Document:

cei-ex102.htm

EXHIBIT 10.2
  
 MUTUAL TERMINATION AGREEMENT
  
 This MUTUAL TERMINATION AGREEMENT (this “Agreement”), dated as of December 22, 2020, is by and between Camber Energy, Inc., a Nevada corporation (“Camber”), and Viking Energy Group, Inc., a Nevada corporation (“Viking”).
  
 W I T N E S S E T H:
  
 WHEREAS, the parties have entered into that certain Amended and Restated Agreement and Plan of Merger, dated as of August 31, 2020, as amended to date (the “Merger Agreement”). Any capitalized term used but not otherwise defined herein shall have the meaning set forth in the Merger Agreement.
  
 WHEREAS, Section 8.1(a) of the Merger Agreement provides that the Merger Agreement may be terminated at any time prior to the Effective Time by mutual written consent of Camber and Viking.
  
 WHEREAS, each of the Board of Directors of Camber and Viking has determined that it is in the best interests of Camber and the stockholders of Camber and of Viking and the stockholders of Viking, respectively, to terminate the Merger Agreement in accordance with the terms hereof.
  
 NOW, THEREFORE, in consideration of the mutual covenants, representations, warranties and agreements contained herein, and intending to be legally bound hereby, the parties agree as follows:
  
 1. The parties hereto mutually agree to terminate the Merger Agreement, effective as of the execution of this Agreement, such agreement constituting the requisite mutual agreement and written consent required to terminate the Merger Agreement pursuant to Section 8.1(a) of the Merger Agreement and otherwise as may be required pursuant to applicable Law.
  
 2. The parties hereto agree that the Merger Agreement is hereby and forthwith void and without effect, and none of Camber, Viking, any of their respective Subsidiaries or any of the officers or directors of any of them shall have any liability of any nature whatsoever under the Merger Agreement or in connection with the transactions contemplated by the Merger Agreement or the termination thereof, except that the provisions of Section 6.2(b) shall survive such termination and continue to bind the parties.
  
 3. Each party hereby represents and warrants to the other party that (a) such party has full corporate power and authority to execute and deliver this Agreement, (b) the execution and delivery of this Agreement, the termination of the Merger Agreement and consummation of the other transactions contemplated hereby have been duly and validly approved by the Board of Directors of such party, (c) no other corporate proceedings on the part of such party are necessary to approve this Agreement or the termination of the Merger Agreement or to consummate the other transactions contemplated hereby, and (d) this Agreement has been duly and validly executed and delivered by such party (assuming due authorization, execution and delivery by the other parties) and constitutes a valid and binding obligation of such party, enforceable against such party in accordance with its terms (except in all cases as such enforceability may be limited by the Enforceability Exceptions).
   
 	 
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 4. This Agreement may not be amended except by an instrument in writing signed on behalf of each of the parties hereto and duly approved by the parties’ respective Boards of Directors or a duly authorized committee thereof. Any agreement on the part of a party hereto to any extension or waiver of the Agreement shall be valid only if set forth in a written instrument signed on behalf of such party, but such extension or waiver or failure to insist on strict compliance with an obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure.
  
 5. Except as otherwise expressly provided in this Agreement, all costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such expense; provided, however, all filing and other fees paid to Governmental Entities in connection with the Merger prior to the date hereof shall be borne by the parties previously paying those fees.
  
 6. The parties have participated jointly in negotiating and drafting this Agreement. In the event that an ambiguity or a question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of a provision of this Agreement. When a reference is made in this Agreement to Sections or paragraphs, such reference shall be to a Section or paragraph of this Agreement unless otherwise indicated. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” The word “or” shall not be exclusive. References to “the date hereof” shall mean the date of this Agreement. As used herein, the term “person” means any individual, corporation (including not-for-profit), general or limited partnership, limited liability company, joint venture, estate, trust, association, organization, Governmental Entity or other entity of any kind or nature.
  
 7. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the parties hereto (whether by operation of law or otherwise) without the prior written consent of the other party (which may be withheld by such other party in its sole discretion). Any purported assignment in contravention hereof shall be null and void. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and assigns. This Agreement (including the documents and instruments referred to herein) is not intended to confer upon any person other than the parties hereto any rights or remedies hereunder, including the right to rely upon the representations and warranties set forth herein.
  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized as of the date first above written.
  
 	 CAMBER ENERGY, INC. 
	  

	  
	  

	 /s/ Louis G. Schott 
	
	 Name: Louis G. Schott 
	 
	 Title: Interim Chief Executive Officer
	 
	  
	  

	 VIKING ENERGY GROUP, INC. 
	  

	  
	  

	/s/ James A. Doris 	 
	 Name: James A. Doris 
	  

	 Title: Chief Executive Officer
	  

  
 	 
	3cei-ex103.htm

EXHIBIT 10.3
  
 ASSIGNMENT OF MEMBERSHIP
 INTERESTS
  
 
 This Assignment of Membership Interests (this “Assignment”) dated effective as of December 22, 2020 (the “Effective Date”) is entered into by and between Camber Energy, Inc., a Nevada corporation (“Camber”) and Viking Energy Group, Inc., a Nevada corporation (“Viking”).
   
 RECITALS:
  
 A.Camber and Viking are parties to that certain Securities Purchase Agreement (the “SPA”), dated December 22, 2020, relating to the purchase by Camber of shares of common stock in the capital of Viking.
  
 B. Pursuant to the SPA, Camber has agreed to transfer to Viking all of the issued and outstanding membership interests owned by Camber of Elysium Energy Holdings, LLC (the “Elysium Interests”).
  
 C. In accordance with the SPA, Camber desires to transfer all of the Elysium Interests to Viking, and Viking desires to accept the Elysium Interests from the Viking.
  
 NOW, THEREFORE, the parties to this Assignment hereby agree as follows:
  
 1. Defined Terms. Capitalized terms used herein but not otherwise defined shall have the meanings assigned to them in the Agreement.
  
 2. Assignment of Elysium Interests. In accordance with the Agreement and in exchange for good and valuable consideration, the receipt of which is hereby acknowledged, and effective as of the Effective Date, the Camber hereby sells, assigns, transfers, conveys and delivers to Viking, and Viking hereby purchases and accepts, all of the Elysium Interests free and clear of all encumbrances.
  
 3. Future Cooperation. Camber and Viking mutually agree to execute any further deeds, bills of sale, assignments, or other documents as may be reasonably requested by the other party for the purpose of giving effect to, evidencing or giving notice of the transaction evidenced by this Assignment.
  
 4. SPA. The transfer of the Elysium Interests to Viking are subject to the terms and conditions of the SPA. 
  
 5. Amendment and Modification; Waiver. This Assignment may be amended, modified and supplemented only by written instrument duly authorized and executed by Camber and Viking. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and executed by the party so waiving. The waiver by either party hereto of a breach of any provision of this Assignment shall not operate or be construed as a waiver of any other provision or breach
   
 	 
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 6. Governing Law. This Assignment shall be governed by, and construed in accordance with, the internal laws of the State of Texas, without regard to conflict of law principles.
  
 7. Inconsistencies with Agreement. Notwithstanding anything to the contrary contained herein, the terms of this Assignment are subject to the terms, provisions, conditions and limitations set forth in the Agreement, and this Assignment is not intended to supersede or alter the obligations of the parties to the SPA, which shall survive the execution and delivery of this Assignment. In the event of any inconsistencies between the terms of this Assignment and the terms of the SPA, the parties agree that the terms of the SPA shall control.
  
 8. Counterparts. This Assignment may be executed and delivered (including by facsimile transmission) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement.
  
 9. Severability. If any provision of this Assignment is determined to be invalid or unenforceable, in whole or in part, it is the parties’ intention that such determination will not be held to affect the validity or enforceability of any other provision of this Assignment, which provisions will otherwise remain in full force and effect.
  
 10. Successors and Assigns. This Assignment will inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns.
    
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized as of the date first above written.
  
 	 CAMBER ENERGY, INC. 
	
		 
	 /s/ Louis G. Schott 
	
	 Name: Louis G. Schott 
	 
	 Title: Interim Chief Executive Officer
	 
	 	 
	 VIKING ENERGY GROUP, INC. 
	  

	  
	  

	 /s/ James A. Doris 
	  

	 Name: James A. Doris 
	  

	 Title: Chief Executive Officer
	  

    
 	 
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