
	 		Name:
	 		Title:

 

	BORROWER:	SUNDANCE ENERGY, INC.

 

	 	By: 	 
	 		Name:
	 		Title:

 

	OTHER LOAN PARTIES:	SEA EAGLE FORD, LLC

 

	 	By: 	 
	 		Name:
	 		Title:

 

	 	ARMADILLO E&P, INC.
	 	 
	 	By: 	 
	 		Name:
	 		Title:

 

[Signature
Page to Sundance Forbearance Agreement and Sixth Amendment]

 

     

     

    

 

	ADMINISTRATIVE AGENT:	TORONTO DOMINION (TEXAS) LLC, as Administrative Agent

 

	 	By: 	 
	 		Name:
	 		Title:

 

 

	LENDER:	The
    Toronto-Dominion Bank, New York Branch, as an Issuing Bank and a Lender

 

	 	By: 	 
	 		Name:
	 		Title:

 

[Signature
Page to Sundance Forbearance Agreement and Sixth Amendment]

 

     

     

    

 

	LENDER:	[___], 

    as a Lender

 

	 	By: 	 
	 		Name:
	 		Title:

 

[Signature
Page to Sundance Forbearance Agreement and Sixth Amendment]Exhibit 4.1

Description of Registrant’s Securities
The following is a description of the capital stock of Outlook Therapeutics, Inc. (the “Company,” “we,” “our,” or “us”). The following summary description is based on the provisions of our Amended and Restated Certificate of Incorporation, as amended (the “Certificate of Incorporation”), our Amended and Restated Bylaws, (the “Bylaws”), and the applicable provisions of the Delaware General Corporation Law (the “DGCL”). This information may not be complete in all respects and is qualified entirely by reference to the provisions of our Certificate of Incorporation, our Bylaws and the DGCL. Our Certificate of Incorporation and our Bylaws are filed as exhibits to our Annual Report on Form 10-K to which this description is filed as Exhibit 4.1.
​
General
​
Our authorized capital stock consists of 200,000,000 shares of common stock, par value $0.01 per share (the “Common Stock”), and 10,000,000 shares of preferred stock, par value $0.01 per share (the “Preferred Stock”).  
​
Common Stock
​
Voting Rights
​
Each holder of common stock is entitled to one vote for each share on all matters submitted to a vote of the stockholders. The affirmative vote of holders of 662∕3% of the voting power of all of the then-outstanding shares of capital stock, voting as a single class, will be required to amend certain provisions of our Certificate of Incorporation, including provisions relating to amending our Bylaws, the classified board, the size of our board, removal of directors, director liability, vacancies on our board, special meetings, stockholder notices, actions by written consent and exclusive jurisdiction.
​
Dividends
​
Subject to preferences that may apply to any outstanding preferred stock, holders of our common stock are entitled to receive ratably any dividends that our board of directors may declare out of funds legally available for that purpose on a non-cumulative basis. 
​
Liquidation
​
In the event of our liquidation, dissolution or winding up, holders of our common stock are entitled to share ratably in all assets remaining after payment of liabilities and the liquidation preference of any outstanding preferred stock.
​
Rights and Preferences
​
Holders of our common stock have no preemptive, conversion, subscription or other rights, and there are no redemption or sinking fund provisions applicable to our common stock. The rights, preferences and privileges of the holders of our common stock are subject to and may be adversely affected by the rights of the holders of shares of any series of our preferred stock that we may designate in the future.
​
Preferred Stock
​
Our board of directors has the authority, without further action by our stockholders, to issue up to 10,000,000 shares of preferred stock in one or more series and to fix the number, rights, preferences, privileges and restrictions thereof. These rights, preferences and privileges could include dividend rights, conversion rights, voting rights, terms of redemption, liquidation preferences and sinking fund terms, and the number of shares constituting any series or the designation of such series, any or all of which may be greater than the rights of common stock. The issuance of our preferred stock could adversely affect the voting power of holders of common stock and the likelihood that such holders will receive dividend payments and payments upon liquidation. In addition, the issuance of preferred stock could have the effect of delaying, deferring or preventing a change in control or other corporate action. Our Board of 

Directors has previously designated 1,000,000 shares as “Series A Convertible Preferred Stock,” 200,000 shares as “Series A-1 Convertible Preferred Stock” and 1,500,000 shares as “Series B Convertible Preferred Stock.” As of September 30, 2020, we did not have any shares of preferred stock issued and outstanding.
​
Stockholder Registration Rights
​
Certain holders of our securities, including certain holders of 5% of our capital stock who are affiliated with certain of our directors, are entitled to certain rights with respect to registration of such securities under the Securities Act of 1933, as amended. These securities are referred to as registrable securities. The holders of these registrable securities possess registration rights pursuant to the terms of registration rights agreements. In general, the registration of shares of our common stock pursuant to the exercise of registration rights enables the holders to trade such shares without restriction under the Securities Act when the applicable registration statement is declared effective. We generally have agreed to pay the registration expenses for such registration statements, other than underwriting discounts, selling commissions and stock transfer taxes, of the shares registered. Generally, in an underwritten offering, the managing underwriter, if any, has the right, subject to specified conditions, to limit the number of shares the holders may include. We must use commercially reasonable efforts to keep the registration statement effective until the earlier of the date on which all registrable securities covered by such registration statement have been sold, or at such time that the holders of the registrable securities can sell their shares under Rule 144 of the Securities Act during any three-month period.
​
Anti-Takeover Provisions of Delaware Law and Our Charter Documents
​
Section 203 of the DGCL
​
We are subject to Section 203 of the DCGL, which prohibits a Delaware corporation from engaging in any business combination with any interested stockholder for a period of three years after the date that such stockholder became an interested stockholder, with the following exceptions:
​
		●	before such date, the board of directors of the corporation approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder;

​
		●	upon completion of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction began, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares owned (1) by persons who are directors and also officers and (2) employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; and

​
		●	on or after such date, the business combination is approved by the board of directors and authorized at an annual or special meeting of the stockholders, and not by written consent, by the affirmative vote of at least 662∕3% of the outstanding voting stock that is not owned by the interested stockholder.

​
In general, Section 203 defines a “business combination” to include the following:
​
		●	any merger or consolidation involving the corporation and the interested stockholder; any sale, transfer, pledge or other disposition of 10% or more of the assets of the corporation involving the interested stockholder; subject to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder;

​
		●	any transaction involving the corporation that has the effect of increasing the proportionate share of the stock or any class or series of the corporation beneficially owned by the interested stockholder;

​

		●	the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits by or through the corporation; and

​
		●	in general, Section 203 defines an “interested stockholder” as an entity or person who, together with the person’s affiliates and associates, beneficially owns, or within three years prior to the time of determination of interested stockholder status did own, 15% or more of the outstanding voting stock of the corporation.

​
The statute could prohibit or delay mergers or other takeover or change in control attempts and, accordingly, may discourage attempts to acquire us even though such a transaction may offer our stockholders the opportunity to sell their stock at a price above the prevailing market price.
​
Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws, as Amended
​
Among other things, our Certificate of Incorporation and Bylaws:
​
		●	permit our board of directors to issue up to 10,000,000 shares of preferred stock, with any rights, preferences and privileges as they may designate, including the right to approve an acquisition or other change in control;

​
		●	provide that the authorized number of directors may be changed only by resolution of our board of directors;

​
		●	provide that our board of directors is classified into three classes of directors;

​
		●	provide that, subject to the rights of any series of preferred stock to elect directors, directors may only be removed for cause, which removal may be effected, subject to any limitation imposed by law, by the holders of at least a majority of the voting power of all of our then-outstanding shares of the capital stock entitled to vote generally at an election of directors;

​
		●	provide that all vacancies, including newly created directorships, may, except as otherwise required by law, be filled by the affirmative vote of a majority of directors then in office, even if less than a quorum;

​
		●	require that any action to be taken by our stockholders must be effected at a duly called annual or special meeting of stockholders and not be taken by written consent or electronic transmission;

​
		●	provide that stockholders seeking to present proposals before a meeting of stockholders or to nominate candidates for election as directors at a meeting of stockholders must provide advance notice in writing, and also specify requirements as to the form and content of a stockholder’s notice;

​
		●	provide that special meetings of our stockholders may be called only by the chairman of our board of directors, our chief executive officer or president or by our board of directors pursuant to a resolution adopted by a majority of the total number of authorized directors; and

​
		●	not provide for cumulative voting rights, therefore allowing the holders of a majority of the shares of common stock entitled to vote in any election of directors to elect all of the directors standing for election, if they should so choose.

​
The amendment of any of these provisions requires approval by the holders of at least 662∕3% of the voting power of all of our then-outstanding common stock entitled to vote generally in the election of directors, voting together as a single class.
​
The combination of these provisions may make it more difficult for our existing stockholders to replace our board of directors as well as for another party to obtain control of us by replacing our board of directors. Because our board of directors has the power to retain and discharge our officers, these provisions could also make it more difficult for existing stockholders or another party to effect a change in management. In addition, the authorization of undesignated 

preferred stock makes it possible for our board of directors to issue preferred stock with voting or other rights or preferences that could impede the success of any attempt to change our control.
​
These provisions are intended to enhance the likelihood of continued stability in the composition of our board of directors and its policies and to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to reduce our vulnerability to hostile takeovers and to discourage certain tactics that may be used in proxy fights. However, such provisions could have the effect of discouraging others from making tender offers for our shares and may have the effect of delaying changes in our control or management. As a consequence, these provisions may also inhibit fluctuations in the market price of our stock that could result from actual or rumored takeover attempts. We believe that the benefits of these provisions, including increased protection of our potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure our company, outweigh the disadvantages of discouraging takeover proposals, because negotiation of takeover proposals could result in an improvement of their terms.
​
Choice of Forum
​
Our Certificate of Incorporation and our Bylaws provide that the Court of Chancery of the State of Delaware is the sole and exclusive forum for any derivative action or proceeding brought on our behalf; any action asserting a breach of fiduciary duty to us or our stockholders; any action asserting a claim against us arising pursuant to any provision of the DGCL, our Certificate of Incorporation or our Bylaws; or any action asserting a claim against us that is governed by the internal affairs doctrine. 
​
The enforceability of similar choice of forum provisions in other companies’ certificates of incorporation has been challenged in legal proceedings, and it is possible that, in connection with one or more actions or proceedings described above, a court could find the choice of forum provisions contained in our Certificate of Incorporation to be inapplicable or unenforceable.
​
Listing
​
Our common stock and Series A warrants are listed on The Nasdaq Capital Market under the symbols “OTLK” and “OTLKW,” respectively.
​
Transfer Agent and Registrar
​
The transfer agent and registrar for our common stock and for the Series A Warrants is American Stock Transfer & Trust Company, LLC. Its address is 6201 15th Avenue, Brooklyn, New York 11219.

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