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 RESTRICTED STOCK UNIT AWARD AGREEMENT
UNDER THE 
ONEMAIN HOLDINGS, INC. AMENDED 2013 OMNIBUS INCENTIVE PLAN

This Award Agreement (this “RSU Award Agreement”), dated as of /$GrantDate$/ (the “Date of Grant”), is made by and between OneMain Holdings, Inc., a Delaware corporation (the “Company”), and /$ParticipantName$/ (the “Participant”). Capitalized terms not defined herein shall have the meaning ascribed to them in the OneMain Holdings, Inc. Amended 2013 Omnibus Incentive Plan (as may be amended from time to time, the “Plan”). Where the context permits, references to the Company shall include any successor to the Company. 

1. Grant of Restricted Stock Units. The Company hereby grants to the Participant /$AwardsGranted$/ restricted stock units (the “RSUs”) (based on the target award) as outlined in Exhibit A hereto, subject to all of the terms and conditions of Exhibit A hereto, this RSU Award Agreement and the Plan.  The number of RSUs granted is subject to adjustments based on the final results for the metrics outlined in Exhibit A.

2. Form of Payment. Except as otherwise provided in the Plan or in Section 11 hereof, each RSU granted hereunder shall represent the right to receive one (1) share of Common Stock (a “Share”), which shall be delivered to the Participant pursuant to the applicable schedule set forth in Exhibit A hereto. 

3. Restrictions.

(a) The RSUs may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of or encumbered and shall be subject to a risk of forfeiture as described in Section 3(c) until the lapse of the Restricted Period (as defined below) and any additional requirements or restrictions contained in Exhibit A hereto, this RSU Award Agreement or in the Plan have been otherwise satisfied, terminated or expressly waived by the Company in writing.

(b) Unless the Restricted Period is previously terminated in accordance with Section 3(c), the Shares subject to the RSUs shall become deliverable hereunder (provided, that such delivery is otherwise in accordance with federal and state securities laws) in accordance with the applicable provisions set forth in Exhibit A hereto (the period prior to Share delivery, the “Restricted Period”).

(c) Except as otherwise provided under the terms of the Plan or in Section 4 hereof, if the Participant’s employment is terminated for any reason, this RSU Award Agreement shall terminate and all rights of the Participant with respect to RSUs that have not vested shall immediately terminate. Except as otherwise provided under the terms of the Plan or in Section 4 hereof, the RSUs that are subject to restrictions upon the date of termination shall be forfeited without payment of any consideration, and neither the Participant nor any of the Participant’s successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in such RSUs.
			
	

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4. Termination. Notwithstanding any language in this RSU Award Agreement or the Plan to the contrary:

(a)  in the event of a termination by the Employer (as defined in Exhibit A) of the Participant’s employment without Cause or the Participant’s Disability, the Participant’s death or a resignation from employment with the Employer by the Participant for Good Reason (as defined below), in each case, during the twelve (12) month period following a Change in Control (the “Change in Control Period”), the performance goals applicable to all of the then unvested RSUs shall be deemed to be satisfied at the target performance level, and the resulting number of earned RSUs shall vest as of the date of such termination by the Employer without Cause or the Participant’s Disability, the Participant’s death or resignation by the Participant for Good Reason, and Shares relating to such additional RSUs shall be delivered within six (6) months following such date, but in no event later than March 15 of the calendar year following the year in which such event occurs; provided, however, that all such RSUs shall be forfeited and no Shares shall be delivered unless the Participant (or the Participant’s representative or estate, as applicable) executes and delivers to the Company (and the related revocation period expires) a separation and release agreement in a form satisfactory to the Company (a “Separation Agreement”) within sixty (60) days following the date of the Participant’s death or termination date, as applicable and continues to comply with the Separation Agreement;  and
(b) in the event of a Change in Control, if the outstanding RSUs are not assumed and/or substituted, with appropriate adjustments as contemplated by Section 5(a) of the Plan, as determined by the Administrator in its sole discretion, the performance goals applicable to the RSUs shall be deemed to be satisfied at the target performance level, as determined by the Administrator prior to the date of the Change in Control, and the resulting number of earned RSUs shall vest as of the date immediately prior to the Change in Control, and Shares (or an equivalent cash payment, determined based on the price paid per share in the Change in Control) relating to such RSUs shall be delivered within 30 days following such Change in Control.

For purposes of this RSU Award Agreement, “Good Reason” means without the Participant’s consent: (i) the assignment of duties materially inconsistent with the Participant’s position, authority, duties or responsibilities, or a material diminution in such position, authority, duties or responsibilities other than any such alteration primarily attributable to the fact that the Company may no longer be a publicly-traded company; (ii) a material reduction in the Participant’s annual base salary, except for across-the-board salary reductions affecting all similarly situated employees of the Company; (iii) a material reduction in the Participant’s target annual incentive opportunity and such reduction is not related to a reduction in the responsibilities of the Participant or either individual or corporate performance; or (iv) a relocation of principal place of employment that increases the Participant’s commuting distance by more than 50 miles; provided, however, that such event shall not constitute Good Reason unless the Participant has provided 
			
	

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written notice to the Company of the existence of the event or circumstances providing grounds for termination for Good Reason within thirty (30) days of the initial existence of such event or circumstance, the Company has had at least thirty (30) days from the date on which such notice is provided (the “Cure Period”) to cure such circumstances and the Participant terminates employment with the Employer during the thirty (30) day period following the end of the Cure Period.

5. Voting and Other Rights. The Participant shall have no rights of a stockholder (including the right to distributions or dividends) until Shares are delivered following vesting of the Participant’s RSUs; provided, that with respect to the period commencing on the Date of Grant and ending on the date on which the RSUs are no longer outstanding (whether due to delivery of Shares or forfeiture of the RSUs), the Participant shall be eligible to receive: (a) an amount equal to the product of (i) the number of Shares subject to outstanding RSUs (assuming achievement of the applicable performance goals at the target level (the “Target Shares”)) on the record date of any cash dividend made with respect to an outstanding share of Common Stock, and (ii) fifty percent (50%) of the amount of the cash dividend paid with respect to an outstanding share of Common Stock during such period, which amount shall be paid to the Participant as soon as practicable following the date such dividend is paid to the holders of shares of Common Stock, but no later than forty-five (45) days following the end of the quarter during which any such record date occurs (provided, that, for the avoidance of doubt, such amount shall be paid even if the underlying RSUs cease to be outstanding for any reason, including forfeiture, after the record date of such dividend); and (b) an amount equal to the excess, if any of (i) the product of (A) the number of Shares subject to the RSUs which become deliverable as a result of vesting pursuant to Section 3(b) above based on the actual level of achievement of the applicable performance goals and (B) one hundred percent (100%) of the amount of the cash dividends paid with respect to an outstanding share of Common Stock with a record date during the period beginning on the Date of Grant and ending on the date on which such RSUs are delivered, over (ii) the aggregate amount of distributions paid with respect to the Target Shares pursuant to clause (a) of this Section, which amount, if any, shall be paid to the Participant on the date such Shares are delivered (provided, that, such amount shall not be paid to the extent that any RSUs do not become vested and Shares are not delivered). No interest or other earnings will be credited with respect to such distributions.

6. RSU Award Agreement Subject to Plan. This RSU Award Agreement is made pursuant to all of the provisions of the Plan, which is incorporated herein by this reference, and is intended, and shall be interpreted in a manner, to comply therewith. In the event of any conflict between the provisions of this RSU Award Agreement and the provisions of the Plan, the provisions of the Plan shall govern.

7. No Rights to Continuation of Employment. Nothing in the Plan or this RSU Award Agreement shall confer upon the Participant any right to continue in the employ of the Company or any Affiliate thereof or shall interfere with or restrict the right of the Company or its Affiliates to terminate the Participant’s employment any time for any reason whatsoever, with or without cause.

			
	

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8. Notice. The Participant shall provide the Company with [thirty (30)][sixty (60)] days’ advance written notice of his or her intent to terminate his or her employment with the Company or any of its Affiliates.  
9. Non-Competition.

i.The Participant agrees that, during employment and for twelve (12) months after voluntary or involuntary termination of employment for any or no reason, the Participant will not, directly or indirectly, own, manage, operate, join, control, be employed by or with, or participate in any manner with a Competing Business (as defined below) anywhere in the Restricted Territory (as defined below) where doing so will require the Participant to provide the same or substantially similar services to any Competing Business as those which the Participant provided to the Company, OneMain General Services Corporation, or any of their direct or indirect subsidiaries (together, “OneMain”) while employed by the Company or any of its Affiliates, or where the Participant will be a senior executive or officer.  Notwithstanding the foregoing, the “beneficial ownership” by the Participant, either individually or as a member of a “group” (as such terms are used in Rule 13d of the general rules and regulations under the Securities Exchange Act of 1934), of less than five percent (5%) of the voting stock of any public company shall not be a violation of this RSU Award Agreement, provided that such ownership represents a passive investment and that the Participant is not a controlling person of, or a member of a group that controls, such company. Capitalized terms used in this subsection (a) shall have the meanings assigned such terms below:

1.“Business of OneMain” means (A) the business of secured and unsecured consumer finance products, including but not limited to installment loans, revolving loans, credit cards, debit cards and similar products, auto loans, and related ancillary or insurance products, in person, electronically via the internet or other electronic communication procedure, or through third parties, (B) any significant business conducted by OneMain as of the date of the Participant’s termination of employment and any significant business OneMain conducts in the eighteen (18) month period after the Participant’s termination of employment.
2.“Competing Business” means any individual (including the Participant), corporation, limited liability company, partnership, joint venture, association, or other entity, regardless of form, that is engaged, in whole or in relevant part, in providing any products or services which are substantially similar to or competitive with any of the products or services conducted or offered through the Business of OneMain, or that is taking material steps to engage in such business or offer such products or services, or is hiring the Participant to establish such business.  
3.“Restricted Territory” means: (A) anywhere in the United States including, without limitation, Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, 
			
	

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Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming, the District of Columbia, and Puerto Rico, together with (B) any geographic territory in which the Participant actually worked for OneMain, represented OneMain, or had business contact with OneMain’s customers, referral sources or other third parties working with OneMain while employed by the Company or any of its Affiliates. 
The Participant agrees that subsections 9(a)(iii)(A) and 9(a)(iii)(B) above are separate and severable covenants, that they should be enforced to the fullest extent permissible to protect OneMain’s legitimate protectable business interests, and that their enforcement will not impose an undue hardship on the Participant or otherwise unfairly prevent the Participant from being employed in the Participant’s chosen field of work.  This Section 9 shall survive the termination of Participant’s employment with the Company or any of its Affiliates by either the Participant or the employer for any or no reason.

ii.Relief, Remedies, and Enforcement. The Participant understands that OneMain is engaged in a highly competitive business, and the covenants and restrictions contained in this RSU Award Agreement, including the geographic and temporal restrictions, are reasonably designed to protect OneMain’s legitimate business interests, including OneMain’s confidential information and trade secrets, and the Participant agrees that a breach of any provision of this RSU Award Agreement will cause serious and irreparable injury to OneMain that will be difficult to quantify and which may not be adequately compensated by monetary damages alone. Thus, in the event of a breach or threatened or intended breach of this RSU Award Agreement by the Participant, OneMain shall be entitled to injunctive relief, both temporary and final, enjoining and restraining such breach or threatened or intended breach.  The Participant further agrees that nothing in this RSU Award Agreement shall be construed to prohibit OneMain from pursuing any and all other legal or equitable remedies available to it for breach of any of the provisions of this RSU Award Agreement, including the recovery, return, and disgorgement of any profits, commissions, or fees realized by the Participant, any subsequent employers, any business owned or operated by the Participant, or any of the Participant’s agents, heirs, or assigns, as well as all costs and attorneys’ fees incurred by OneMain in enforcing this RSU Award Agreement.  

10. Tax Withholding. The Company shall be entitled to require a cash payment by or on behalf of the Participant in respect of any sums required or permitted by federal, state or local tax law to be withheld with respect to the payment of any RSUs; provided, that, notwithstanding the foregoing, the Participant shall be permitted, at his or her election, to satisfy the applicable tax obligations with respect to any RSUs by cashless exercise or net share settlement, pursuant to which the Company shall withhold from the number of Shares that would otherwise be delivered 
			
	

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upon settlement of the RSUs the largest whole number of Shares with a Fair Market Value equal to the applicable tax obligations.

11. Section 409A Compliance. The intent of the parties is that the payments and benefits under this RSU Award Agreement be exempt from Section 409A of the Code as short-term deferrals pursuant to Treasury Regulation Section 1.409A-1(b)(4), and this RSU Award Agreement shall be interpreted and administered consistent with such intent; provided, however, that to the extent the payments and benefits under this RSU Award Agreement are subject to Section 409A of the Code, the intent of the parties is that such payments and benefits comply with Section 409A of the Code and to the maximum extent permitted, this RSU Award Agreement shall be interpreted and administered to be in compliance therewith. Each payment and benefit hereunder shall constitute a “separately identified” amount within the meaning of Treasury regulation §1.409A-2(b)(2). The Company makes no representation that any or all of the payments and benefits under this Award Agreement comply with or are exempt from Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying to any such payments or benefits.  The Participant shall be solely responsible for the payment of any taxes and penalties incurred under Section 409A of the Code.

12. Governing Law. This RSU Award Agreement shall be governed by, interpreted under, and construed and enforced in accordance with the internal laws, and not the laws pertaining to conflicts or choices of laws, of the State of Delaware applicable to agreements made and to be performed wholly within the State of Delaware.

13. RSU Award Agreement Binding on Successors. The terms of this RSU Award Agreement shall be binding upon the Participant and upon the Participant’s heirs, executors, administrators, personal representatives, transferees, assignees and successors in interest, and upon the Company and its successors and assignees, subject to the terms of the Plan.

14. No Assignment. Notwithstanding anything to the contrary in this RSU Award Agreement, neither this RSU Award Agreement nor any rights granted herein shall be assignable by the Participant.

15. Necessary Acts. The Participant hereby agrees to perform all acts, and to execute and deliver any documents that may be reasonably necessary to carry out the provisions of this RSU Award Agreement, including but not limited to all acts and documents related to compliance with federal and/or state securities and/or tax laws.

16. Severability; Modification. Should any provision of this RSU Award Agreement be held by a court of competent jurisdiction to be unenforceable, or enforceable only if modified, such holding shall not affect the validity of the remainder of this RSU Award Agreement, the balance of which shall continue to be binding upon the parties hereto with any such modification (if any) to become a part hereof and treated as though contained in this original RSU Award Agreement. Moreover, if one or more of the provisions contained in this RSU Award Agreement shall for any reason be held to be excessively broad as to scope, activity, subject or otherwise so as to be unenforceable, in lieu of severing such unenforceable provision, such provision or provisions 
			
	

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shall be modified by the appropriate judicial body by limiting or reducing it or them, so as to be enforceable to the maximum extent compatible with the applicable law as it shall then appear, and such determination by such judicial body shall not affect the enforceability of such provision or provisions in any other jurisdiction. 

17. Entire RSU Award Agreement. This RSU Award Agreement and the Plan contain the entire agreement and understanding among the parties as to the subject matter hereof, and supersedes any other agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof.

18. Headings. Headings are used solely for the convenience of the parties and shall not be deemed to be a limitation upon or descriptive of the contents of any such Section.

19. Counterparts; Electronic Signature. This RSU Award Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument. Your electronic signature of this RSU Award Agreement shall have the same validity and effect as a signature affixed by your hand.

20. Amendment. Except as stated in Section 16 above, no amendment or modification hereof shall be valid unless it shall be in writing and signed by all parties hereto.

21. Set-Off. The Participant hereby acknowledges and agrees, without limiting rights of the Company or any Affiliate thereof otherwise available at law or in equity, that, to the extent permitted by law, the number of Shares due to the Participant under this RSU Award Agreement may be reduced by, and set-off against, any or all amounts or other consideration payable by the Participant to the Company or any of its Affiliates under any other agreement or arrangement between the Participant and the Company or any of its Affiliates; provided that any such set-off does not result in a penalty under Section 409A of the Code.

[Signature Page Follows]

			
	

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IN WITNESS WHEREOF, the parties hereto have executed this RSU Award Agreement as of the date set forth above.

ONEMAIN HOLDINGS, INC.

By ____________________________

Print Name: _____________________

Title: __________________________

[Company’s Signature Page to Restricted Stock Unit Award Agreement]

			
	

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The undersigned hereby accepts and agrees to all the terms and provisions of the foregoing RSU Award Agreement.

PARTICIPANT

Signature ____________________

/$ParticipantName$/

Address: _____________________

[Participant’s Signature Page to Restricted Stock Unit Award Agreement]

			
	

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P-RSU Award Agreement    11    /$ParticipantName$/Exhibit 4.5

 

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

 

VICTORY
OILFIELD TECH, INC.

 

COMMON STOCK PURCHASE WARRANT

 

	 	Original Issue Date: October 25, 2019
	 	 
	
        Initial Holder:

        Kevin DeLeon

        8 Stone Ridge Lane

        Ho Ho Kus, NJ 07423
	
        No. of Shares Subject to Warrant: 100,000

        Initial Exercise Price Per Share: $0.80 (subject to the
        adjustment pursuant to Section 9)

        Expiration Time: 5:00 p.m., Central Time, on October
        25, 2022

 

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

 

This Warrant is being
issued pursuant to that certain Employment Offer Letter, dated October 25, 2019 (the “Letter Agreement”), by
and among the Company and the Initial Holder.

 

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

 

2. List
of Warrant Holders.  The Company shall register this Warrant, upon records to be maintained by the Company for that purpose
(the “Warrant Register”), in the name of the record Holder (which shall include the Initial Holder or, as the
case may be, any registered assignee to which this Warrant is permissibly assigned hereunder from time to time).  The Company
may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or
any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

3. List
of Transfers; Restrictions on Transfer. The Company shall register any transfer of all or any portion of this Warrant in the
Warrant Register, upon surrender of this Warrant, with the Form of Assignment attached hereto duly completed and signed, to the
Company at its address specified herein. Upon any such registration or transfer, a new Warrant to purchase Common Stock, in substantially
the form of this Warrant (any such new Warrant, a “New Warrant”), evidencing the portion of this Warrant so
transferred shall be issued to the transferee and a New Warrant evidencing the remaining portion of this Warrant not so transferred,
if any, shall be issued to the transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed
the acceptance by such transferee of all of the rights and obligations in respect of the New Warrant that the Holder has in respect
of this Warrant.

 

     

     

    

 

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

 

(a) All
or any part of this Warrant shall be exercisable by the registered Holder in any manner permitted by this Section 4 at any time
and from time to time on or after the Original Issue Date and through and including the Expiration Time. At the Expiration Time,
the portion of this Warrant not exercised prior thereto shall be and become void and of no value and this Warrant shall be terminated
and shall no longer be outstanding.

 

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

 

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

 

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

 

                                      B

 

For purposes of the foregoing
formula:

 

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

 

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

 

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

 

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

 

For purposes of Rule
144(d) promulgated under the Securities Act, as in effect on the date hereof, assuming the Holder is not an affiliate of the Company,
it is intended that the Warrant Shares issued in a Cashless Exercise shall be deemed to have been acquired by the Holder, and the
holding period for the Warrant Shares shall be deemed to have commenced, on the closing date of the Offering The Company will not
close its stockholder books or records in any manner which prevents the timely exercise of this Warrant pursuant to the terms hereof.

 

    2

     

    

 

5. Delivery
of Warrant Shares.

 

(a) Upon
exercise of this Warrant, the Company shall promptly (but in no event later than ten (10) business days after the Exercise Date)
issue or cause to be issued and cause to be delivered to or upon the written order of the Holder and in such name or names as the
Holder may designate, a certificate for the Warrant Shares issuable upon such exercise, free of restrictive legends. The Holder,
or any Person permissibly so designated by the Holder to receive Warrant Shares, shall be deemed to have become the holder of record
of such Warrant Shares as of the Exercise Date.  The Company shall, upon the written request of the Holder, use its best efforts
to deliver, or cause to be delivered, Warrant Shares hereunder electronically through the Depository Trust and Clearing Corporation
or another established clearing corporation performing similar functions, if available; provided, that, the Company may,
but will not be required to, change its transfer agent if its current transfer agent cannot deliver Warrant Shares electronically
through the Depository Trust and Clearing Corporation.  If as of the time of exercise the Warrant Shares constitute restricted
or control securities, the Holder, by exercising, agrees not to resell them except in compliance with all applicable securities
laws.

 

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

 

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

 

6. Charges,
Taxes and Expenses. Issuance and delivery of certificates for shares of Common Stock upon exercise of this Warrant shall be
made without charge to the Holder for any issue or transfer tax, withholding tax, transfer agent fee or other incidental tax or
expense in respect of the issuance of such certificates, all of which taxes and expenses shall be paid by the Company; provided,
however, that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the
registration of any certificates for Warrant Shares or the Warrants in a name other than that of the Holder. The Holder shall be
responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving Warrant
Shares upon exercise hereof.

 

    3

     

    

 

7. Replacement
of Warrant.  If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in
exchange and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but
only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and customary and reasonable
indemnity, if requested. Applicants for a New Warrant under such circumstances shall also comply with such other reasonable regulations
and procedures and pay such other reasonable third-party costs as the Company may prescribe. If a New Warrant is requested as a
result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant to the Company as a condition precedent
to the Company’s obligation to issue the New Warrant.

 

8. Reservation
of Warrant Shares. The Company covenants that it will at all times reserve and keep available out of the aggregate of its authorized
but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise
of this Warrant as herein provided, the number of Warrant Shares that are then issuable and deliverable upon the exercise of this
entire Warrant, free from preemptive rights or any other contingent purchase rights of persons other than the Holder (taking into
account the adjustments and restrictions of Section 9). The Company covenants that all Warrant Shares so issuable and deliverable
shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and validly
authorized, issued and fully paid and nonassessable.

 

9. Certain
Adjustments to Exercise Price. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject
to adjustment from time to time as set forth in this Section 9.

 

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

 

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

 

10. No
Fractional Shares. No fractional Warrant Shares will be issued in connection with any exercise of this Warrant. In lieu of
any fractional shares that would otherwise be issuable, the Company shall pay cash equal to the product of such fraction multiplied
by the closing price of one Warrant Share as reported by the applicable trading market on the Exercise Date, or if there is no
trading market for the Common Stock, the product of such fraction multiplied by the then fair market value of one Warrant Share
as reasonably determined by the Board of Directors of the Company.

 

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

 

    4

     

    

 

12. Warrant
Agent. The Company shall serve as warrant agent under this Warrant. Upon thirty (30) days’ notice to the Holder, the
Company may appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation
resulting from any consolidation to which the Company or any new warrant agent shall be a party or any corporation to which the
Company or any new warrant agent transfers substantially all of its corporate trust or shareholders services business shall be
a successor warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly cause notice
of its succession as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last
address as shown on the Warrant Register.

 

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

 

14. Miscellaneous.

 

(a) This
Warrant shall be binding on and inure to the benefit of the parties hereto and their respective successors and assigns. Subject
to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the Company and the Holder
any legal or equitable right, remedy or cause of action under this Warrant. This Warrant may be amended only in writing signed
by the Company and the Holder, or their successors and assigns.

 

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

 

(c) The
headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any
of the provisions hereof.

 

(d) In
case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and the parties will
attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefore,
and upon so agreeing, shall incorporate such substitute provision in this Warrant.

 

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

 

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

 

[SIGNATURE PAGE FOLLOWS]

 

    5

     

    

 

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

 

	 	VICTORY OILFIELD TECH, INC.

 

	 	By:	/s/ Ronald Zamber
	 	Name:  	Ronald Zamber
	 	Title: 	Chairman

 

    6

     

    

 

VICTORY ENERGY CORPORATION

 

EXERCISE NOTICE

 

Ladies and Gentlemen:

 

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

 

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

 

☐  
Cash Exercise under Section 4(b)

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

 

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

 

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

 

	Dated: 	 	 	HOLDER:

 

	 	 	 
	 	 	Print name 

 

	 	By:	 
	 	 	 
	 	Title:	 

 

    7

     

    

 

VICTORY ENERGY CORPORATION

 

FORM OF ASSIGNMENT

To be completed and signed only upon transfer
of Warrant

 

FOR VALUE RECEIVED, the undersigned
hereby sells, assigns and transfers unto _________________ the right represented by the within Warrant to purchase _________________
shares of Common Stock to which the within Warrant relates and appoints __________________ attorney to transfer said right on the
books of the Company with full power of substitution in the premises.

 

	Dated: 	 	 	TRANSFEROR:
	 	 	 
	 	 	 
	 	 	Print name 

 

	 	By:    	 
	 	 	 
	 	Title:	 

 

	 	TRANSFEREE:
	 	 
	 	 
	 	Print name 

 

	 	By: 	 
	 	 	 
	 	Title:	 

 

	 	 	Address of Transferee:
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

 

8

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