Document:

EX-4.7

 Exhibit 4.7 

[Form of Underwriter’s Warrant Agreement] 

THE REGISTERED HOLDER OF THIS PURCHASE WARRANT, BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE
WARRANT EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE WARRANT FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS FOLLOWING THE CLOSING DATE OF
THE OFFERING (DEFINED BELOW) TO ANYONE OTHER THAN (I) NETWORK 1 FINANCIAL SECURITIES, INC. OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF NETWORK 1 FINANCIAL SECURITIES,
INC. OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER. 
 THIS PURCHASE WARRANT IS NOT EXERCISABLE PRIOR TO
[                ] [DATE THAT IS SIX MONTHS FROM THE CLOSING DATE OF THE OFFERING]. VOID AFTER 5:00 P.M., EASTERN TIME,
[                ] [DATE THAT IS FIVE YEARS FROM THE EFFECTIVE DATE (AS DEFINED BELOW) OF THE OFFERING]. 

COMMON STOCK PURCHASE WARRANT 

For the Purchase of [            ] Shares of Common Stock 

of 
 GENPREX, INC. 

1. Purchase Warrant. THIS CERTIFIES THAT, in consideration of funds duly paid by or on behalf of
             (“Holder”), as registered owner of this Purchase Warrant, to Genprex, Inc., a Delaware corporation (the “Company”), Holder is entitled, at any
time or from time to time from [            ] [DATE THAT IS 180 DAYS FROM THE EFFECTIVE DATE] (the “Commencement Date”), and at or before 5:00 p.m., Eastern time,
[            ] [DATE THAT IS FIVE YEARS FROM THE CLOSING DATE OF THE OFFERING] (the “Expiration Date”), but not thereafter, to subscribe for, purchase and receive,
in whole or in part, up to [            ] shares (the “Warrant Shares”) of common stock of the Company, par value $0.001 per share (the “Shares”), subject
to adjustment as provided in Section 6 hereof. If the Expiration Date is a day on which banking institutions are authorized by law to close, then this Purchase Warrant may be exercised on the next succeeding day which is not such a day in
accordance with the terms herein. During the period ending on the Expiration Date, the Company agrees not to take any action that would terminate this Purchase Warrant. This Purchase Warrant is initially exercisable at
$             per Warrant Share (125% of the price of the shares of common stock sold in the proposed initial public offering of Shares (the “Offering”); provided,
however, that upon the occurrence of any of the events specified in Section 6 hereof, the rights granted by this Purchase Warrant, including the exercise price per Warrant Share and the number of Warrant Shares to be received upon such
exercise, shall be adjusted as therein specified. The term “Exercise Price” shall mean the initial exercise price or the adjusted exercise price, depending on the context. The term “Effective Date”
shall mean the date that the Company’s Registration Statement on Form S-1 (File No. 333-219386) is declared effective under the Securities Act of 1933, as amended (the “Securities Act”) by the U.S. Securities and
Exchange Commission (the “Commission”). 
 2. Exercise. 

2.1. Exercise Form. In order to exercise this Purchase Warrant, the exercise form attached hereto must be duly executed and
completed and delivered to the Company, together with this Purchase Warrant and payment of the Exercise Price for the Warrant Shares being purchased payable in cash by wire transfer of immediately available funds to an account designated by the
Company or by certified 

 
check or official bank check. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time, on the Expiration Date, this Purchase Warrant shall become
and be void without further force or effect, and all rights represented hereby shall cease and expire. 
 2.2. Cashless Exercise. In
lieu of exercising this Purchase Warrant by payment of cash or check payable to the order of the Company pursuant to Section 2.1 above, Holder may elect to receive the number of Warrant Shares equal to the value of this Purchase Warrant (or the
portion thereof being exercised), by surrender of this Purchase Warrant to the Company, together with the exercise form attached hereto, in which event the issue to Holder, Warrant Shares in accordance with the following formula: 

X = Y(A-B)/A 

Where, 
 X = The number of Warrant Shares to be
issued to Holder; 
 Y = The number of Warrant Shares for which the Purchase Warrant is being exercised; 

A = The fair market value of one Share; and 

B = The Exercise Price. 
 For purposes of this
Section 2.2, the fair market value of a Share is defined as follows: 
  

	 	2.2.1.	if the Company’s Common Stock is traded on a securities exchange, the value shall be deemed to be the average of the closing prices of the Shares on such exchange for the five (5) trading day period prior to
the date the exercise form is submitted in connection with the exercise of the Purchase Warrant; 

  

	 	2.2.2.	if the Company’s Common Stock is actively traded over-the-counter, the value shall be deemed to be the average of the closing bid
prices of the Shares for the five (5) trading day period prior to the date the exercise form is submitted in connection with the exercise of the Purchase Warrant; or 

 

	 	2.2.3.	if there is no active public market, the value shall be the fair market value thereof, as determined in good faith by the Company’s Board of Directors. 

2.3. Legend. Each certificate for the securities purchased under this Purchase Warrant shall bear a legend as follows unless such
securities have been registered under the Securities Act: 
 “The securities represented by this certificate have not been registered
under the Securities Act of 1933, as amended (the “Act”), or applicable state law. Neither the securities nor any interest therein may be offered for sale, sold or otherwise transferred except pursuant to an effective registration
statement under the Securities Act, or pursuant to an exemption from registration under the Securities Act and applicable state law which, in the opinion of counsel to the Company, is available.” 

3. Transfer. 
 3.1. General
Restrictions. The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such Holder will not: (a) sell, transfer, assign, pledge or hypothecate this Purchase Warrant for a period of one hundred eighty
(180) days following the Effective Date to anyone 

  
 2 

 
other than: (i) to an underwriter or a selected dealer participating in the Offering, or (ii) a bona fide officer or partner of Network 1 Financial Securities, Inc. (“Network
1”) or of any such underwriter or selected dealer, in each case in accordance with FINRA Conduct Rule 5110(g)(1), or (b) cause this Purchase Warrant or the securities issuable hereunder to be the subject of any hedging, short sale,
derivative, put or call transaction that would result in the effective economic disposition of this Purchase Warrant or the securities hereunder, except as provided for in FINRA Rule 5110(g)(2). On and after 180 days after the Effective Date,
transfers to others may be made subject to compliance with or exemptions from applicable securities laws. In order to make any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto duly executed and
completed, together with the Purchase Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company shall within five (5) Business Days transfer this Purchase Warrant on the books of the Company and shall
execute and deliver a new Purchase Warrant or Purchase Warrants of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Shares purchasable hereunder or such portion of such number as shall be
contemplated by any such assignment. 
 3.2. Restrictions Imposed by the Securities Act. The securities evidenced by this
Purchase Warrant shall not be transferred unless and until: (i) the Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption from registration under the Securities Act and
applicable state securities laws, the availability of which is established to the reasonable satisfaction of the Company (the Company hereby agreeing that the opinion of Magri Law, LLC shall be deemed satisfactory evidence of the availability of an
exemption), or (ii) a registration statement or a post-effective amendment to the Registration Statement relating to the offer and sale of such securities has been filed by the Company and declared effective by the Commission and compliance
with applicable state securities law has been established. 
 4. Registration Rights; Indemnification. 

4.1. “Piggy-Back” Registration. 

4.1.1. Grant of Right. The Holder shall have the right, for a period of no more than five (5) years from the Closing Date of
the Offering in accordance with FINRA Rule 5110(f)(2)(G)(v), to include all or any portion of the Shares underlying the Purchase Warrants (collectively, the “Registrable Securities”) as part of any other registration of securities
filed by the Company (other than in connection with a transaction contemplated by Rule 145(a) promulgated under the Securities Act or pursuant to Form S-8 or any equivalent form); provided, however,
that if, solely in connection with any primary underwritten public offering for the account of the Company, the managing underwriter(s) thereof shall, in its reasonable discretion, impose a limitation on the number of shares of Common Stock which
may be included in the Registration Statement because, in such underwriter(s)’ judgment, marketing or other factors dictate such limitation is necessary to facilitate public distribution, then the Company shall be obligated to include in such
Registration Statement only such limited portion of the Registrable Securities with respect to which the Holder requested inclusion hereunder as the underwriter shall reasonably permit. Any exclusion of Registrable Securities shall be made pro rata
among the Holders seeking to include Registrable Securities in proportion to the number of Registrable Securities sought to be included by such Holders; provided, however, that the Company shall not exclude any Registrable Securities unless the
Company has first excluded all outstanding securities, the holders of which are not entitled to inclusion of such securities in such Registration Statement or are not entitled to pro rata inclusion with the Registrable Securities. 

  
 3 

 4.1.2. Terms. The Company shall bear all fees and expenses attendant to registering
the Registrable Securities pursuant to Section 4.1.1 hereof, but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the
Registrable Securities. In the event of such a proposed registration, the Company shall furnish the then Holders of outstanding Registrable Securities with not less than thirty (30) days written notice prior to the proposed date of filing of
such registration statement. Such notice to the Holders shall continue to be given for each registration statement filed by the Company until such time as all of the Registrable Securities have been sold by the Holder. The holders of the Registrable
Securities shall exercise the “piggy-back” rights provided for herein by giving written notice within ten (10) days of the receipt of the Company’s notice of its intention to file a registration statement. Except as otherwise
provided in this Purchase Warrant, there shall be no limit on the number of times the Holder may request registration under this Section 4.1.2; provided, however, that such registration rights shall terminate on the fifth anniversary of
the Commencement Date. 
 4.2. General Terms. 

4.2.1. Indemnification. The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any
registration statement hereunder and each person, if any, who controls such Holders within the meaning of Section 15 of the Securities Act or Section 20 (a) of the Securities Exchange Act of 1934, as amended (“Exchange
Act”), against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which any of them
may become subject under the Securities Act, the Exchange Act or otherwise, arising from such registration statement but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify the
Underwriter contained in Section 5.1 of the Underwriting Agreement between the Underwriter and the Company, dated as of [                    ],
2017. The Holder(s) of the Registrable Securities to be sold pursuant to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify the Company, against all loss, claim, damage, expense or liability
(including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may become subject under the Securities Act, the Exchange Act or otherwise,
arising from information furnished by or on behalf of such Holders, or their successors or assigns, in writing, for specific inclusion in such registration statement to the same extent and with the same effect as the provisions contained in
Section 5.2 of the Underwriting Agreement pursuant to which the Underwriter have agreed to indemnify the Company. 

4.2.2. Exercise of Purchase Warrants. Nothing contained in this Purchase Warrant shall be construed as requiring the Holder(s) to
exercise their Purchase Warrants prior to or after the initial filing of any registration statement or the effectiveness thereof. 

4.2.3. Documents Delivered to Holders. The Company shall furnish to each Holder participating in any of the foregoing offerings
and to each underwriter of any such offering, if any, a signed counterpart, addressed to such Holder or underwriter, of: (i) an opinion of counsel to the Company, dated the effective date of such registration statement (and, if such
registration includes an underwritten public offering, an opinion dated the date of the closing under any underwriting agreement related thereto), and (ii) a “cold comfort” letter dated the effective date of such registration
statement (and, if such registration includes an underwritten public offering, a letter dated the date of the closing under the underwriting agreement) signed by the independent registered public accounting firm which has issued a report on the
Company’s financial statements included in such registration statement, in 

  
 4 

 
each case covering substantially the same matters with respect to such registration statement (and the prospectus included therein) and, in the case of such accountants’ letter, with respect
to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to underwriter in underwritten public offerings of securities. The Company
shall also deliver promptly to each Holder participating in the offering requesting the correspondence and memoranda described below and to the managing underwriter, if any, copies of all correspondence between the Commission and the Company, its
counsel or auditors and all memoranda relating to discussions with the Commission or its staff with respect to the registration statement and permit each Holder and underwriter to do such investigation, upon reasonable advance notice, with respect
to information contained in or omitted from the registration statement as it deems reasonably necessary to comply with applicable securities laws or rules of FINRA. Such investigation shall include access to books, records and properties and
opportunities to discuss the business of the Company with its officers and independent auditors, all to such reasonable extent and at such reasonable times as any such Holder shall reasonably request. 

4.2.4. Underwriting Agreement. In the event the Company shall enter into an underwriting agreement with the managing
underwriter(s), if any, selected by the Company with respect to the Registrable Securities that are being registered pursuant to this Section 4, which managing underwriter shall be reasonably satisfactory to the Holders of a majority of the
Registrable Securities. Such agreement shall be reasonably satisfactory in form and substance to the Company, the Holders of a majority of the Registrable Securities and such managing underwriter, and shall contain such representations, warranties
and covenants by the Company and such other terms as are customarily contained in agreements of that type used by the managing underwriter. The Holders shall be parties to any underwriting agreement relating to an underwritten sale of their
Registrable Securities and may, at their option, require that any or all the representations, warranties and covenants of the Company to or for the benefit of such underwriter shall also be made to and for the benefit of such Holders. Such Holders
shall not be required to make any representations or warranties to or agreements with the Company or the underwriter except as they may relate to such Holders, their Shares and their intended methods of distribution. 

4.2.5. Documents to be Delivered by Holder(s). Each of the Holder(s) participating in any of the foregoing offerings shall furnish
to the Company a completed and executed questionnaire provided by the Company requesting information customarily sought of selling security holders. 

4.2.6. Damages. Should the registration or the effectiveness thereof required by Section 4.1 hereof be delayed by the Company
or the Company otherwise fails to comply with such provisions, the Holder(s) shall, in addition to any other legal or other relief available to the Holder(s), be entitled to seek specific performance or other equitable (including injunctive) relief
against the threatened breach of such provisions or the continuation of any such breach, without the necessity of proving actual damages and without the necessity of posting bond or other security. 

5. New Purchase Warrants to be Issued. 

5.1. Partial Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or
assigned in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation, together with the duly executed exercise or assignment form and funds sufficient to pay any
Exercise Price and/or transfer tax if exercised pursuant to Section 2.1 hereto, the Company shall cause to be delivered to the Holder without charge a new Purchase Warrant of like tenor to this Purchase Warrant in the name of the Holder
evidencing the right of the Holder to purchase the number of Shares purchasable hereunder as to which this Purchase Warrant has not been exercised or assigned. 

  
 5 

 5.2. Lost Warrant. Upon receipt by the Company of evidence satisfactory to it of the
loss, theft, destruction or mutilation of this Purchase Warrant and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new Purchase Warrant of like tenor and date. Any such new Purchase
Warrant executed and delivered as a result of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company. 

6. Adjustments. 

6.1. Adjustments to Exercise Price and Number of Securities. The Exercise Price and the number of Shares underlying the Purchase
Warrant shall be subject to adjustment from time to time as hereinafter set forth: 
 6.1.1. Share Dividends; Split Ups. If,
after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Shares is increased by a stock dividend payable in Shares or by a split up of Shares or other similar event, then, on the effective day
thereof, the number of Shares purchasable hereunder shall be increased in proportion to such increase in outstanding Shares, and the Exercise Price shall be proportionately decreased. 

6.1.2. Aggregation of Shares. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of
outstanding Shares is decreased by a consolidation, combination or reclassification of Shares or other similar event, then, on the effective date thereof, the number of Shares purchasable hereunder shall be decreased in proportion to such decrease
in outstanding Shares, and the Exercise Price shall be proportionately increased. 
 6.1.3. Replacement of Securities upon
Reorganization, etc. In case of any reclassification or reorganization of the outstanding Shares other than a change covered by Section 6.1.1 or 6.1.2 hereof or a change that solely affects the par value of such Shares, or in the case of
any share reconstruction or amalgamation or consolidation of the Company with or into another corporation (other than a consolidation or share reconstruction or amalgamation in which the Company is the continuing corporation and that does not result
in any reclassification or reorganization of the outstanding Shares), the Holder of this Purchase Warrant shall have the right thereafter (until the expiration of the right of exercise of this Purchase Warrant) to receive upon the exercise hereof,
for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, share
reconstruction or amalgamation, or consolidation, by a Holder of the number of Shares of the Company obtainable upon exercise of this Purchase Warrant immediately prior to such event; and if any reclassification also results in a change in Shares
covered by Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3 shall similarly apply to successive such reclassifications,
reorganizations, share reconstructions or amalgamations, or consolidations, sales or other transfers. 
 6.1.4. Changes in Form of
Purchase Warrant. This form of Purchase Warrant need not be changed because of any change pursuant to this Section 6.1, and Purchase Warrants issued after such change may state the same Exercise Price and the same number of Warrant Shares
as are stated in the Purchase Warrants initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase Warrants reflecting a required or permissive change shall not be deemed to waive any rights to an
adjustment occurring after the Commencement Date or the computation thereof. 

  
 6 

 6.2. Substitute Purchase Warrant. In case of any consolidation of the Company with,
or share reconstruction or amalgamation of the Company with or into, another corporation (other than a consolidation or share reconstruction or amalgamation which does not result in any reclassification or change of the outstanding Shares), the
corporation formed by such consolidation or share reconstruction or amalgamation shall execute and deliver to the Holder a supplemental Purchase Warrant providing that the holder of each Purchase Warrant then outstanding or to be outstanding shall
have the right thereafter (until the stated expiration of such Purchase Warrant) to receive, upon exercise of such Purchase Warrant, the kind and amount of shares of stock and other securities and property receivable upon such consolidation or share
reconstruction or amalgamation, by a holder of the number of Shares of the Company for which such Purchase Warrant might have been exercised immediately prior to such consolidation, share reconstruction or amalgamation, sale or transfer. Such
supplemental Purchase Warrant shall provide for adjustments which shall be identical to the adjustments provided for in this Section 6. The above provision of this Section shall similarly apply to successive consolidations or share
reconstructions or amalgamations. 
 6.3. Elimination of Fractional Interests. The Company shall not be required to issue
certificates representing fractions of Shares upon the exercise of the Purchase Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent of the parties that all fractional interests shall
be eliminated by rounding any fraction up or down, as the case may be, to the nearest whole number of Shares or other securities, properties or rights. 

7. Reservation and Listing. The Company shall at all times reserve and keep available out of its authorized Shares, solely for the purpose of
issuance upon exercise of the Purchase Warrants, such number of Shares or other securities, properties or rights as shall be issuable upon the exercise thereof. The Company covenants and agrees that, upon exercise of the Purchase Warrants and
payment of the Exercise Price therefor, in accordance with the terms hereof, all Shares and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not
subject to preemptive rights of any shareholder. As long as the Purchase Warrants shall be outstanding, the Company shall use its commercially reasonable efforts to cause all Shares issuable upon exercise of the Purchase Warrants to be listed
(subject to official notice of issuance) on the Nasdaq Capital Market or any other market on which the Shares issued to the public in the Offering may then be listed and/or quoted. 

8. Certain Notice Requirements. 

8.1. Holder’s Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or
consent or to receive notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder of the Company. If, however, at any time prior to the expiration of the Purchase Warrants and their
exercise, any of the events described in Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event at least fifteen days prior to the date fixed as a record date or the date of closing the
transfer books for the determination of the shareholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such
notice shall specify such record date or the date of the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder a copy of each notice given to the other shareholders of the Company
at the same time and in the same manner that such notice is given to the shareholders. 

  
 7 

 8.2. Events Requiring Notice. The Company shall be required to give the notice
described in this Section 8 upon one or more of the following events: (i) if the Company shall take a record of the holders of its Shares for the purpose of entitling them to receive a dividend or distribution payable otherwise than in
cash, or a cash dividend or distribution payable otherwise than out of retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company, (ii) the Company shall offer to all the holders of
its Shares any additional shares of capital stock of the Company or securities convertible into or exchangeable for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution,
liquidation or winding up of the Company (other than in connection with a consolidation or share reconstruction or amalgamation) or a sale of all or substantially all of its property, assets and business shall be proposed. 

8.3. Notice of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price
pursuant to Section 6 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price Notice shall describe the event causing the change and the method of calculating same and shall be certified as being
true and accurate by the Company’s Chief Financial Officer. 
 8.4. Transmittal of Notices. All notices, requests, consents
and other communications under this Purchase Warrant shall be in writing and shall be deemed to have been duly made when hand delivered, or mailed by express mail or private courier service: (i) if to the registered Holder of the Purchase
Warrant, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company, to following address or to such other address as the Company may designate by notice to the Holders: 

If to the Holder: 

Network 1 Financial Securities, Inc. 

Galleria, Penthouse 
 2 Bridge
Avenue, Building 2 
 Red Bank, NJ 07701 

Attn: Damon D. Testaverde, Director of Investment Banking 

Fax: (732) 758-6671 

With a copy (which shall not constitute notice) to: 

Magri Law, LLC 
 2642 NE 9th Ave. 
 Fort Lauderdale, FL 33334 

Attn: Philip Magri 
 Email:
pmagri@magrilaw.com 
 Telephone: (646) 303-5900 

Fax: (646) 836-9200 

If to the Company: 

Genprex, Inc. 
 100 Congress
Avenue, Suite 2000 

  
 8 

 Austin, Texas 78701 

Attn: J. Rodney Varner 
 Chief
Executive Officer 
 Email: rvarner@genprex.com 

Telephone: (512) 370-4081 

With a copy (which shall not constitute notice) to: 

Streusand Landon & Ozburn, LLP 

811 Barton Springs Road, Suite 811 

Austin, TX 78704 
 Attn:
Christopher J. Ozburn 
 Email: ozburn@slollp.com 

Telephone: (512) 236-9900 
 Fax:
(512) 236-9904 
 9. Miscellaneous. 

9.1. Amendments. The Company and Network 1 may from time to time supplement or amend this Purchase Warrant without the
approval of any of the Holders in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with any other provisions herein, or to make any other provisions in regard to matters or
questions arising hereunder that the Company and Network 1 may deem necessary or desirable and that the Company and Network 1 deem shall not adversely affect the interest of the Holders. All other modifications or amendments shall require the
written consent of and be signed by the party against whom enforcement of the modification or amendment is sought. 

9.2. Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit
or affect the meaning or interpretation of any of the terms or provisions of this Purchase Warrant. 
 9.3. Entire Agreement.
This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection with this Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and
supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof. 

9.4. Binding Effect. This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the
Company and their permitted assignees, respective successors, legal representative and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase
Warrant or any provisions herein contained. 
 9.5. Governing Law; Submission to Jurisdiction; Trial by Jury. This Purchase
Warrant shall be governed by and construed and enforced in accordance with the laws of the State of Texas, without giving effect to conflict of laws principles thereof. The Company hereby agrees that any action, proceeding or claim against it
arising out of, or relating in any way to this Purchase Warrant shall be brought and enforced in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York, and irrevocably submits to
such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served upon the Company may be served
by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 8 hereof. Such 

  
 9 

 
mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing party(ies) in any
such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor. The Company (on its behalf
and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) and the Holder hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding
arising out of or relating to this Agreement or the transactions contemplated hereby. 
 9.6. Waiver, etc. The failure of the
Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or any provision hereof
or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase Warrant. No waiver of any breach, non-compliance or
non-fulfillment of any of the provisions of this Purchase Warrant shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver
is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment. 
 9.7. Execution in
Counterparts. This Purchase Warrant may be executed in two or more counterparts, and by the different parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one
and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other parties hereto. Such counterparts may be delivered by facsimile transmission or other
electronic transmission. 
 9.8. Exchange Agreement. As a condition of the Holder’s receipt and acceptance of this Purchase
Warrant, Holder agrees that, at any time prior to the complete exercise of this Purchase Warrant by Holder, if the Company and Network 1 enter into an agreement (“Exchange Agreement”) pursuant to which they agree that all
outstanding Purchase Warrants will be exchanged for securities or cash or a combination of both, then Holder shall agree to such exchange and become a party to the Exchange Agreement. 

[Signature Page Follows] 

  
 10 

 IN WITNESS WHEREOF, the Company has caused this Purchase Warrant to be signed by its duly authorized officer as
of the         day of                     , 2017. 

GENPREX, INC. 
  

	
	 By:
                                         
        

	 Name: J. Rodney Varner

	 Title: Chief Executive Officer

  
 11 

 [Form to be used to exercise Purchase Warrant] 

Date:                     ,
20         
 The undersigned hereby elects irrevocably to exercise the Purchase Warrant
for             shares of common stock, par value $0.001 per share (the “Shares”), of Genprex, Inc., a Delaware corporation (the “Company”), and hereby
makes payment of $             (at the rate of $             per Share) in payment of the Exercise Price pursuant thereto. Please
issue the Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing the number of Shares for which this Purchase Warrant has not been exercised. 

or 
 The undersigned hereby elects irrevocably to convert its
right to purchase             Shares of the Company under the Purchase Warrant for             Shares, as determined in
accordance with the following formula: 
 X = Y(A-B)/A 

Where, 
 X = The number of Shares to be issued to
Holder; 
 Y = The number of Shares for which the Purchase Warrant is being exercised; 

A = The fair market value of one Share which is equal to $            ; and 

B = The Exercise Price which is equal to $             per share 

The undersigned agrees and acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement with respect to
the calculation shall be resolved by the Company in its sole discretion. 
 Please issue the Shares as to which this Purchase Warrant is exercised in
accordance with the instructions given below and, if applicable, a new Purchase Warrant representing the number of Shares for which this Purchase Warrant has not been converted. 

 

	
	
Signature                 
                                         
                     

	
	 Signature
Guaranteed                                       
                 

  
 12 

 INSTRUCTIONS FOR REGISTRATION OF SECURITIES: 

 

			
	Name:	 	  

		 	(Print in Block Letters)
		
	Address:        	 	  

		
		 	  

		
		 	  

 NOTICE: The signature to this form must correspond with the name as written upon the face of the Purchase Warrant without
alteration or enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national securities exchange. 

  
 13 

 [Form to be used to assign Purchase Warrant] 

ASSIGNMENT 
 (To be executed
by the registered Holder to effect a transfer of the within Purchase Warrant): 
 FOR VALUE
RECEIVED,                     does hereby sell, assign and transfer unto the right to purchase shares of common stock, par value $0.001 per
share, of Genprex, Inc., a Delaware corporation (the “Company”), evidenced by the Purchase Warrant and does hereby authorize the Company to transfer such right on the books of the Company. 

 

	
	 Dated:
                    , 20        

	
	
Signature                 
                                         
                     

	
	 Signature
Guaranteed                                       
                 

 NOTICE: The signature to this form must correspond with the name as written upon the face of the within Purchase
Warrant without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national securities exchange. 

  
 14Exhibit 10.1

 

Execution Version

 

AMENDMENT
NO. 1 TO CREDIT AGREEMENT

 

This Amendment No.
1 to Credit Agreement (this “Amendment”) dated as of October 3, 2017 (the “Effective Date”)
is among Lilis Energy, Inc. (the “Borrower”), certain subsidiaries of the Borrower party hereto (each, a “Guarantor”
and collectively, the “Guarantors”), Wilmington Trust, National Association, as administrative agent (the “Administrative
Agent”), Värde Partners, Inc., (“Värde”) in its capacity as the Lead Lender (as defined
in the Credit Agreement (as defined below)) and the other Lenders (as defined below) party hereto.

 

INTRODUCTION

 

Whereas, the Borrower,
the Guarantors, the Administrative Agent, Värde as the Lead Lender (as defined therein) and the other lenders party thereto
from time to time (the “Lenders”) are parties to that certain Credit Agreement dated as of April 26, 2017 (as
amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).

 

Whereas, in order to
request Delayed Draw Term Loans, Section 2.03(b) of the Credit Agreement requires that the Borrower deliver in writing to the Administrative
Agent a duly completed Borrowing Request (the “Delayed Draw Term Loan Borrowing Request”), not later than 12:00
noon, New York City time, ten (10) Business Days prior to the proposed date of such Delayed Term Loan Draw (as defined in the Credit
Agreement) (or such shorter period as agreed to by the Lead Lender in its sole discretion, but in any event not later than 12:00
noon, New York City time, one Business Day prior to the proposed date of such Delayed Term Loan Draw).

 

Whereas, subject to
the terms and conditions set forth herein, the Lead Lender wishes to provide its consent to the delivery of the Delayed Draw Term
Loan Borrowing Request in the form delivered by the Borrower on September 22, 2017 for purposes of the Delayed Draw Term Loan Draw
(the “KEW Delayed Draw”) to be consummated on October 3, 2017 (or such later date as the Lead Lender may permit
in its sole discretion) (the “Borrowing Request Deadline”) rather than by at least ten (10) Business Days prior
to the proposed date of the KEW Delayed Draw in accordance with Section 2.03(b) of the Credit Agreement, and in the form required
by Section 4.02(a) of the Credit Agreement, and to the waiver of certain conditions precedent required by Section 4.02 in connection
with the KEW Delayed Draw.

 

Whereas, the Borrower
has requested that Administrative Agent and the Lenders amend the Credit Agreement in certain respects as set forth herein, and
the Administrative Agent and the Lenders have agreed to the foregoing, on the terms and conditions set forth herein.

 

NOW THEREFORE, in consideration
of the premises and the mutual covenants, representations and warranties contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

Section 1.          Defined
Terms; Other Definitional Provisions. As used in this Amendment, each of the terms defined in the opening paragraph and
the Recitals above shall have the meanings assigned to such terms therein. Each term defined in the Credit Agreement and used herein
without definition shall have the meaning assigned to such term in the Credit Agreement, unless expressly provided to the contrary.
Article, Section, Schedule, and Exhibit references are to Articles and Sections of and Schedules and Exhibits to this Amendment,
unless otherwise specified. The words “hereof”, “herein”, and “hereunder” and words of similar
import when used in this Amendment shall refer to this Amendment as a whole and not to any particular provision of this Amendment.
The term “including” means “including, without limitation”. Paragraph headings have been inserted in this
Amendment as a matter of convenience for reference only and it is agreed that such paragraph headings are not a part of this Amendment
and shall not be used in the interpretation of any provision of this Amendment.

 

     

     

    

 

Section 2.          Consent
and Waiver of Conditions Precedent.

 

(a)  
    Subject to the terms and conditions of this Amendment, the Lead Lender hereby consents to (i) the
delivery of the Delayed Draw Term Loan Borrowing Request for the KEW Delayed Draw (the “KEW Borrowing
Request”) on or prior to the Borrowing Request Deadline rather than by at least ten (10) Business Days prior to
proposed date of the KEW Delayed Draw in accordance with Section 2.03(b) of the Credit Agreement, (ii) the waiver of the
conditions and requirements set forth in Section 2.03(b) and Section 4.02(a) to the extent that the KEW Borrowing Request
does not comply with the requirements thereof, and (iii) the waiver of the condition set forth in Section 4.02(e) of the
Credit Agreement in connection with the KEW Delayed Draw (the consents and waivers set forth in this Section 2(a),
collectively, the “Consent and Condition Precedent Waiver”).

 

(b)       The
Consent and Condition Precedent Waiver is limited to the extent expressly described herein and shall not be construed to be a consent
to or a waiver of any terms, provisions, covenants, warranties or agreements contained in the Credit Agreement or in any of the
other Loan Documents except to the extent expressly described herein.

 

Section 3.         Amendments
to the Credit Agreement. Subject to the satisfaction of the conditions set forth in Section 5 below, and in reliance on
the representations and warranties contained in Section 4 below, the Credit Agreement is hereby amended as follows:

 

(a)          Section
1.01 of the Credit Agreement is hereby amended by inserting the following definitions in the appropriate alphabetical order:

 

“Alternate
Approved Acquisition” shall have the meaning set forth in Section 2.07(e).

 

“Amendment
No. 1” means that certain Amendment No. 1 to Credit Agreement, dated as of the Amendment No. 1 Effective Date, by and
among the Borrower, the Lead Lender, the other Lenders party thereto and the Administrative Agent.

 

“Amendment
No. 1 Effective Date” means October 3, 2017.

 

“Initial
KEW Acquisition” means the Acquisitions contemplated by the KEW Acquisition Agreement to occur on the “Initial
Closing Date” (as defined in the KEW Acquisition Agreement).

 

“KEW Acquisitions”
means the Acquisitions contemplated by the KEW Acquisition Agreement as in effect on the Amendment No. 1 Effective Date, after
giving effect to any modifications, amendments, consents or waivers that, in the good faith determination of the Borrower, do not
constitute a material modification, amendment, consent or waiver of the terms and conditions of the KEW Acquisition Agreement as
in effect on the Amendment No. 1 Effective Date.

 

“KEW Acquisition Agreement”
means that certain Lease Acquisition Agreement, dated as of October 3, 2017, by and among the Borrower and KEW Drilling.

 

“KEW Acquisition Prepayment
Event” shall have the meaning set forth in Section 2.07(e).

 

“KEW Acquisition Prepayment
Premium” means if the KEW Acquisition Prepayment Event occurs during the Specified KEW Acquisition Period, a percentage
such that the prepayment premium equals a 20% annualized rate multiplied by the amount of Delayed Draw Term Loans (if any) required
to be repaid pursuant to Section 2.07(e).

 

    	 	2	 

     

    

 

“Specified KEW Acquisition
Period” means the period beginning on the Amendment No. 1 Effective Date and ending on the date scheduled for the “Subsequent
Closing Date” as set forth in Section 12.4 of the KEW Acquisition Agreement as in effect on the Amendment No. 1 Effective
Date, as such date may be extended by the parties to the KEW Acquisition Agreement; provided that such date shall in no event be
extended to a date that is later than January 10, 2018 unless the prior written consent of the Lead Lender is obtained.

 

(b)          Section
1.01 of the Credit Agreement is hereby amended by amending and restating the following definitions in their entirety as set forth
below:

 

“Loan
Documents” means this Agreement, Amendment No. 1, any promissory notes executed in connection herewith, the Security
Documents, the Pre-Approved Acquisition Letter, any Approved Intercreditor Agreement, the Fee Letter, the Registration Rights Agreement
and any other agreements executed by any Credit Party in connection with this Agreement and designated as a Loan Document therein.

 

“Pre-Approved
Acquisition Letter” means that certain letter agreement, dated as of October 3, 2017, from Borrower and acknowledged
by the Administrative Agent and the Lead Lender.

 

(c)          Section
2.02(b) of the Credit Agreement is hereby amended and restated in its entirety as set forth below:

 

(b)          On
the terms and subject to the conditions set forth herein, Lenders severally agree to make term loans to the Borrower, during the
Delayed Draw Term Loan Funding Period, in multiple draws (each a “Delayed Term Loan Draw”) up to an aggregate
principal amount of $45,000,000 (collectively, the “Delayed Draw Term Loans”). Each Lender’s obligation
to fund a Delayed Term Loan Draw shall be limited to such Lender’s Delayed Draw Term Loan Commitment Percentage of such Delayed
Term Loan Draw requested by the Borrower hereunder. No Lender shall have any obligation to fund any portion of the Delayed Draw
Term Loans unless the proceeds of such Delayed Draw Term Loan are used for a Pre-Approved Acquisition or such other uses as are
satisfactory to the Lenders providing such Delayed Draw Term Loan, in their sole discretion. The Delayed Draw Term Loan Commitment
shall terminate at the end of the Delayed Draw Term Loan Funding Period, if not earlier pursuant to the terms of this Agreement.
The Borrower shall not have any right to reborrow any portion of the Delayed Draw Term Loans which is repaid or prepaid from time
to time; provided that in the event of any mandatory prepayment of the Delayed Draw Term Loans in part or in full after the occurrence
of a KEW Acquisition Prepayment Event pursuant to Section 2.07(e), then the Borrower shall have the right to reborrow the full
principal amount of Delayed Draw Term Loans mandatorily prepaid in accordance with Section 2.07(e). Delayed Term Loan Draws shall
be made pursuant to a Borrowing Request to be delivered to the Administrative Agent pursuant to Section 2.03. Each such request
for a Delayed Term Loan Draw shall be in a minimum amount of the lesser or (x) $5,000,000, and, if greater, in integral multiples
of $1,000,000 thereon, and (y) the amount of the remaining Delayed Term Loan Draw Commitment as of such date.

 

(d)          Section
2.07 of the Credit Agreement is hereby amended by adding a new clause (e) immediately after clause (d) as set forth below:

 

    	 	3	 

     

    

 

(e)          Unless
the Majority Lenders shall agree in writing that no prepayment of the Delayed Draw Term Loans is required pursuant to this Section
2.07, if the Borrower does not consummate the KEW Acquisitions or other Acquisitions acceptable to the Lead Lender in its sole
discretion (as confirmed by the Lead Lender in writing) (each, an “Alternate Approved Acquisition”) within the
Specified KEW Acquisition Period (such event, a “KEW Acquisition Prepayment Event”), then, not later than two
(2) Business Days after such KEW Acquisition Prepayment Event, the Borrower shall provide written notice to the Administrative
Agent in accordance with Section 2.07(c) and, subject to Section 2.07(d), repay the amount (if any) of any Delayed Draw Term Loans
that have not been applied to the consummation of any KEW Acquisition or Alternate Approved Acquisition as of such date plus (i)
all accrued and unpaid interest thereon and (ii) the applicable KEW Acquisition Prepayment Premium (as calculated by the Majority
Lenders which, absent manifest error, shall be deemed conclusive).

 

(e)          Section
2.09(a) of the Credit Agreement is hereby amended and restated in its entirety as set forth below:

 

(a)          Whether
voluntary or mandatory, and with respect to each repayment or prepayment of Loans under Section 2.06 or 2.07 (other than any mandatory
prepayment made pursuant to Section 2.07(e)) or any acceleration of the Loans and other Obligations pursuant to Article VIII (including
for the avoidance of doubt, as a result of clauses (g), (h) or (i) of Article VIII), the Borrower shall pay to the Administrative
Agent, for the ratable benefit of the Lenders, with respect to the amount of the Loans repaid, prepaid or accelerated, in each
case, concurrently with such repayment or prepayment, a premium equal to the Make-Whole Amount (determined by the Borrower and
approved by the Lead Lender as if the Loans were repaid at the time of such acceleration at the option of the Borrower pursuant
to Section 2.06) shall become immediately due and payable, and Borrower will pay such premium, as compensation to the Lenders for
the loss of their investment opportunity and not as a penalty, whether or not a Bankruptcy Event has commenced, and (if a Bankruptcy
Event has commenced) without regard to whether such Bankruptcy Event is voluntary or involuntary, or whether payment occurs pursuant
to a motion, plan of reorganization, or otherwise, and without regard to whether the Loans and other Obligations are satisfied
or released by foreclosure (whether or not by power of judicial proceeding), deed in lieu of foreclosure or by any other means.
Without limiting the foregoing, any redemption, prepayment, repayment, or payment of the Obligations in or in connection with a
Bankruptcy Event shall constitute an optional prepayment thereof under the terms of Section 2.05 and require the immediate payment
of the Make-Whole Amount.

 

(f)          Section
11.02 of the Credit Agreement is hereby amended by adding a new sentence at the end of such Section 11.02 as set forth below:

 

Notwithstanding
anything to the contrary contained herein or in any other Loan Document, the Delayed Draw Term Loans (other than any Delayed Draw
Term Loans which have been re-borrowed following a mandatory prepayment made pursuant to Section 2.07(e) after the occurrence of
a KEW Acquisition Prepayment Event) shall not be convertible at the option of the Lenders during the Specified KEW Acquisition
Period prior to the consummation of the KEW Acquisitions or Alternate Approved Acquisitions (it being understood and agreed that
following the Specified KEW Acquisition Period, the Delayed Draw Term Loans shall be convertible at the option of the Lenders).

 

    	 	4	 

     

    

 

Section 4.          Representations
and Warranties. Each Credit Party hereby represents and warrants that: (a) after giving effect to this Amendment, the representations
and warranties contained in Article III of the Credit Agreement and in each other Loan Document are true and correct
in all material respects, except for any representation and warranty that is qualified by materiality or reference to Material
Adverse Effect, which such representation and warranty shall be true and correct in all respects, on and as of the Effective Date,
except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be
true and correct in all material respects, except for any representation and warranty that is qualified by materiality or reference
to Material Adverse Effect, which such representation and warranty shall be true and correct in all respects, as of such earlier
date; (b) after giving effect to this Amendment, no Default has occurred and is continuing; (c) the execution, delivery and performance
of this Amendment are within the corporate or limited liability company power and authority of such Credit Party and have been
duly authorized by appropriate corporate or limited liability company action and proceedings; (d) this Amendment constitutes the
legal, valid, and binding obligation of such Credit Party enforceable in accordance with its terms, except as limited by applicable
bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the rights of creditors generally and general principles
of equity; (e) there are no governmental or other third party consents, licenses and approvals required in connection with the
execution, delivery, performance, validity and enforceability of this Amendment; and (f) the Liens under the Loan Documents are
valid and subsisting and secure the Credit Parties’ obligations under such Loan Documents.

 

Section 5.          Conditions
to Effectiveness. This Amendment shall become effective on the Effective Date and enforceable against the parties hereto
upon the satisfaction of the following conditions precedent:

 

(a)          the
Administrative Agent and the Lead Lender shall have received this Amendment duly executed by the Borrower, the Guarantors, the
Administrative Agent, the Lenders party hereto (which constitute all Lenders party to the Credit Agreement) and the Lead Lender;

 

(b)          the
Borrower shall have paid on or about the Effective Date all costs and expenses which are payable pursuant to Section 10.03
of the Credit Agreement and which have been invoiced no later than one Business Days prior to the date hereof; and

 

(c)          the
Administrative Agent and the Lead Lender shall have received a copy of the KEW Acquisition Agreement duly executed by the Borrower
and KEW Drilling along with all schedules, exhibits and material documents ancillary thereto.

 

Section 6.          Covenants
of the Credit Parties; Acknowledgements of Lenders.

 

(a)          The
proceeds of the KEW Delayed Draw shall, at all times prior to the consummation of the KEW Acquisitions or any Alternate Approved
Acquisition, be held in an account of the Borrower subject to a Control Agreement in accordance with the terms set forth in Section
5.16 of the Credit Agreement until such time as such proceeds are used to consummate the KEW Acquisitions or such Alternate Approved
Acquisition or as otherwise set forth in this clause (a). The proceeds of the KEW Delayed Draw shall be used first, upon
the consummation of the Initial KEW Acquisition, any other KEW Acquisition or any Alternate Approved Acquisition, for the payment
of the purchase price of, and costs and expenses associated with, such Initial KEW Acquisition, any other KEW Acquisition or Alternate
Approved Acquisition until such amounts are paid in full, and second, at any time upon or after the consummation of the
Initial KEW Acquisition, any other KEW Acquisition or any Alternate Approved Acquisition, subject to the written consent of the
Lead Lender for each of the following uses of proceeds, to finance the
working capital needs of the Borrower, including capital expenditures, and for general corporate purposes of the Borrower and the
Guarantors, including the exploration, acquisition and development of Oil and Gas Property. In accordance with Sections 2.02(b)
and Section 5.09 of the Credit Agreement, each Lender hereby acknowledges and agrees that the use of the proceeds of the KEW Delayed
Draw set forth in the preceding sentence is satisfactory to it and, subject to the terms and conditions thereof, consents to such
use of proceeds.

 

    	 	5	 

     

    

 

(b)          Prior
to the consummation of any KEW Acquisition or any Alternate Approved Acquisition (or a later date acceptable to the Lead Lender
in its sole discretion), the Borrower shall deliver to the Lead Lender title information in form and substance reasonably acceptable
to the Lead Lender with respect to any Oil and Gas Properties to be acquired pursuant to such KEW Acquisition or such Alternate
Approved Acquisition as the Lead Lender shall deem reasonably necessary or appropriate to verify the title of the Credit Parties
to not less than 70% of the PV9 of the Oil and Gas Properties to be acquired pursuant to such KEW Acquisition or such Alternate
Approved Acquisition.

 

(c)          Within
60 days of the consummation of any KEW Acquisition or any Alternate Approved Acquisition (or a later date acceptable to the Lead
Lender in its sole discretion), the Borrower shall deliver to the Lead Lender title information in form and substance reasonably
acceptable to the Lead Lender with respect to any Oil and Gas Properties acquired pursuant to such KEW Acquisition or such Alternate
Approved Acquisition as the Lead Lender shall deem reasonably necessary or appropriate to verify the title of the Credit Parties
to not less than 90% of the PV9 of the Oil and Gas Properties acquired pursuant to such KEW Acquisition or such Alternate Approved
Acquisition.

 

Section 7.          Acknowledgments
and Agreements.

 

(a)          Each
Credit Party acknowledges that on the date hereof, all outstanding Obligations are payable in accordance with their terms and each
Credit Party waives any defense, offset, counterclaim or recoupment, in each case existing on the date hereof, with respect to
such Obligations. Each Credit Party does hereby adopt, ratify, and confirm the Credit Agreement and acknowledges and agrees that
the Credit Agreement is and remains in full force and effect, and each Credit Party acknowledges and agrees that its respective
liabilities and obligations under the Credit Agreement are not impaired in any respect by this Amendment.

 

(b)          This
Amendment is a Loan Document for the purposes of the provisions of the other Loan Documents. Without limiting the foregoing, any
breach of representations, warranties, and covenants under this Amendment shall be a Default or Event of Default, as applicable,
under the Credit Agreement.

 

Section 8.          Reaffirmation
of Guaranty. Each Guarantor hereby ratifies, confirms, and acknowledges that its obligations under the Credit Agreement
are in full force and effect and that each Guarantor continues to unconditionally and irrevocably, jointly and severally, guarantee
the full and punctual payment, when due, whether at stated maturity or earlier by acceleration or otherwise, of all of the Obligations,
and its execution and delivery of this Amendment does not indicate or establish an approval or consent requirement by the Guarantors
in connection with the execution and delivery of amendments, consents or waivers to the Credit Agreement or any of the other Loan
Documents.

 

Section 9.          Reaffirmation
of Liens. Each Credit Party (a) is party to certain Security Documents securing and supporting the Obligations under the
Loan Documents, (b) represents and warrants that it has no defenses to the enforcement of the Security Documents and that according
to their terms the Security Documents will continue in full force and effect to secure the Obligations under the Loan Documents,
as the same may be amended, supplemented, or otherwise modified, and (c) acknowledges, represents, and warrants that the liens
and security interests created by the Security Documents are valid and subsisting and create an acceptable security interest in
the collateral to secure the Obligations under the Loan Documents, as the same may be amended, supplemented, or otherwise modified.

 

    	 	6	 

     

    

 

Section 10.        Counterparts.
This Amendment may be signed in any number of counterparts and by different parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.
Transmission by facsimile or other electronic transmission of an executed counterpart of this Amendment shall be deemed to constitute
due and sufficient delivery of such counterpart.

 

Section 11.        Successors
and Assigns. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns permitted pursuant to the Credit Agreement.

 

Section 12.         Invalidity.
In the event that any one or more of the provisions contained in this Amendment shall for any reason be held invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Amendment.

 

Section 13.         Governing
Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York. Section 10.09
of the Credit Agreement is hereby incorporated by reference herein mutatis mutandis.

 

Section 14.        Instruction
to Administrative Agent. The Lenders hereby (i) authorize and instruct the Administrative Agent to execute and deliver
this Amendment and the Pre-Approved Acquisition Letter (as defined in the Credit Agreement after giving effect to the Amendment);
and (ii) acknowledge and agree that the instruction set forth in this Section 14 constitutes an instruction from the Lenders under
the Loan Documents, including Section 9.03 and Section 9.04 of the Credit Agreement.

 

Section 15.         RELEASE.
For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Credit Party hereby, for
itself and its successors and assigns, fully and without reserve, releases, acquits, and forever discharges each Secured Party,
its respective successors and assigns, officers, directors, employees, representatives, trustees, attorneys, agents and affiliates
(collectively the “Released Parties” and individually a “Released Party”) from any and all
actions, claims, demands, causes of action, judgments, executions, suits, debts, liabilities, costs, damages, expenses or other
obligations of any kind and nature whatsoever, direct and/or indirect, at law or in equity, whether now existing or hereafter asserted,
whether absolute or contingent, whether due or to become due, whether disputed or undisputed, whether known or unknown (INCLUDING,
WITHOUT LIMITATION, ANY OFFSETS, REDUCTIONS, REBATEMENT, CLAIMS OF USURY OR CLAIMS WITH RESPECT TO THE NEGLIGENCE OF ANY RELEASED
PARTY) (collectively, the “Released Claims”), for or because of any matters or things occurring, existing or
actions done, omitted to be done, or suffered to be done by any of the Released Parties, in each case, on or prior to the Effective
Date and are in any way directly or indirectly arising out of or in any way connected to any of this Amendment, the Credit Agreement,
any other Loan Document, or any of the transactions contemplated hereby or thereby (collectively, the “Released Matters”).
Each Credit Party, by execution hereof, hereby acknowledges and agrees that the agreements in this Section 15 are intended
to cover and be in full satisfaction for all or any alleged injuries or damages arising in connection with the Released Matters
herein compromised and settled. Each Credit Party hereby further agrees that it will not sue any Released Party on the basis of
any Released Claim released, remised and discharged by the Loan Parties pursuant to this Section 15. In entering into this
Amendment, each Credit Party consulted with, and has been represented by, legal counsel and expressly disclaim any reliance on
any representations, acts or omissions by any of the Released Parties and hereby agrees and acknowledges that the validity and
effectiveness of the releases set forth herein do not depend in any way on any such representations, acts and/or omissions or the
accuracy, completeness or validity hereof. The provisions of this Section 15 shall survive the termination of this Amendment,
the Credit Agreement and the other Loan Documents and payment in full of the Obligations.

 

    	 	7	 

     

    

 

Section 16.         Entire
Agreement. This Amendment, the Credit Agreement and the other Loan Documents constitute
the entire understanding among the parties hereto with respect to the subject matter hereof and supersede any prior agreements,
written or oral, with respect thereto.

 

THERE ARE NO UNWRITTEN
ORAL AGREEMENTS AMONG THE PARTIES.

 

[The remainder of this
page has been left blank intentionally.]

 

    	 	8	 

     

    

 

EXECUTED to be effective
as of the date first above written.

 

	 	BORROWER:
	 	 
	 	LILIS ENERGY, INC.
	 	 	 
	 	By:	/s/ Joseph C. Daches
	 	Name: 	Joseph C. Daches
	 	Title: 	Chief Financial Officer
	 	 	 
	 	GUARANTORS:
	 	 
	 	BRUSHY RESOURCES, INC.
	 	HURRICANE RESOURCES LLC
	 	LILIS OPERATING COMPANY, LLC
	 	IMPETRO OPERATING, LLC
	 	IMPETRO RESOURCES, LLC
	 	 
	 	By:	/s/ Joseph C. Daches
	 	Name:	Joseph C. Daches
	 	Title: 	
        Chief Financial Officer

 

Signature Page to Amendment No. 1 to Credit
Agreement

 

     

     

    

 

	 	ADMINISTRATIVE AGENT:
	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	 	as Administrative Agent
	 	 	 
	 	By:	/s/ Joshua G. James
	 	Name: 	Joshua G. James
	 	Title: 	Vice President
	 	 	 
	 	LEAD LENDER:
	 	 
	 	VÄrde Partners, Inc.
	 	 	 
	 	By:	/s/ Markus Specks
	 	Name: 	Markus Specks
	 	Title: 	Managing Director

 

Signature Page to Amendment No. 1 to Credit
Agreement

 

     

     

    

 

	 	SEVERALLY AND NOT JOINTLY FOR EACH ENTITY LISTED BELOW:
	 	 	 
	 	By:	/s/ Markus Specks
	 	Name: 	Markus Specks
	 	Title: 	Managing Director

 

	 	The Värde Fund VI-A, L.P.
	 	By Värde Investment Partners G.P., LLC, Its General Partner
	 	By Värde Partners, L.P., Its Managing Member
	 	By Värde Partners, Inc., Its General Partner
	 	 
	 	Värde INVESTMENT PARTNERS, L.P.
	 	By Värde Investment Partners G.P., LLC, Its General Partner
	 	By Värde Partners, L.P., Its Managing Member
	 	By Värde Partners, Inc., Its General Partner
	 	 
	 	THE Värde FUND XI (MASTER), L.P.
	 	By Värde Fund XI G.P., LLC, Its General Partner
	 	By Värde Partners, L.P., Its Managing Member
	 	By Värde Partners, Inc., Its General Partner
	 	 
	 	Värde investment partners (offshore) master, L.p.
	 	By Värde Investment Partners G.P., LLC, Its General Partner
	 	By Värde Partners, L.P., Its Managing Member
	 	By Värde Partners, Inc., Its General Partner
	 	 
	 	THE VÄRDE SKYWAY Master fund, L.P.
	 	By The Värde Skyway Fund G.P., LLC, Its General Partner
	 	By Värde Partners, L.P., Its Managing Member
	 	By Värde Partners, Inc., Its General Partner
	 	 
	 	THE VÄRDE FUND XII (mASTER), L.P.
	 	By The Värde Fund XII G.P., L.P., Its General Partner
	 	By: The Värde Fund XII UGP, LLC, its General Partner
	 	By Värde Partners, L.P., Its Managing Member
	 	By Värde Partners, Inc., Its General Partner

 

Signature Page to Amendment No. 1 to Credit
Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}]]