Document:

Exhibit 10.18

 

AMENDMENT NO. 1 TO 

RESTATED WORKING INTEREST
AGREEMENT

 

This
Amendment No. 1 is made this 31st day of August, 2020, by and between VIVAVENTURES ENERGY GROUP, INC., a Nevada corporation (the
“Company”), and VIVAVENTURES UTS I, LLC, a Delaware limited liability company (“UTS1”), to amend the terms
of that certain Restated Working Interest Agreement dated August 31, 2020 and entered into by the same parties (the “Agreement”).
This Amendment No. 1 is effective as of June 30, 2018, the date the parties orally agreed to, and began operating under, the amendments
to the Agreement set forth herein. In the event the terms of the Agreement and this Amendment No. 1 conflict, the terms of this
Amendment No. 1 control.

 

WHEREAS,
the Company approached UTS1 with the prospect of amending the Agreement to change how UTS1’s Revenue Participation Payments
would be calculated under the Agreement;

 

WHEREAS,
in response to the Company’s request, the management of UTS1 notified the holders of its Class A Units (voting) and its Class
B Units (non-voting) regarding the proposed amendments, with UTS1’s management and UTS1’s Class A Unit holders approving
the suggested amendments as of June 30, 2018, and the holders of UTS1’s Class B Units that responded to UTS1’s request
for comment on the suggested amendments indicated they were in favor of the proposed amendments (even though they do not have voting
rights);

 

WHEREAS,
the Parties wish to enter into this Amendment No. 1 amend the Revenue Participation Payments under the Agreement as stated herein,
with an effective date of June 30, 2018;

 

In consideration
of good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

Article 5 of the Agreement is hereby amended and restated
in its entirety as follows:

 

Article V.
COVENANTS

 

“Section 5.01 Production
and Revenue Participation. The Company plans to process tar sands or other material containing oil or hydrocarbons using the
Extraction Machine, which uses the Extraction Technology. The Company shall, in its sole discretion, select the Selected Material.
The Company makes no representation or warranty with respect to the timing of the first Revenue Participation Payment to be made
by the Company hereunder. As set forth herein, UTSI is entitled to Revenue Participation Payments that are derived from the Extraction
Machine and not from any other machines the Company may have in production.

 

Section 5.02 Revenue Participation
Payments; Revenue Participation Reports.

 

(a)   After
the Company has commenced processing the Selected Material using the Extraction Machine hereunder and following the Company’s
first sale of Product hereunder and thereafter, the Company shall commence paying and thereafter continue to pay to UTS1 the Revenue
Participation Payments for each calendar quarter promptly, but in any event no later than forty-five (45) calendar days after
the end of such calendar quarter. The Revenue Participation Right will terminate on the date that is the twentieth (20th)
anniversary from the Extraction Machine is placed into production. Likewise, the Revenue Participation Payments will terminate
once the final payment is made based on the termination of the Revenue Participation Right.

 

(b)   The Company shall make all payments required to be made by the Company to UTS1 pursuant to this Agreement in U.S. Dollars
by wire transfer of immediately available funds, without set-off, reduction or deduction or withholding for or on account of any
Taxes, to the bank account designated in writing from time to time by UTS1.

 

 

 

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(c)   If
the Company fails, or expects to fail, to satisfy any of the Company’s payment obligations owed to UTS1 pursuant to this
Agreement when such obligations are due, then the Company shall send a notice to UTS1 (a “Late Payment Notice”)
disclosing such failure or expected failure. If the Company sends a Late Payment Notice to UTS1, then the Company’s failure
to satisfy any of the Company’s payment obligations during a calendar year will not be considered a breach of this Agreement,
and UTS1 hereby agrees not to exercise UTS1’s remedies under this Agreement, until the Company has been delinquent in the
Company’s payment obligations for an aggregate of three (3) consecutive calendar quarters in such calendar year. Notwithstanding
the foregoing, a late fee of two percent (2%) over the Prime Rate will accrue on all unpaid amounts from the date such obligations
were due. The imposition and payment of a late fee will not constitute a waiver of UTS1’s rights with respect to such payment
default.

 

(d)   Before or simultaneously with each payment of the Revenue Participation Payments, the Company shall deliver a written report
setting forth in reasonable detail the calculation of the Revenue Participation Payments payable to UTS1 for such calendar quarter
and the calculation of Gross Revenue used to determine the Revenue Participation Payments due to UTS1 (the “Revenue Participation
Report”).

 

Section 5.03 Inspections
and Audits of the Company. Following the Closing, upon reasonable prior written notice and during normal business hours,
UTS1 may cause an inspection and/or audit by an independent public accounting firm reasonably acceptable to the Company to be
made of the Company’s books of account for the two (2) calendar years before the audit, no more frequently than once
per calendar year, for the purpose of determining the correctness of Revenue Participation Payments made under this Agreement
and the use of the funds invested for the Working Interest Right. All of the expenses of any inspection or audit requested by
UTS1 hereunder (including the fees and expenses of such independent public accounting firm designated for such purpose) shall
be borne by UTS1, if the independent public accounting firm determines that Revenue Participation Payments previously paid
were incorrect by an amount less than or equal to five percent (5%) of the Revenue Participation Payments actually paid or
(ii) the Company, if the independent public accounting firm determines that Revenue Participation Payments previously paid
were incorrect by an amount greater than five percent (5%) of the Revenue Participation Payments actually paid. Any such
accounting firm shall not disclose the Company’s or its licensees’ confidential information to UTS1, except to
the extent such disclosure is either necessary to determine the correctness of Revenue Participation Payments or otherwise
would be included in a Revenue Participation Report. All information obtained by UTS1 as a result of any such inspection or
audit shall be Confidential Information subject to Article VII (Confidentiality).

 

Section 5.04 Further Assurances.
After the Closing, the Company and UTS1 agree to execute and deliver such other documents, certificates, agreements and other writings
and to take such other actions as may be reasonably necessary in order to give effect to the transactions contemplated by this
Agreement.”

 

Section 9.01 of the
Agreement is hereby amended as follows:

 

“Guaranteed
Production” is defined in Section 5.01.”

 

“Payment
Stream” means all Revenue Participation Payments payable in respect of Gross Revenue.”

 

“Revenue
Participation Payment” means, for each quarter, an amount payable to UTS1 equal to the Net Revenue during such quarter
multiplied by the Revenue Participation Rate.

 

“Revenue
Participation Rate” means twenty-five percent (25%) of the Gross Revenue from the sale of Product allocated to the Company
under any agreements with third parties generated from the Selected Material.”

 

“Selected
Material” means the source or location of the tar sands or other material to be processed using the Extraction Machine,
which shall be determined by the Company in its sole discretion.”

 

 

 

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IN WITNESS
WHEREOF, the parties hereto, by their duly authorized officers or other authorized signatory, have executed this Amendment No.
1 as of the date first above written. This Amendment No. 1 may be signed in counterparts and facsimile signatures are treated as
original signatures.

 

 

	 	The “Company”:

 

VIVAVENTURES ENERGY GROUP, INC.,

a Nevada corporation

 

 

By: /s/ Matt Nicosia

       Matt Nicosia

       President and CEO

 

“UTS1”:

 

VIVAVENTURES UTS I, LLC,

a Delaware limited liability company

 

 
By: VIVAVENTURES MANAGEMENT COMPANY, INC.,

a Nevada corporation, its Manager

 

 

By: /s/ Matt Nicosia

       Matt Nicosia

       President and CEO

 

 

 

[SIGNATURE
PAGE TO AMENDMENT NO. 1 TO RESTATED WORKING INTEREST AGREEMENT]

 

 

 

 

 

 

 

    	 	3Exhibit 10.19

 

THE INTERESTS REPRESENTED BY THIS LIMITED
LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR QUALIFIED UNDER APPLICABLE STATE SECURITIES
LAWS IN RELIANCE ON EXEMPTIONS THEREFROM. THESE INTERESTS HAVE BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY AND NOT WITH A VIEW TO
DISTRIBUTION OR RESALE AND MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION
STATEMENT FOR SUCH INTERESTS UNDER THE SECURITIES ACT OF 1933 AND THE REGULATIONS PROMULGATED PURSUANT THERETO (UNLESS EXEMPT THEREFROM)
AND COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS AND REGULATIONS.

 

LIMITED LIABILITY COMPANY AGREEMENT

OF

VIVAVENTURES ROYALTY II, LLC,

a Nevada limited liability company

 

This Limited Liability
Company Agreement (this “Agreement”) is effective as of November 6, 2017 by and among VIVAVENTURES MANAGEMENT
COMPANY, INC., a Nevada corporation (“VVMCI”), as a Member (as defined below herein) and as the Manager (as
defined below herein), and such other Persons who have been or may be admitted to the Company from time to time as Members (as
defined below herein) and set forth in Exhibit A hereto (all of the foregoing (including VVMCI) together, collectively,
the “Members” and each of them, individually, a “Member”). Certain capitalized terms used
herein have the meanings set forth in Section 2.

 

1. ORGANIZATION

 

1.1 General. VivaVentures
Royalty II, LLC (the “Company”) was formed as a Nevada limited liability company by the execution and filing
of the Certificate of Formation with the Nevada Secretary of State in accordance with the Act, and the rights and liabilities of
the Members shall be as provided in the Act, as may be modified in this Agreement. In the event of a conflict between the provisions
of the Act and the provisions of this Agreement, the provisions of this Agreement shall prevail unless the Act specifically provides
that a Limited Liability Company Agreement may not change the provision in question.

 

1.2 Business Purpose. The Company may engage in any business
in which a Nevada limited liability company may engage, except that the Company shall not engage in the trust company business
or in the business of banking or insurance; provided, however, that, as of the effective date of this Agreement, the Company’s
sole and exclusive purpose shall be to enter into a Royalty Agreement (the “VV Energy Group Working Interest Agreement”)
with VIVAVENTURES ENERGY GROUP, INC., a Nevada corporation (“VV Energy Group”), and be entitled to collect payments
from VV Energy Group pursuant to and in accordance with the VV Energy Group Royalty Agreement.

 

1.3 Name and Address
of Company. The business of the Company shall be conducted under the name “VivaVentures Royalty II, LLC”. The principal
executive office of the Company shall be at the address determined from time to time by the Manager.

 

1.4 Term. The
term of this Agreement shall be perpetual unless sooner terminated as provided in this Agreement.

 

1.5 Required Filings.
The Manager shall cause to be executed, filed, recorded and/or published such certificates and documents as may be required
by this Agreement or by law in connection with the formation and operation of the Company.

 

1.6 Registered Agent.
The Company’s initial registered agent shall be as provided in the Certificate of Formation. The registered agent may
be changed from time to time by the Manager by causing the filing of the name of the new registered agent in accordance with the
Act.

 

 

 

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1.7 Tax Status.
The Members intend that the Company be treated as a partnership for federal and state income tax purposes. Accordingly, this
Agreement shall be construed in a manner consistent with the Company’s classification as a partnership for federal and state
income tax purposes at all times. Neither the Company nor any Member shall take any action inconsistent with such classification.

 

2. DEFINITIONS

 

For purposes of this
Agreement, the terms defined herein below shall have the following meanings unless the context clearly requires a different interpretation:

 

2.1 “Act”
means the Nevada Limited Liability Company Act, as codified in the Nevada Code Annotated, Title 6, Sections 18-101 et seq.,
as the same may be amended from time to time, and including any successor statute of similar import.

 

2.2 “Adjusted
Capital Account Deficit” means, with respect to any Member, the deficit balance, if any, in such Member’s Capital
Account as of the end of the relevant fiscal year, after giving effect to the following adjustments:

 

(a) Credit to
such Capital Account amounts that such Member is deemed to be obligated to restore pursuant to the penultimate sentences of Treasury
Regulations Section 1.704-2(g)(1) and 1.704-2(i)(5); and

 

(b) Debit to
such Capital Account the items described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) and 1.704-1(b)(2)(ii)(d)(6)
of the Treasury Regulations. The foregoing definition of Adjusted Capital Account Deficit is intended to comply with the provisions
of Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations and shall be interpreted consistently therewith.

 

2.3 “Affiliate”
means, with respect to any person or entity: (a) any person or entity directly or indirectly controlling, controlled by or
under common control with such person or entity; (b) any person or entity owning or controlling ten percent (10%) or more of the
outstanding voting securities or beneficial interests of such person or entity; (c) any officer, director, general partner, manager
or trustee of, or anyone acting in a substantially similar capacity as to, such person or entity; (d) any person or entity who
is an officer, director, general partner, manager, trustee or holder of ten percent (10%) or more of the voting securities or beneficial
interests of any of the foregoing; and (e) any person or entity related to such person or entity within the meaning of Code Section
267(b). Notwithstanding the foregoing, VV Energy Group shall not be considered an Affiliate of the Company.

 

2.4 “Agreement”
means this Limited Liability Company Agreement of the Company, as the same may be amended from time to time.

 

2.5 “Assignee”
means a Person who has acquired Units in the Company from a Member or an Assignee but who is not a Substituted Member.

 

2.6 “Capital
Account” of a Member means the capital account of that Member determined from the inception of the Company strictly in
accordance with the rules set forth in Section 1.704-1(b)(2)(iv) of the Treasury Regulations. In accordance with that Section of
the Treasury Regulations, a Member’s Capital Account shall be equal to the amount of money contributed by such Member and
the initial Gross Asset Value of any property contributed by such Member, increased by (a) allocations of Net Income to such Member
and (b) the amount of Company liabilities assumed by such Member or that are secured by any property distributed to such Member,
and decreased by (v) the amount of money distributed to such Member, (w) the Gross Asset Value of any property distributed to such
Member by the Company, (x) such Member’s share of expenditures of the Company described in Section 705(a)(2)(B) of the Code
(including, for this purpose, losses that are nondeductible under Section 267(a)(1) or Section 707(b) of the Code), (y) the Net
Loss allocated to such Member and (z) the amount of liabilities of such Member assumed by the Company or that are secured by any
property contributed by such Member to the Company. In addition, the Capital Accounts of Members may be adjusted by the Manager
to reflect a revaluation of Company assets pursuant to subsection (b) or (c) of the definition of Gross Asset Value. The Capital
Account of a Member shall be further adjusted as required by Section 1.704-1(b)(2)(iv) of the Treasury Regulations. To the extent
that anything contained herein is inconsistent with Section 1.704-1(b)(2)(iv) of the Treasury Regulations, the Treasury Regulations
shall control. The Capital Account of an Assignee shall be the same as the Capital Account of the Member from whom such Assignee
acquired its interest, as further adjusted pursuant to this definition of Capital Account.

 

 

 

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2.7 “Capital
Contributions” means the total of all cash contributions and property contributions to the capital of the Company by
the Members as provided in Section 3.2.

 

2.8 “Certificate
of Formation” means the Certificate of Formation of the Company filed with the Nevada Secretary of State, as the same
may be amended from time to time.

 

2.9 “Class
A Units” means Units that have voting power pursuant to this Agreement. Except as otherwise provided in this Agreement
or as otherwise required by applicable law, Members holding Class A Units will be entitled to one (1) vote per Class A Unit on
all matters to be voted on by the Members holding Class A Units.

 

2.10 “Class
B Units” means Units that have no voting power pursuant to this Agreement. Except as otherwise provided
in this Agreement or as otherwise required by applicable law, Members holding Class B Units will not be entitled
to vote on any matter except to the extent otherwise required under the Act.

 

2.11 “Code”
means the Internal Revenue Code of 1986, as amended to date, or corresponding provisions of subsequent superseding revenue
laws.

 

2.12 “Company”
means the limited liability company created pursuant to the Certificate of Formation as governed by this Agreement.

 

2.13 “Company
Minimum Gain” with respect to any taxable year of the Company means the “partnership minimum gain” of the
Company computed strictly in accordance with the principles of Section l.704-2(d) of the Treasury Regulations.

 

2.14 “Distributable
Cash” means the amount of cash received by the Company from operations and the sale of Company assets, less all expenses
attributable thereto and less amounts set aside for reasonable reserves, contingencies and anticipated obligations, each as determined
by the Manager.

 

2.15 “Distributable
Cash from Capital Events” means Distributable Cash attributable to any (i) merger, consolidation or other form of entity
reorganization (other than a merger effected exclusively for the purpose of changing the domicile of the entity) in which the Members
immediately before such merger, consolidation or reorganization (and before any acquisition of equity interests of the Company
effected in connection with such merger, consolidation or reorganization) own less than fifty percent (50%) of the Company’s
voting power (or, if the Company is not the surviving entity, less than fifty percent (50%) of the voting power of the surviving
entity in such consolidation, merger or reorganization) immediately after such merger, consolidation or reorganization or (ii)
sale, lease, license, transfer or other disposition of the assets of the Company other than in the ordinary course of business.

 

2.16 “Distributable
Cash from Operations” means Distributable Cash (a) received by the Company from ordinary operations or (b) that is not
Distributable Cash from Capital Events, as determined by the Manager in its commercially reasonable discretion.

 

2.17 “Distributions”
means any cash (or property to the extent applicable) distributed to the Members or Assignees arising from their ownership
of Units.

 

2.18 “Economic
Risk of Loss” means the “economic risk of loss” within the meaning of Section 1.752-2 of the Treasury Regulations.

 

2.19 “Gross
Asset Value” means, with respect to any asset, the asset’s adjusted basis for federal income tax purposes, except
as follows:

 

(a) The initial
Gross Asset Value of any asset contributed by a Member to the Company shall be the gross fair market value of such asset, as determined
by the Manager;

 

(b) The Gross
Asset Values of all Company assets shall be adjusted to equal their respective gross fair market values, as determined by the Manager,
as of the following times: (i) the acquisition of an additional interest in the Company by any new or existing Member in exchange
for more than a de minimis Capital Contribution; (ii) the distribution by the Company to a Member of more than a de minimis
amount of property as consideration for an interest in the Company; (iii) the liquidation of the Company within the meaning
of Treasury Regulations Section 1.704-1(b)(2)(ii)(g); and (iv) the grant of an interest in the Company as consideration for the
provision of services to or for the benefit of the Company; provided, however, that the adjustments pursuant to the preceding
clauses (i), (ii) and (iv) shall be made only if the Manager reasonably determines that such adjustments are necessary or appropriate
to reflect the relative economic interests of the Members in the Company;

 

 

 

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(c) The Gross
Asset Value of any Company asset distributed to any Member shall be adjusted to equal the gross fair market value of such asset
on the date of distribution as determined by the Manager; and

 

(d) The Gross
Asset Value of Company assets shall be increased (or decreased) to reflect adjustments to the adjusted basis of such assets pursuant
to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining
Capital Accounts pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m); provided, however, that Gross Asset Values
shall not be adjusted pursuant to this subsection (d) to the extent that the Manager determines that an adjustment pursuant to
subsection (b) above is necessary or appropriate in connection with a transaction that otherwise would result in an adjustment
pursuant to this subsection (d).

 

If the Gross Asset Value of an asset has
been determined or adjusted pursuant to subsection (a), (b) or (d) of this Section defining “Gross Asset Value,”
then such Gross Asset Value thereafter shall be adjusted by the depreciation taken into account with respect to such asset
for purposes of computing Net Income and Net Loss.

 

2.20 “Indemnitees”
has the meaning given to such term in Section 14.1.

 

2.21 “Majority
in Interest of the Members Holding Class A Units” means those Members holding more than fifty percent (50%) of the total
number of issued and outstanding Class A Units from time to time.

 

2.22 “Manager”
means the Person appointed or elected as the Manager pursuant to Section 5.

 

2.23 “Member”
means any Person admitted to the Company as a Member or Substituted Member and who has not ceased to be a Member.

 

2.24 “Member
Nonrecourse Debt” means liabilities of the Company treated as “partner nonrecourse debt” under Section 1.704-2(b)(4)
of the Treasury Regulations.

 

2.25 “Member
Nonrecourse Deductions” means in any Company fiscal year the Company deductions that are characterized as “partner
nonrecourse deductions” under Section 1.704-2(i)(2) of the Treasury Regulations.

 

2.26 “Net
Income” and “Net Loss” means the net book income or loss of the Company for any relevant period. The
net book income or loss of the Company shall be computed in accordance with federal income tax principles (i) under the method
of accounting elected by the Company for federal income tax purposes, (ii) as applied without regard to any recharacterization
of transactions or relationships that otherwise might be required under such tax principles and (iii) as otherwise adjusted pursuant
to the following provisions. The net book

income or loss of the Company shall be
computed, inter alia, by:

 

(a) including
as Net Income or Net Loss, as appropriate, any adjustment to the Gross Asset Value of any Company asset pursuant to subsection
(b) or (c) of Section 2.18 defining “Gross Asset Value”;

 

(b) including
as income or deductions, as appropriate, any tax-exempt income and related expenses that are neither properly included in the computation
of taxable income nor capitalized for federal income tax purposes;

 

(c) including
as a deduction when paid or incurred (depending on the Company’s method of accounting) all amounts used to organize the Company
or to promote the sale of (or to sell) Units, except that amounts for which an election is properly made by the Company under Section
709(b) of the Code shall be accounted for as provided therein;

 

 

 

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(d) including
as a deduction or loss losses incurred by the Company in connection with the sale or exchange of property, notwithstanding that
such losses may be disallowed to the Company for federal income tax purposes under the related party rules of Code Sections 267(a)(1)
or 707(b) or otherwise;

 

(e) calculating
the gain or loss on disposition of Company assets and the depreciation, amortization or other cost recovery deductions, if any,
with respect to Company assets by reference to their Gross Asset Value rather than their adjusted tax basis;

 

(f) excluding
any gain or income specially allocated under Sections 4.4(e), 4.5 and 4.6; and

 

(g) excluding
Nonrecourse Deductions.

 

2.27 “Net
Income, Net Loss and Nonrecourse Deductions Attributable to Operations” means the Net Income, Net Loss and Nonrecourse
Deductions of the Company that are attributable to the normal operations of the Company and not to dispositions of assets of the
Company that are capital in nature, as determined by the Manager in its discretion. For the purpose of clarity, any book income
or loss resulting from a revaluation of a Company asset that is capital in nature shall not be considered attributable to the normal
operations of the Company.

 

2.28 “Nonrecourse
Deductions” in any fiscal year means the amount of Company deductions that are characterized as “nonrecourse deductions”
under Section 1.704-2(b)(1) of the Treasury Regulations.

 

2.29 “Nonrecourse
Liabilities” means the liabilities of the Company treated as “nonrecourse liabilities” under Section 1.752-1(a)(2)
of the Treasury Regulations.

 

2.30 “Percentage
Interest” means, with respect to each Member, the percentage derived by dividing the number of outstanding Units owned
by such Member by the total number of issued and outstanding Units from time to time.

 

2.31 “Person”
means any natural person or entity and the heirs, executors, administrators, legal representatives, successors and assigns
of such Person where the context so admits.

 

2.32 “Purchase
Price” has the meaning given to such term in Section 9.4(a).

 

2.33 “Regulatory
Allocations” has the meaning given to such term in Section 4.5.

 

2.34 “Substituted
Member” means an Assignee who becomes a Member pursuant to Section 8.3.

 

2.35 “Tax
Distributions” has the meaning given to such term in Section 4.4(a)(ii).

 

2.36 “Tax
Liability” has the meaning given to such term in Section 4.4(a)(ii).

 

2.37 “Treasury
Regulations” means the regulations of the United States Treasury Department pertaining to the Code, as amended, and all
successor provisions thereto.

 

 

 

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2.38 “Unit(s)”
means a unit of measurement by which a Member’s right to vote (as applicable) and to participate in Net Income, Net Loss,
Nonrecourse Deductions and Distributions shall be determined in accordance with the terms of this Agreement. “Units”
may be designated as Class A Units or Class B Units. Except as otherwise provided in this Agreement or as otherwise required
by applicable law, all Class A Units and Class B Units will be identical in all respects and will entitle the holders of such Units
to the same rights and privileges, subject to the same qualifications, limitations and restrictions, except that, in the case of
Class B Units, holders of Class B Units will not be entitled to vote on any matter except to the extent otherwise
required under the Act. Notwithstanding any other provision of this Agreement, Class A Units or Class B Units may not be subdivided
(by Unit split or distribution of Units), combined or reclassified unless the Units of the other class of Units are concurrently
therewith proportionately subdivided (by Unit split or distribution of Units), combined or reclassified in a manner that maintains
the same proportionate equity ownership (and same proportionate voting power, as applicable) among the holders of Class A Units
and Class B Units on the record date for such subdivision (by Unit split or distribution of Units), combination or reclassification.

 

2.39 “VV Energy Group” has
the meaning given to such term in Section 1.2.

 

2.40 “VV Energy Group Working
Interest Agreement” has the meaning given to such term in Section 1.2.

 

3. UNITS; CAPITAL

 

3.1 Units Generally.

 

(a) Authorized Units.
The total number of Units that the Company currently is authorized to issue is 1,001,000 Units, of which, as of the effective
date of this Agreement, 1,000 Units are designated Class A Units (“Class A Units”), and 1,000,000 Units are
designated Class B Units (“Class B Units”). In each case pursuant to the consent of a Majority in Interest of
Members Holding Class A Units, the Manager is authorized, from time to time, to increase the total number of Units that the Company
is authorized to issue and to designate additional Classes of Units and series of Classes of Units. Subject to the preceding sentence,
the rights of all Units are subject to the rights of any and all future Classes or series of Classes of Units, which from time
to time may be authorized and issued in accordance with this Agreement and applicable law.

 

(b) Issuance of
Units. The authorized Class A Units have been issued and allocated as set forth in Exhibit A hereto. Class B Units may
be issued by the Manager from time to time and set forth in Exhibit A hereto.

 

3.2 Capital Contributions.

 

(a) Initial Contributions.

 

(i) Contribution by
VVMCI. Upon the execution of this Agreement by VVMCI, VVMCI contributes to the Company cash in the amount of One Thousand Dollars
($1,000) in exchange for the Company’s issuance of Class A Units to VVMCI in the amount set forth in Exhibit A hereto.

 

(ii) Contribution
by Other Members. Upon the execution or adoption of this Agreement by each other Member, such Member shall contribute to the
Company such consideration or other property as the Manager may determine in exchange for the Company’s issuance of Class
B Units to such Member in the amount set forth in Exhibit A hereto.

 

(b) Subsequent Contributions.
No Member will be required to contribute additional capital to the Company. No Member will be permitted to contribute additional
capital or loan money to the Company without the approval of the Manager and on such terms as the Manager shall determine.

 

 

 

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3.3 Interest. No
Member will receive interest on its contribution to the capital of the Company.

 

3.4 Withdrawal and
Return of Capital. Except as may be provided herein, no Member may withdraw any portion of the capital of the Company, and
no Member will be entitled to the return of its contribution to the capital of the Company except upon dissolution of the Company
in accordance with Section 13.3.

 

3.5 Capital Accounts.

 

(a) Member Capital
Accounts. An individual Capital Account shall be maintained for each Member.

 

(b) Capital Account
of Assignee. Upon any sale or transfer of Units, the Capital Account of the transferor with respect to the Units transferred
shall become the Capital Account of the Assignee or Substituted Member, as applicable, with respect to such Units, as such Capital
Account existed at the effective date of the transfer of such Units.

 

(c) Deficit Capital
Account. Except as otherwise required by the Act, no Member will have any liability to the Company, to any other Member or
to the creditors of the Company on account of any deficit Capital Account balance.

 

4. FINANCIAL

 

4.1 Accounting Method.
The Company books shall be kept in accordance with the method of accounting as determined by the Manager.

 

4.2 Fiscal Year.
The fiscal year of the Company shall end on December 31, unless the Manager determines that some other fiscal year would be
more appropriate and obtains the consent, if required, of the Internal Revenue Service to use that other fiscal year.

 

4.3 Expenses of
the Company. The Company shall pay to or reimburse the Members and the Manager for any and all expenses incurred by a Member
or the Manager, as the case may be, on behalf of the Company, including the organizational expenses of the Company (including legal
and filing fees), the operational expenses of the Company and all expenses incurred in connection with investigating, purchasing,
operating and disposing of any Company property; provided, however, that a Member or the Manager shall not incur expenses
on behalf of the Company or be reimbursed for expenses that are not related to the business of the Company and, in the case of
a Member, shall only be reimbursed for expenses approved by the Manager in accordance with Section 5.

 

4.4 Net Income,
Net Loss, Nonrecourse Deductions and Distributions.

 

(a) Distributions.

 

(i) General. Other
than Tax Distributions (as defined below in this Section 4.4(a)), Distributable Cash shall be distributed at such times
as determined by the Manager and, when distributed, shall be distributed to the Members in accordance with the following order
of priority:

 

(A) Distributable
Cash from Operations. Distributable Cash from Operations shall be distributed to the Members in accordance with their Percentage
Interests.

 

 

 

    	 	7	 

     

    

 

(B) Distributable
Cash from Capital Events. Distributable Cash from Capital Events shall be distributed to the Members in proportion to their
relative Capital Account balances after giving effect to Sections 4.4(b), 4.4(c), 4.4(e), 4.5 and 4.6.

 

(ii) Tax Distributions.
Notwithstanding anything to the contrary in Section 4.4(a)(i), the Manager shall distribute Distributable Cash to each
Member in an amount sufficient to pay the federal and state income tax on the taxable income allocated to such Member pursuant
to this Agreement in order to provide cash to the Members to pay taxes on the taxable income so allocated and not yet distributed
(“Tax Distributions”). Tax Distributions may be made at least annually so as to enable the Members to satisfy
their annual federal and state tax payment obligations; provided, however, that Tax Distributions shall be made only to
the extent that cumulative Distributions under Section 4.4(a)(i) are less than such Member’s Tax Liability (as defined
below). Any amount distributed to a Member pursuant to this Section 4.4(a)(ii) shall be treated as an advance against other
Distributions to which such Member is entitled and shall be credited against and subtracted from the other Distributions to which
such Member is entitled, which subtraction shall be from the next Distribution to which such Member is entitled and, if any creditable
amount remains thereafter, from the next immediate Distribution until fully credited. Any amount credited to a Distribution pursuant
to the foregoing sentence shall be deemed distributed for purposes of the Distribution against which it is credited. The amount
of any such Member’s “Tax Liability” shall be calculated (A) taking into account the character of the
cumulative Company net taxable income allocated to such Member, (B) taking into account the deductibility (to the extent allowed)
of state and local income taxes for United States federal income tax purposes and (C) deducting from such income or gain the amount
of net cumulative tax loss previously allocated to such Member in prior fiscal years and not used in prior fiscal years to reduce
taxable income. The calculation shall be made on the assumptions that (1) taxable income or tax loss from the Company is the only
taxable income or tax loss of the Member (and the direct or indirect equity holders of such Member), and (2) except as provided
in clause (A) of this definition, the Member is subject to tax at a rate equivalent to the maximum marginal combined federal and
state income tax rate for an individual residing in the state of such Member’s primary residence.

 

(iii) Withholding.
The Company may be required under applicable state or federal law to withhold on amounts distributed or allocated to a Member.
In that event, the Manager may, but is not required to, either (A) make equivalent distributions to the non-affected Members or
(B) require that the affected Members immediately contribute the amount of withholding to the Company. Any amount withheld with
respect to a Member pursuant to this Section 4.4(a)(iii) (and that is not immediately contributed to the Company by such
Member) shall be treated as an advance against other Distributions to which such Member is entitled and shall be credited against
and subtracted from the other Distributions to which such Member is entitled, which subtraction shall be from the next Distribution
to which such Member is entitled and, if any creditable amount remains thereafter, from the next immediate distribution until fully
credited. Any amount credited to a Distribution pursuant to the foregoing sentence shall be deemed distributed for purposes of
the Distribution against which it is credited.

 

(iv) Distributions
in Kind. No right is given to any Member to demand or receive property or cash other than as provided in this Agreement. The
Manager may determine to make a Distribution in kind of Company property to the Members, and such property shall be distributed
such that the fair market value thereof, as determined by the Manager, is distributed in accordance with Section 4.4(a)(i).

 

(b) Allocations
of Net Income, Net Loss and Nonrecourse Deductions Attributable to Operations. Subject to Sections 4.4(e), 4.5 and
4.6, Net Income, Net Loss and Nonrecourse Deductions Attributable to Operations shall be allocated among the Members in
accordance with their Percentage Interests.

 

(c) Other Net Income,
Net Loss and Nonrecourse Deductions. Subject to Sections 4.4(e), 4.5 and 4.6, Net Income, Net Loss and
Nonrecourse Deductions that are not Net Income, Net Loss and Nonrecourse Deductions Attributable to Operations, as determined by
the Manager in its discretion, shall be allocated among the Members as follows:

 

(i) Net Income. Net
Income that is not attributable to operations shall be allocated among the Members in such a manner that the sum of (A) the Capital
Account of each Member, (B) each Member’s share of Company Minimum Gain (as determined according to Treasury Regulation Section
1.704-2(g)) and (C) each Member’s partner nonrecourse debt minimum gain (as defined in Treasury Regulation Section 1.704-2(i)(3))
shall be in proportion to their respective Percentage Interests.

 

 

 

    	 	8	 

     

    

 

(ii) Net Loss and
Nonrecourse Deductions. Subject to Section 4.6, Net Loss and Nonrecourse Deductions that are not attributable to operations
shall be allocated among the Members in proportion to their relative Capital Account balances.

 

(d) Tax Allocations.
Except for the allocations contained in Section 4.4(e)(i), all income, gains, losses, deductions and credits of the
Company shall be allocated for federal, state and local income tax purposes in accordance with the allocations of Net Income and
Net Loss.

 

(e) Special Allocations.
The following special allocations shall be made:

 

(i) Code Section 704
Allocations. In accordance with Code Section 704(c) and the Treasury Regulations thereunder, income, gain, loss and deductions
with respect to any property contributed to the capital of the Company shall, solely for tax purposes, be allocated among the Members
so as to take account of the variation between the adjusted basis of such property to the Company for federal income tax purposes
and its initial Gross Asset Value.

 

In the event that the
Gross Asset Value of any Company asset is adjusted due to a revaluation of Company assets under Treasury Regulations Section 1.704-1(b)(2)(iv)(f),
subsequent allocations of income, gain, loss and deductions with respect to such asset shall take account of any variation between
the adjusted basis of such asset for federal income tax purposes and its Gross Asset Value in the same manner as under Code Section
704(c) and the Treasury Regulations thereunder.

 

Notwithstanding anything
to the contrary herein, the Manager may allocate income, gains, losses, deductions and credits of the Company pursuant to this
Section 4(e)(i) to one or more Members in the event of a redemption of all or any portion of a Member’s interest,
in such manner as the Manager deems necessary to equitably account for such items.

 

All elections or other
decisions relating to such allocations shall be made by the Manager in any manner that reasonably reflects the purpose and intention
of this Agreement. Allocations pursuant to this Section 4.4(e)(i) are solely for purposes of federal, state and local taxes
and shall not affect, or in any way be taken into account in computing, any Member’s Capital Account or share of Net Income,
Net Loss, other items or distributions pursuant to any provision of this Agreement.

 

(ii) Recapture. In
the event that the Company has taxable income that is characterized as ordinary income under the recapture provisions of the Code,
each Member’s distributive share of taxable gain or loss from the sale of Company assets (to the extent possible) shall include
a proportionate share of this recapture income equal to such Member’s prior share of prior cumulative depreciation deductions
with respect to the assets that gave rise to the recapture income.

 

(iii) Minimum Gain
Chargeback. Except as otherwise provided in Section 1.704-2(f) of the Treasury Regulations, in the event that there is a net
decrease in the Company Minimum Gain during any taxable year, each Member shall be allocated items of income and gain for such
year (and, if necessary, subsequent years) in an amount equal to such Member’s share of the net decrease in such Company
Minimum Gain during such year in accordance with Section 1.704-2(g) of the Treasury Regulations. This Section 4.4(e)(iii) is
intended to comply with the minimum gain chargeback requirement of Section 1.704-2(f) of the Treasury Regulations and shall be
interpreted consistent therewith.

 

(iv) Member Minimum
Gain Chargeback. Except as otherwise provided in Section 1.704-2(i)(4) of the Treasury Regulations, in the event that there
is a net decrease in the minimum gain attributable to a Member Nonrecourse Debt during any taxable year, each Member with a share
of such minimum gain shall be allocated income and gain for such year (and, if necessary, subsequent years) in accordance with
Section 1.704-2(i) of the Treasury Regulations. This Section 4.4(e)(iv) is intended to comply with the chargeback requirement
of Section 1.704-2(i)(4) of the Treasury Regulations and shall be interpreted consistent therewith.

 

 

 

    	 	9	 

     

    

 

(v) Qualified Income
Offset. Any Member who unexpectedly receives an adjustment, allocation or distribution described in subparagraphs (4), (5)
or (6) of Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations, which adjustment, allocation or distribution creates or increases
a deficit balance in such Member’s Capital Account, shall be allocated items of “book” income and gain in an
amount and manner sufficient to eliminate or to reduce the deficit balance in such Member’s Capital Account so created or
increased as quickly as possible in accordance with Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations and its requirements
for a “qualified income offset.” The Members intend that the provision set forth in this Section 4.4(e)(v) will
constitute a “qualified income offset” as described in Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations and
shall be interpreted consistent therewith.

 

(vi) Member Nonrecourse
Deductions. After the allocations of Net Loss and Nonrecourse Deductions, Member Nonrecourse Deductions shall be allocated
among the Members as required in Section 1.704-2(i)(1) of the Treasury Regulations, in accordance with the manner in which the
Member or Members bear the Economic Risk of Loss for the Member Nonrecourse Debt corresponding to the Member Nonrecourse Deductions,
and, if more than one Member bears such Economic Risk of Loss for a Member Nonrecourse Debt, the corresponding Member Nonrecourse
Deductions must be allocated among such Members in accordance with the ratios in which the Members share the Economic Risk of Loss
for the Member Nonrecourse Debt.

 

(vii) Code Section
754 Adjustment. To the extent that an adjustment to the adjusted tax basis of any Company asset pursuant to Code Section 734(b)
or Code Section 743(b) is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) or Treasury Regulations Section
1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as a result of a distribution to a Member in
complete liquidation of such Member’s interest, the amount of such adjustment to the Capital Accounts shall be treated as
an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such
gain or loss shall be specifically allocated to the Members in accordance with their interests in the Company in the event that
Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) applies or to the Members to whom such distribution was made in the event
that Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies.

 

(viii) Allocations
Relating to Taxable Issuance of Company Interests. Any income, gain, loss or deduction realized as a direct or indirect result
of the issuance of an interest in the Company to a Member (the “issuance items”) shall be allocated among the Members
so that, to the extent possible, the net amount of such issuance items, together with all other allocations under this Agreement
to each Member, shall be equal to the net amount that would have been allocated to each such Member of the issuance items had not
be realized.

 

(f) Varying Interests.
Where any Member’s interest, or portion thereof, is acquired or transferred during a taxable year or for any other purpose
requiring the determination of Net Income, Net Loss or other items allocable to any period, the Manager may choose to implement
the provisions of Section 706(d) of the Code in allocating among the varying interests.

 

(g) Excess Nonrecourse
Liabilities. Solely for purposes of determining a Member’s proportionate share of the “excess nonrecourse liabilities”
of the Company within the meaning of Treasury Regulations Section 1.752-3(a)(3), the Members’ interests in Company profits
are in proportion to their Percentage Interests.

 

(h) Consent of Member.
The Members are aware of the income tax consequences of the methods, hereinabove set forth, by which Net Income, Net Loss and
Distributions are allocated and distributed and hereby agree to be bound by them in reporting them for income tax purposes. The
Members hereby expressly consent to such provisions as an express condition of becoming a Member.

 

 

 

    	 	10	 

     

    

 

4.5 Curative Allocations.
The allocations set forth in Sections 4.4(e)(iii), (iv), (v), (vi) and (vii) and the allocations
of Nonrecourse Deductions in Section 4.4(b) (the “Regulatory Allocations”) are intended to comply with
certain requirements of the Treasury Regulations. It is the intent of the Members that, to the extent possible, all Regulatory
Allocations shall be offset either with other Regulatory Allocations or with special allocations of other items of Company income,
gain, loss or deduction pursuant to this Section 4.5. Therefore, notwithstanding any other provision of this Section
4 (other than the Regulatory Allocations), the Manager shall make such offsetting special allocations of Company income, gain,
loss or deduction in whatever manner they determine appropriate so that, after such offsetting allocations are made, each Member’s
Capital Account balance is, to the extent possible, equal to the Capital Account balance that such Member would have had if the
Regulatory Allocations were not part of this Agreement and all Company items were allocated pursuant to Section 4.4(b).
In exercising its discretion under this Section 4.5, the Manager shall take into account future Regulatory Allocations under
Sections 4.4(e)(iii) and (iv) that, although not yet made, are likely to offset Regulatory Allocations made under
Section 4.4(b) and Section 4.4(e)(vi).

 

4.6 Loss Limitation.
Net Loss and Nonrecourse Deductions allocated pursuant to Section 4.4(b) shall not exceed the maximum amount of Net
Loss and Nonrecourse Deductions that can be allocated without causing any Member to have an Adjusted Capital Account Deficit at
the end of any fiscal year. In the event that some but not all of the Members would have Adjusted Capital Account Deficits as a
consequence of allocations of Net Loss and Nonrecourse Deductions pursuant to Section 4.4(b), the limitations set forth
in this Section 4.6 shall be applied on a Member by Member basis, and Net Loss and Nonrecourse Deductions not allocable
to any Member as a result of such limitation shall be allocated to the other Members in accordance with the positive balances in
such Member’s Capital Accounts so as to allocate the maximum permissible Net Loss and Nonrecourse Deductions to each Member
under Treasury Regulations Section 1.704-1(b)(2)(ii)(d). If Net Loss or Nonrecourse Deductions are allocated to a Member pursuant
to this Section 4.6, then thereafter income of the Company shall first be allocated among the Members to offset in reverse
order the allocations of Loss and Nonrecourse previously made pursuant to this Section 4.6.

 

4.7 Tax Elections.
The Manager shall, without further consent of the Members being required (except as specifically required herein), have the
authority to make any and all elections for federal, state and local tax purposes, including any election, if permitted by applicable
law, to adjust the basis of Company property pursuant to Code Sections 754, 734(b) and 743(b) or comparable provisions of state
or local law in connection with transfers of interests in the Company and Company distributions.

 

5. MANAGEMENT

 

5.1 Management of
the Company. Subject to the provisions of this Agreement relating to actions required to be approved by the Members, the Company’s
business, property and affairs shall be managed and all powers of the Company shall be exercised by or under the direction of a
single Manager (the “Manager”). The Manager shall be appointed or elected in accordance with Section 5.3.
Except as otherwise set forth in this Agreement, the Manager shall have all authority, rights and powers conferred by law and those
necessary or appropriate to carry out the purposes of the Company as set forth in Section 1.2. Unless otherwise expressly
provided in this Agreement, action by the Manager shall not require the vote or written consent of any Member, including any Member
holding Class A Units.

 

5.2 Agency Authority
of Manager. The Manager shall have all authority, rights and powers as a Manager, to the maximum extent authorized and permitted
by the Act, to conduct or engage in all matters of ordinary and customary business activity on behalf of the Company.

 

5.3 Appointment
or Election of Manager.

 

(a) Number. The
authorized number of Managers shall be one (1). The number of Managers shall not be changed or be subject to being changed at any
time for any reason.

 

 

 

    	 	11	 

     

    

 

(b) Tenure. Unless
such Person resigns or is removed, the Manager shall hold office until a successor has been appointed or elected and qualified.

 

(c) Appointment or
Election; Qualifications of Manager; Vote Required. The Manager shall be appointed or elected in accordance with this Section
5.3(c). The Manager shall be appointed or elected exclusively pursuant to the consent of a Majority in Interest of the Members
Holding Class A Units. The Manager need not be a Member, an individual, a resident of the State of Nevada or a citizen of the United
States. The initial Manager shall be VVMCI.

 

(d) Resignation. The
Manager may resign at any time by giving written notice of resignation to the Members. The resignation of a Manager who also is
a Member, or associated with a Member, shall not affect such resigned Manager’s rights as a Member and shall not constitute
a withdrawal of that Member.

 

(e) Removal. The
Manager may be removed as such with or without cause only pursuant to the consent of a Majority in Interest of the Members Holding
Class A Units. The removal of any Manager who also is a Member, or associated with a Member, shall not affect such removed Manager’s
rights as a Member and shall not constitute a withdrawal of that Member.

 

(f) Vacancies. Any
vacancy in the office of the Manager that occurs for any reason shall be filled by appointment pursuant to the consent of a Majority
in Interest of the Members Holding Class A Units.

 

5.4 Responsibilities
of the Manager. The Manager shall devote such time to administering the business of the Company as the Manager reasonably deems
necessary to perform the Manager’s duties as such as set forth in this Agreement. Nothing in this Agreement shall preclude
the employment by the Company of any agent or third party to provide services in respect of the business of the Company; provided,
however, that the Manager shall continue to have ultimate responsibility for the Company’s business, property and affairs
under this Agreement. The Manager shall cause to be filed such certificates or filings as may be required for the continuation
and operation of the Company as a limited liability company in any state in which the Company elects to do business.

 

5.5 Meetings of
the Manager; Action by Written Consent. Nothing in this Agreement is intended to require that meetings of the Manager be held,
it being the intent of the Members that meetings of the Manager are not required. Any action required or permitted to be taken
by the Manager may be taken by the Manager without a meeting, if the Manager approves such action in writing before such action.
Such action by written consent shall have the same force and effect as a vote of the Manager at a meeting of the Manager.

 

5.6 Compensation
of the Manager. The Manager shall not be entitled to compensation for services in its capacity as the Manager.

 

5.7 Tax Matters
Partner. If required by Section 6231(a)(7) of the Code, the Manager shall appoint a “Tax Matters Partner” in
accordance with such Section, and in connection therewith and in addition to all the powers given thereunder, the Tax Matters Partner
shall have all other powers needed to fully perform hereunder, including the power to retain all attorneys and accountants of such
Tax Matters Partner’s choice. The initial Tax Matters Partner shall be VVMCI (i.e., the Manager). The designation
made in this Section is hereby expressly consented to by each Member as an express condition to becoming a Member.

 

5.8 Appointment
and Duties of Officers. In connection with the management of the operations and affairs of the Company, the Manager may appoint
such officers of the Company as the Manager deems necessary, including a President, a Chief Executive Officer, a Chief Operating
Officer, a Chief Financial Officer and a Secretary. Each officer shall exercise such powers and perform such duties as are determined
by the Manager, and, if not specifically set forth by the Manager, each officer shall have those duties and have such authority
as is typically provided to an officer of a corporation holding the same position. The Manager shall have the discretion to set
the terms of employment of each officer, including the term of office and the compensation paid to each officer. An officer need
not be a Member of the Company.

 

 

 

    	 	12	 

     

    

 

6. LIABILITY, RIGHTS, AUTHORITY AND
VOTING OF MEMBERS

 

6.1 Liability of
Members. Except as specifically provided in this Agreement or the Act, the Members shall not be liable for the debts, liabilities,
contracts or other obligations of the Company except with respect to their Capital Contributions as indicated herein. Only the
Company or the Manager (and no third party creditor, either in its own right or as a successor-in-interest of the Company, and
including a trustee, receiver or other representative of the Company or a Member) shall be entitled to enforce the requirements
to make Capital Contributions. The Members intend and agree that the obligation of the Members to make Capital Contributions constitutes
an agreement to make financial accommodations to and for the benefit of the other Members and the Company.

 

6.2 Members are
not Agents. Pursuant to Section 5, the management of the Company is vested in the Manager. No Member, acting solely
in the capacity of a Member, is an agent of the Company, nor can any Member in such capacity bind or execute any instrument on
behalf of the Company, except as expressly provided in Section 5.

 

6.3 Voting. The
voting rights of the Members shall be based on the following:

 

(a) To the extent
that holders of Units in the Company are provided with the right to vote hereunder or as required under the Act, such Units shall
have the right to vote on a one (1) vote per Unit basis. Assignees who have not become Substituted Members shall not be entitled
to vote, and all voting rights associated with the Units transferred to such Assignee shall remain with the transferring Member.

 

(b) Notwithstanding
Section 6.3(a), any action in which the Members are entitled to vote may be taken without a meeting and without prior notice
if a consent in writing, setting forth the action so taken, is signed by those Members representing the requisite vote that would
be necessary to authorize or take such action at a meeting at which all Members entitled to vote thereon were present and voted.
Each Member entitled to vote pursuant to this Agreement shall be notified of any action so taken within thirty (30) days of its
approval if such action is material to the operation of the Company’s business, as determined by the Manager.

 

6.4 Meetings of
Members. The Manager shall have the discretion to call meetings of the Members; provided, however, that nothing in this
Agreement will be interpreted to require that meetings of the Members be held, it being the intent of the Members that meetings
of the Members are not required.

 

6.5 Limitation of
Rights of Members. No Member will have the right or power to: (a) withdraw or reduce its Capital Contribution, except as a
result of the dissolution of the Company or as otherwise provided in this Agreement or by law; (b) bring an action for partition
against the Company; or (c) demand or receive property in any distribution other than cash. Except as otherwise provided in this
Agreement, no Member will have priority over any other Member either as to the return of Capital Contributions or as to allocations
of the Net Income, Net Loss or Distributions of the Company.

 

6.6 Return of Distributions.
In accordance with the Act, a Member may, under certain circumstances, be required to return to the Company, for the benefit
of the Company’s creditors, amounts previously distributed to such Member.

 

6.7 Resignation
or Withdrawal of a Member. A Member shall not resign or withdraw as a Member without the consent of the other Member or Members.

 

 

 

    	 	13	 

     

    

 

7. AMENDMENTS

 

This Agreement and
the Certificate of Formation may not be amended without the approval of the Manager and the unanimous written consent of the Members
holding Class A Units. By executing or adopting this Agreement, each Member hereby consents to the admission of additional Members
and Substituted Members upon the consent of the Manager in compliance with this Agreement. Amendments to this Agreement for the
admission of any Member or Substituted Member shall not, if in accordance with the terms of this Agreement, require the consent
of any Member, including any Member holding Class A Units. The Manager shall have the right at any time and from time to time to
modify and update Exhibit A hereto to reflect changes in the information set forth therein caused by events or transactions
effected in accordance with this Agreement, and no such modification or update of Exhibit A hereto will require the consent
or approval of any Member, including any Member holding Class A Units.

 

8. TRANSFERS OF UNITS

 

8.1 Assignment of
Units.

 

(a) Transferability.
Except as otherwise expressly provided in this Agreement, each Member agrees that such Member shall not transfer, assign or
in any way alienate any of such Member’s Units, or any right or interest therein, whether voluntarily or by operation of
law, or whether during lifetime or upon death by will or otherwise, without the prior written consent of the Manager, the granting
or denial of which shall be within the sole and absolute discretion of the Manager. Each Member agrees that such Member shall not
hypothecate or otherwise create or suffer to exist any lien, claim or encumbrance on any of such Member’s Units at any time
subject hereto, other than the encumbrance created by this Agreement. Any purported transfer of Units in violation of any provision
of this Agreement shall be void and ineffectual, shall not operate to transfer any interest or title to the purported transferee
and shall give the Company and the non-transferring Members an option to purchase such Units in the manner and on the terms and
conditions provided for herein. Any transferee of Units in compliance with this Section 8.1 and Section 8.2 shall
merely be an Assignee possessing only an economic interest and shall not become a Substituted Member except upon compliance with
Section 8.3. A Member assigning all or any portion of such Member’s Units to an Assignee shall not assign to, or obligate
itself to act on behalf of or upon the direction of that Assignee with regard to, such Member’s right:

 

(i) to require
any information from the Company or obtain accountings of the Company’s activities;

 

(ii) to
inspect the Company’s books and records; or

 

(iii) to
vote on any matter on which a Member is entitled to vote pursuant to either this Agreement or any applicable law.

 

(b) Permitted Transfers.
Notwithstanding this Section 8.1, a Member that is an individual may transfer, for estate planning purposes, all or
any portion of such Member’s Units to a trust for the sole benefit of such Member and/or such Member’s spouse or issue,
without such transfer being subject to the Manager consent requirement set forth in Section 8.1(a) or the Right of First
Refusal set forth in Section 8.2, provided that a transferring Member shall continue to have sole voting control of such
transferred Units, that such transferred Units shall remain subject to all of the terms and conditions contained herein and that
no further transfer of such Units shall be permitted unless such transfer complies with all of the terms and conditions of this
Agreement. In the event of a transfer to a trust, all notices required by this Agreement shall be given to both the transferring
Member and to the trustee or the successor trustee of such trust.

 

 

 

    	 	14	 

     

    

 

(c) Distributions,
Allocations and Reports. An Assignee shall be entitled to receive Distributions from the Company attributable to the Units
acquired by reason of such assignment from and after the effective date of the assignment of such Units to such Assignee; provided,
however, that, anything herein to the contrary notwithstanding, the Company shall be entitled to treat the assignor of such
Units as the absolute owner thereof in all respects and shall incur no liability for allocations of Net Income or Net Loss, Distributions
or for the transmittal of reports and notices required to be given to Members hereunder that are made in good faith to such assignor
until such time as the written instrument of assignment has been received by the Company and recorded on its books, and the effective
date of assignment has passed.

 

(d) Consent to Transfer
Restrictions. Each Member acknowledges the reasonableness of the restrictions on transfer imposed by this Agreement in view
of the purposes of the Company, its status as a limited liability company and the relationship of its Members. The transfer restrictions
contained herein are expressly consented to by each Member as an express condition of becoming a Member.

 

8.2 Right of First
Refusal.

 

(a) The Company’s
Right of First Refusal. Except as otherwise provided herein, if a Member decides to sell or transfer all or any portion of
such Member’s Units (“Offered Units”) pursuant to a bona fide offer, then such Member shall give
written notice, setting forth in full the terms of such bona fide offer and the identity of the offeror(s), to the Company
and the non-transferring Members (the “Notice”). As set forth in Section 8.1(a), the Offered Units may
not be transferred unless the Manager consents to the proposed transfer. In the event that the Manager consents to the proposed
transfer, for thirty (30) days following the receipt of the Notice by the Company and the non-transferring Members, the Company
shall have the right to purchase the Offered Units for the consideration and according to the terms of payment stated in the Notice.
The Company’s right accorded hereunder shall be exercised only upon the consent of the Manager. Such right shall be exercised
by delivering to the transferring Member a written election to purchase the Offered Units and may not be exercised as to less than
all of the Offered Units proposed to be transferred, unless the non-transferring Members exercise such non-transferring Members’
right (as provided below) to purchase any of the Offered Units not purchased by the Company so that, between the Company and such
non-transferring Members, all of the Offered Units are purchased.

 

(b) Members’
Right of First Refusal. If such right is not exercised by the Company as to all of the Offered Units proposed to be transferred
within the thirty (30) day period prescribed above, then notice of the contemplated transfer shall be given forthwith by registered
or certified mail to the nontransferring Members, who shall have the right to purchase Offered Units not to be purchased by the
Company (the “Remaining Offered Units”) for the consideration and according to the terms of payment on which
the Company was entitled to purchase such Offered Units under the foregoing provisions. Within fifteen (15) days after the mailing
of such notice, if the non-transferring Members desire to acquire all or any portion of the Remaining Offered Units, then such
Members shall deliver to the Secretary (or to the Company in the event that there is no Secretary) a written election to purchase
such Remaining Offered Units or a specified number thereof. Subject to the foregoing, each non-transferring Member shall have the
right to elect to purchase all or any portion of such nontransferring Member’s pro rata share of the Remaining Offered
Units (with any reallotment as provided below in this Agreement). Each such non-transferring Member’s pro rata share
of the Remaining Offered Units shall be a fraction of the Remaining Offered Units, of which the number of Units owned by such non-transferring
Member on the date of the Notice shall be the numerator, and the total number of Units owned by all of the non-transferring Members
on the date of the Notice shall be the denominator. Each non-transferring Member shall have a right of reallotment such that, if
any other non-transferring Member fails to exercise the right to purchase such nontransferring Member’s full pro rata
share of the Remaining Offered Units, then the participating non-transferring Members may exercise an additional right to purchase,
on a pro rata basis, the Remaining Offered Units not previously purchased.

 

 

 

    	 	15	 

     

    

 

(c) Consideration
Other Than Cash. If the Company and/or the non-transferring Members elect to purchase all of the Offered Units mentioned in
the Notice, then the Company and the nontransferring Members shall have the right to purchase the Offered Units for cash consideration,
whether or not part or all of the consideration specified in such Notice is other than cash. If part or all of the consideration
to be paid for the Offered Units as stated in the Notice is other than cash, then the price stated in such Notice shall be deemed
to be the sum of the cash consideration, if any, specified in such Notice plus the fair market value of the non-cash consideration.
If the parties are unable to agree upon the fair market value of the non-cash consideration, then the fair market value shall be
determined in the manner set forth in Section 9.4(b), which determination shall be conclusive and binding on all of the
parties.

 

(d) Closing. If
the Company and/or the non-transferring Members have contracted to purchase all of the Offered Units, then the closing of the purchase
and sale shall occur at the offices of the Company at 10:00 a.m. on the thirtieth (30th) day following the giving by the Company
to the transferring Member of notice of either (i) its election to purchase all of the Offered Units pursuant to Section 8.2(a)
or (ii) the final allocation of such Units pursuant to Section 8.2(b), as the case may be, or at such other time and
place as may be mutually agreed to in writing by the Company and/or the purchasing Members and the transferring Member (the “Closing”).
At the Closing, the transferring Member shall deliver to the Company and/or the purchasing Members, as the case may be, a certificate
or certificates (if applicable) representing the transferring Member’s Units duly endorsed for transfer, and the Company
and/or the purchasing Members, as the case may be, shall deliver to the transferring Member cash (or a certified or cashier’s
check) for the amount of the cash consideration and any other consideration to be paid by the Company and/or the purchasing Members
for the Units that they have contracted to purchase. The transferring Member and the Company and/or the purchasing Members, as
the case may be, shall each execute and deliver such other documents as may reasonably be requested by any of the parties mentioned
above in connection with the transactions contemplated in this Agreement.

 

(e) Failure to Exercise
Right of First Refusal. In the event that the Company and/or the purchasing Members fail to tender the required consideration
at the Closing, or the Company and such Members do not elect to purchase all of the Offered Units set forth in the Notice within
the time periods specified above, then all of the Offered Units may be transferred by the transferring Member at any time within
ninety (90) days from the date of receipt of the Notice by the Company to the person and for the consideration and on the terms
and conditions specified in the Notice, provided that such transferee executes a counterpart of this Agreement concurrently
with the purchase of such Units. Any transfer of the Offered Units after the end of the ninety (90) day period or any change in
the terms of the sale from the terms set forth in the original Notice shall require a new notice of intent to transfer delivered
to the Company and shall give rise anew to the rights provided in the preceding paragraphs.

 

8.3 Substituted
Members.

 

(a) Conditions of
Substitution. An Assignee may have the right to become a Substituted Member in place of such Assignee’s assignor only
if all of the following conditions are first satisfied:

 

(i) Written Assignment.
A duly executed and acknowledged written instrument of assignment shall have been filed with the Company, which instrument
shall specify the number of Units in the Company being assigned, and which instrument sets forth the intention of the assignor
that the Assignee succeed to the assignor’s Units as a Substituted Member in such assignor’s place;

 

(ii) Instruments
of Substitution. The Assignee shall have executed and acknowledged such other instruments as may be necessary or desirable
to effect such substitution, including the written acceptance and adoption by the Assignee of the provisions of this Agreement;
and

 

 

 

    	 	16	 

     

    

 

(iii) Consent of
Manager. The written consent to such substitution shall have been obtained from the Manager, the granting or denial of which
shall be within the sole and absolute

discretion of the Manager.

 

9. OPTION TO PURCHASE UNITS UPON SPECIFIED
EVENTS

 

9.1 Option to Purchase.
Upon the occurrence of any of the following events (each referred to hereinafter as an “Option Event”) affecting
a Member (the “Affected Member”), the Company and then the other Members shall have the option to purchase the
number of Units of the Affected Member as described in Section 9.2, for the price and on the terms set forth in Sections
9.3 and 9.4; provided, however, that no Option Event shall be deemed to occur (and this Section 9 shall
not apply) if the Manager consents to any assignment or transfer (or potential assignment or transfer) resulting from an event
described below (which consent may not be unreasonably withheld) as if such assignment or transfer were made by the Affected Member
pursuant to Section 8.1:

 

(a) The maintenance
of any proceeding initiated by or against a Member under any bankruptcy or debtors’ relief law of the United States or of
any other jurisdiction, which proceeding is not terminated within ninety (90) days after its commencement;

 

(b) A general assignment
for the benefit of the creditors of a Member;

 

(c) A levy upon
the Units of a Member pursuant to a writ of execution or subject to the authority of any governmental entity, which levy is not
removed within thirty (30) days, and only to the extent of the Units subject to such levy;

 

(d) The entry
of a Final Judgment of Dissolution of Marriage of a Member if in connection with such dissolution the spouse of such Member is
awarded Units or any interest therein as a result of a property settlement agreement or otherwise, but in such event such option
to purchase shall extend only to such spouse’s Units or interest therein. In such event, the Units of such spouse or such
spouse’s interest therein shall be deemed to be the “Units of the Affected Member” for the purposes of
this Agreement;

 

(e) With respect
to Units transferred by a Member pursuant to Section 8.1(b), the loss of sole voting control over such Units by the transferring
Member or such Units becoming no longer subject to such trust, unless such Units are returned to the original transferor thereof.
In such event, the Units so transferred shall be deemed to be the “Units of the Affected Member” for the purposes
of this Agreement;

 

(f) The death
of a Member (the “Deceased Member”) or upon the death of any spouse of a Member who has acquired any interest
in such Member’s Units subject to such spouse’s disposition by will or otherwise at such spouse’s death if such
spouse’s death occurs before such Member’s death (the “Deceased Spouse”); provided, however,
that the prior death of a spouse of a Member shall not give rise to an option to purchase such Deceased Spouse’s interest
in a Member’s Units by the Company or the other Members if, as a result of such spouse’s death, such spouse’s
Units or interest therein pass or will pass by will or otherwise to the Member outright or to a trust pursuant to which the Member
has sole voting control of such Units; provided further that, at such time that the Member ceases to have sole voting control
over Units or over any interest therein transferred to trust or the Units or interest therein are distributed free of trust to
other than such Member, the cessation of such voting control or distribution free of trust shall give rise at such time to an option
to purchase such Units or interest therein as though the Deceased Spouse had then died without leaving the Deceased Spouse’s
Units to the Member or to a trust over which such Member has sole voting control of such Units or interest therein. In the event
of the prior death of a spouse of a Member, such spouse and the interest of such spouse in Units of the Member shall be deemed
to be the “Affected Member” and the “Units of the Affected Member,” respectively, for the
purposes of this Agreement. Notwithstanding anything to the contrary hereinabove, if the Deceased Spouse of a Member leaves such
Deceased Spouse’s interest in such Member’s Units in a manner that would otherwise give rise to an option to purchase
such interest by the Company and/or the remaining Members, then such Member shall have the first option to purchase any such interest
of his or her Deceased Spouse for the price and on the terms specified in Sections 9.4 and 9.5.

 

 

 

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9.2 Exercise of
Option. The Affected Member or the Affected Member’s legal representative shall give written notice to the Company and
the non-transferring Members immediately upon the occurrence of an Option Event and in no event more than ten (10) days after the
occurrence of such Option Event or the appointment of a legal representative for such Affected Member, whichever occurs last. Upon
receipt of written notice of the occurrence of an Option Event and for a period of thirty (30) days thereafter, the Company shall
have the first option to purchase all or any portion of the Units of the Affected Member subject to repurchase pursuant to Section
9.1, provided that, in the event of the dissolution of the marriage of a Member, or on the occurrence of an Option Event
within the meaning of Section 9.1(e) or (f), the divorced, transferring or widowed Member, as the case may be, shall
have during the first fifteen (15) days of such thirty (30) day period a concurrent but priority right to purchase the Units or
interest therein that have been awarded to such Member’s spouse as a result of the dissolution of such Member’s marriage
or with respect to which such Member was the transferring Member under Section 8.1(b), or which are not distributed to such
Member outright or to a trust over which such Member has sole voting control. In the event that the Company and, in any situation
where a divorced, transferring or widowed Member has a concurrent but priority option to purchase, such Member does not elect to
purchase all of the Units within such thirty (30) day period, the Company shall forthwith notify the non-transferring Members of
the election not to purchase all or a portion of the Affected Member’s Units, and such non-transferring Members shall then
have the option for a period of fifteen (15) days from the receipt of such notice to purchase the Units of the Affected Member
not purchased by the Company and/or the divorced, transferring or widowed Member (the “Remaining Units of the Affected
Member”). Within fifteen (15) days after the receipt of such notice, if the non-transferring Members desire to acquire
all or any portion of the Remaining Units of the Affected Member (the “Purchasing Members”), then the Purchasing
Members shall deliver to the Secretary (or to the Company in the event that there is no Secretary) a written election to purchase
such Remaining Units of the Affected Member or a specified number thereof. Except upon the occurrence of the death of a Deceased
Member or Deceased Spouse, as hereinabove defined, the option set forth in this Section 9 may not be exercised unless the
Company and/or the Purchasing Members purchase all of the Units of the Affected Member. Subject to the foregoing, each non-transferring
Member shall have the right to elect to purchase all or any portion of such non-transferring Member’s pro rata share
of the Remaining Units of the Affected Member (with any reallotment as provided below in this Agreement). Each such non-transferring
Member’s pro rata share of the Remaining Units of the Affected Member shall be a fraction of the Remaining Units of
the Affected Member, of which the number of Units owned by such non-transferring Member on the date of the Option Event shall be
the numerator, and the total number of Units owned by all of the nontransferring Members on the date of the Option Event shall
be the denominator. Each non-transferring Member shall have a right of reallotment such that, if any other non-transferring Member
fails to exercise the right to purchase such non-transferring Member’s full pro rata share of the Remaining Units
of the Affected Member, then the participating non-transferring Members may exercise an additional right to purchase, on a pro
rata basis, the Remaining Units of the Affected Member not previously purchased.

 

9.3 Notice of Exercise
of Option. If the Company and/or the non-transferring Members elect to purchase all of the Units of the Affected Member, then
the Company shall give notice of such election, setting forth the number of such Units to be purchased by each party, by giving
written notice of such election to the Affected Member and, if applicable, the Affected Member’s receiver or trustee in bankruptcy,
the creditor who secured a levy upon the Affected Member’s assets and the Affected Member’s legal representative, spouse
or other transferee, as the case may be. Such notice shall be given within thirty (30) days after the Company’s receipt of
notice of the Option Event giving rise to the option to purchase in the event that the Company elects to purchase all of the Affected
Member’s Units, or within fifteen (15) days after the non-transferring Members have received notice of the Company’s
election not to purchase all of such Units in the event that all or a portion of such Units are to be purchased by the non-transferring
Members.

 

9.4 Purchase Price
for Units.

 

(a) Purchase Price.
The purchase price to be paid by the Company and/or the Purchasing Members upon the exercise of any option to purchase Units
under Section 9.3 (the “Purchase Price”) shall be the fair market value of the Units.

 

 

 

    	 	18	 

     

    

 

(b) Fair Market Value.
The Affected Member or the legal representative of an Affected Member or Deceased Member or Deceased Spouse, as one party,
and the Company, as another party, shall attempt to agree upon the fair market value of the Units. If such parties are unable to
agree upon the fair market value of the Units within thirty (30) days following the notice of the exercise of the option pursuant
to Section 9.3, then the value per Unit of the Units shall be determined by an independent appraiser experienced in appraising
closely held businesses selected by the mutual agreement of such parties. If such parties are unable to agree upon a mutually acceptable
appraiser within forty-five (45) days following the notice of exercise of the option pursuant to Section 9.3, then the fair
market value shall be determined by the Company’s independent certified public accountant. In performing such valuation,
the appraiser or accountant, as the case may be, shall consider such methods of valuation as are customary and appropriate in the
discretion of such appraiser or accountant.

 

(c) Binding Effect.
The value determined pursuant to this Section 9.4 shall be binding on the parties to this Agreement, their legal representatives
and their successors in interest for purposes of purchases and sales made pursuant to Section 9.3.

 

9.5 Payment of Purchase
Price.

 

(a) Form of Payment.
The Company and/or the Purchasing Members shall execute and deliver a negotiable promissory note (the “Note(s)”)
representing the purchase price of that portion of the Units of the Affected Member or Deceased Member or Deceased Spouse to be
purchased by him, her or it no later than thirty (30) days following (i) the giving of notice pursuant to Section 9.3 containing
the election of the Company and/or the Purchasing Members to purchase the Units of the Affected Member; (ii) the appointment of
a legal representative for a Deceased Member or Deceased Spouse; or (iii) if applicable, receipt of the decision of the appraiser
or independent certified public accountant as to the value of the Units of the Affected Member or Deceased Member or Deceased Spouse
under Section 9.4, whichever is later.

 

(b) Terms of Note(s).
The Note(s) shall be fully amortized over a period of not more than forty-eight (48) months and shall bear interest from the
date of delivery at a rate equal to nine percent (9%) per annum or the maximum lawful rate, whichever is less. Anything herein
to the contrary notwithstanding, in no event shall the interest rate exceed the maximum rate permitted by law. Principal and interest
on the Note(s) shall be payable in equal quarterly installments commencing three (3) months after the Option Event date or ten
(10) days after the date specified in Section 9.5(a) for delivery of the Note(s), whichever occurs later, and ending no
later than forty-eight (48) months after the Option Event date, provided that the Note(s) shall be subject to prepayment,
in whole or in part, without penalty, at any time after the calendar year of the sale of the Units of the Affected Member or Deceased
Member or Deceased Spouse. All prepaid sums shall be applied against the installments thereafter falling due in inverse order of
their maturity or against all the remaining installments equally, at the option of the payee. The Note(s) shall provide that, in
any case of default, at the election of the holder the entire sum of principal and interest shall immediately be due and payable
and that the maker shall pay reasonable attorneys’ fees to the holder in the event that suit is commenced because of default.
Any promissory note executed by the Company and/or the Purchasing Members pursuant to this Section 9.5 shall be secured
by a pledge of the Units so purchased. The pledgeholder shall be such person as the parties shall mutually agree upon, and the
pledge agreement shall contain such other terms and provisions as may be customary and reasonable. As long as no default occurs
in payment on the Note(s), the purchasers (other than the Company) shall be entitled to vote the Units (provided that the Units
are Class A Units); however, Distributable Cash shall be paid to the holder of the Note(s) as a prepayment of principal. The Company
and/or the Purchasing Members shall expressly waive demand, notice of default and notice of sale and shall consent to public or
private sale of the Units in the event of default, in mass or in lots at the option of the pledgeholder, and the holder of the
Note(s) shall have the right to purchase at the sale.

 

9.6 Agreement to
Transfer. Each Member agrees that, upon receipt of the Note(s) in connection with the purchase of such Member’s Units
pursuant to Sections 9.3 and 9.5, such Member or such Member’s legal representative shall execute and deliver
all documents that are required to transfer the Units to the Company and/or the Purchasing Members. If such Member or such Member’s
legal representative refuses to do so, then the Company nevertheless shall enter the transfer on its Member records and hold such
consideration available for the Member or such Member’s legal representative, and thereafter all voting rights of such Units
shall be exercised by the designated transferees of such Units under this Agreement.

 

 

 

    	 	19	 

     

    

 

10. OPTION TO CONVERT UNITS TO COMMON
STOCK

 

10.1 Option to
Convert. After one year from the date of purchase of Class B Units, and up to five years and six months after the date of
purchase of Class B Units, each Member has the option to convert the Member’s remaining value of the revenue participation
rights into Vivakor, Inc. Common Stock through a Stock Warrant Agreement offered by the Company, a copy of which is attached hereto
as Exhibit B (the “Stock Warrant Agreement”). Upon exercising this option, the Member would forego their interest
in their Class B units within VivaVentures Royalty II, LLC in order to convert to and enter into the Stock Warrant Agreement.
The purchase price shall be the original purchase price of the Class B units minus amortization expense of the participation right
over the number of years it was held by the Member. The amortization of the participation right is adjusted for the initial date
of investment by the Holder and the term of the VV Energy Group Working Interest Agreement. The twenty-year term of the revenue
participation right begins on the date an Extraction Machine is placed into production. The amortization of Member participation
rights will be on a straight-line basis. This option is only available for five years and six months after the purchase of Royalty
II Class B Units and then the option is cancelled.

 

10.2 Exercise of
Option. The Member shall give written notice to the Company to exercise the option. Upon the Company’s receipt of written
notice, the Member would forego their interest in their Class B units within VivaVentures Royalty II, LLC and convert to and enter
into the Stock Warrant Agreement. The Company shall give Vivakor, Inc. written notice of the exercised option and request the processing
of the interest.

 

10.3 Transfer of
Interest

 

(a) Stock Warrant
Agreement. The Member shall execute and deliver the Stock Warrant Agreement no later than seven (7) days following the giving
of notice pursuant to Section 10.2. Vivakor, Inc. will have fourteen (14) days to process the request with the transfer
agent.

 

(b) Discount to
Market. The Stock Warrant Agreement puts forth the following schedule as a discount to market
of Vivakor’s Common Stock at the time the option is exercised: The Exercise Price shall be (i) ninety-five percent (95%)
of the Market Price on the Conversion Date if the Consideration has matured between three hundred sixty-five (365) days and seven
hundred twenty-nine (729) days (ii) ninety percent (90%) of the Market Price on the Conversion Date if the Consideration has matured
between seven hundred thirty (730) days and one thousand ninety-four (1,094) days (ii) eighty-five percent (85%) of the Market
Price on the Conversion Date if the Consideration has matured between one thousand ninety-five (1,095) days and one thousand four
hundred fifty-nine (1,459) days (iv) eighty percent (80%) of the Market Price on the Conversion Date if the Consideration has matured
between one thousand four hundred sixty (1,460) and one thousand eight hundred twenty-five (1,824) days (v) seventy-five percent
(75%) of the Market Price on the Conversion Date if the Consideration has matured between one thousand eight hundred twenty-six
(1,825) and two thousand eight (2,008) days, all of which is subject to adjustment as provided below in Section 11 and the meanings
of Capitalized terms in Section 2 of the Stock Warrant Agreement. On the day following the five years and six months after the
purchase of Royalty II Class B Units the Option to Convert to Common Stock is cancelled.

 

11. OPTION TO REDEEM UNITS 

 

11.1 Option to Purchase.
The Company will have the option to redeem a Member’s units at any time.

 

11.2 Notice of Exercise
of Option. Upon written notice from the Company, the Units of the Member would be purchased by the Company.

 

 

 

    	 	20	 

     

    

 

		11.3	Purchase Price for Units.

 

(a) Purchase Price. The purchase
price to be paid by the Company upon the exercise of this option to redeem Units under Section 11.3 (the “Purchase
Price”) shall be the original purchase price of the revenue participation right minus amortization expense of the participation
right over the number of years it was held by the Member. The amortization of the participation right is adjusted for the initial
date of investment and the term of the VV Energy Group Working Interest revenue participation right, which begins on the date
an Extraction Machine is placed into production, and expires on the twentieth anniversary date from when the Extraction Machine
is placed into production. The amortization of Member participation rights will be on a straight-line basis.

 

(b) Binding Effect.
The value determined pursuant to this Section 11.3 shall be binding on the parties to this Agreement, their legal representatives
and their successors in interest for purposes of purchases and sales made pursuant to Section 11.3.

 

11.4 Payment of
Purchase Price.

 

(a) Form of Payment.
The Company shall execute and deliver a negotiable promissory note (the “Note”) representing the purchase
price of that portion of the Units to the Member no later than thirty (30) days following the giving of notice pursuant to Section
11.2 containing the election of the Company to redeem and purchase the Units

 

(b) Terms of Note.
The Note shall be fully amortized over a period of not more than twenty-four (24) months and shall bear interest from the date
of delivery at a rate equal to ten percent (10%) per annum or the maximum lawful rate, whichever is less. Anything herein to the
contrary notwithstanding, in no event shall the interest rate exceed the maximum rate permitted by law. Principal and interest
on the Note shall be payable in equal quarterly installments commencing on the next fiscal quarter end after receipt of the Note
and ending no later than twenty-four (24) months after first payment date, provided that the Note shall be subject to prepayment,
in whole or in part, without penalty, at any time. All prepaid sums shall be applied against the installments thereafter falling
due in inverse order of their maturity or against all the remaining installments equally, at the option of the payee. The Note
shall provide that, in any case of default, at the election of the holder the entire sum of principal and interest shall immediately
be due and payable.

 

11.5 Agreement to
Transfer. Each Member agrees that, upon receipt of the Note in connection with the purchase of such Member’s Units pursuant
to Sections 11.3 and 11.4, such Member or such Member’s legal representative shall execute and deliver all
documents that are required to transfer the Units to the Company. If such Member or such Member’s legal representative refuses
to do so, then the Company nevertheless shall enter the transfer on its Member records and hold such consideration available for
the Member or such Member’s legal representative, and thereafter all voting rights of such Units shall be exercised by the
designated transferees of such Units under this Agreement.

 

12. ADMISSION OF NEW MEMBERS

 

New Members may be
admitted from time to time by the Manager in its discretion.

 

13. REFERENCE TO A MEMBER

 

Wherever the context
requires, reference in this Agreement to a Member shall include an Assignee who does not become a Substituted Member wherever such
reference relates solely to an economic interest in the Company.

 

 

 

    	 	21	 

     

    

 

14. BOOKS AND RECORDS

 

14.1 Records. The
Company shall keep at its principal office, or such other place as shall be designated by the Manager, the following documents:

 

(a) A current
list of the full name and last known business, residence or mailing address of each Member and Assignee set forth in alphabetical
order, together with the number of Units held by each Member or Assignee;

 

(b) The
full name and last known business, residence or mailing address of the Manager;

 

(c) A copy of
the Certificate of Formation and all amendments thereto, and executed copies of all powers of attorney (if any) pursuant to which
the Certificate of Formation or any amendment thereto was executed;

 

(d) Copies of
the Company’s federal, state and local income tax returns for the six (6) most recent years;

 

(e) Copies of
this Agreement and all amendments to this Agreement, together with all powers of attorney (if any) pursuant to which this Agreement
or any amendment to this Agreement was executed;

 

(f) Copies of
the financial statements of the Company (if any) for the six (6) most recent fiscal years; and

 

(g) Books and
records of the Company as they relate to the internal affairs of the Company for at least the current and past four (4) years.

 

14.2 Inspection.
Upon the request of a Member in writing and with the stated purpose of the request reasonably related to such Member’s
interest as a Member of the Company, the Company shall promptly make available for inspection by the requesting Member the information
required to be maintained by Section 14.1 to the extent reasonably related to the purpose of that inspection.

 

14.3 Provision of
Reports. Within seventy-five (75) days of the end of the fiscal year, the Company shall supply all other information necessary
to enable each Member to prepare such Member’s federal and state income tax returns and such other information as such Member
may reasonably request for the purpose of enabling such Member to comply with all reporting requirements imposed by any statute,
rule, regulation or otherwise by any governmental agency or authority.

 

15. DISSOLUTION AND TERMINATION OF THE
COMPANY

 

15.1 Events Causing
Dissolution. Notwithstanding any provision of the Act, the Company shall be dissolved and its affairs shall be wound up only
upon the earliest to occur of the following events:

 

(a) The
approval of the Manager and the unanimous consent of the Members; or

 

(b) Entry
of a decree of judicial dissolution under the Act.

 

 

 

    	 	22	 

     

    

 

15.2 Certificate
of Cancellation. As soon as possible following the occurrence of any of the events specified in Section 15.1, the Manager
shall execute a certificate of cancellation in such form as shall be prescribed by the Nevada Secretary of State and file such
certificate as required by the Act.

 

15.3 Distribution
Upon Dissolution. Upon a dissolution event described in Section 15.1, the Manager shall take full account of the Company’s
assets and liabilities, shall liquidate the assets as promptly as is consistent with obtaining their fair value, or, if the assets
cannot be sold, they shall be valued and distributed in kind, and shall apply and distribute the proceeds or assets in the following
order:

 

(a) To
the payment of creditors of the Company;

 

(b) To the creation
of reserves that the Manager deems reasonably necessary for contingent or unforeseen liabilities or obligations of the Company;

 

(c) To
the repayment of outstanding loans made by any Member to the Company; and

 

(d) To the Members
with positive Capital Accounts in accordance with the ratio of their Capital Account balances (which Capital Account balances are
intended to reflect the priority to distributions in Section 4.4(a)(i)).

 

16. INDEMNIFICATION

 

16.1 General. The
Company, its receiver or its trustee shall indemnify, defend and save harmless the Manager, the Members and their successors (“Indemnitees”)
from any liability, loss or damage incurred by any Indemnitee by reason of any act performed or omitted to be performed by any
Indemnitee in connection with the business of the Company, including costs and attorneys’ fees and amounts expended in the
settlement of claims of liability, loss or damage; provided that, if the liability, loss or claim arises out of any action
or inaction of an Indemnitee: (a) such Indemnitee must have determined, in good faith, that such Indemnitee’s course of conduct
was in the best interests of the Company; and (b) the action or inaction did not constitute fraud, deceit, breach of fiduciary
duty, gross negligence, reckless or intentional misconduct, willful malfeasance or willful violation of a law by such Indemnitee;
and provided further that the indemnification shall be recoverable only from the assets of the Company and not any assets
of the Manager or the Members. The Company may, however, purchase and pay for insurance, including extended coverage liability
and casualty and worker’s compensation, as would be customary for any person engaging in a similar business, and name the
Indemnitees as additional or primary insured parties.

 

16.2 Advancement
of Expenses. The Company shall advance all expenses incurred by an Indemnitee in connection with the investigation, defense,
settlement or appeal of any civil or criminal action or proceeding referenced in Section 16.1. The Indemnitee shall repay
such amounts advanced only if, and to the extent that, it shall ultimately be determined that such Indemnitee is not entitled to
be indemnified by the Company as authorized hereby. The advances to be made hereunder shall be paid by the Company to the Indemnitee
within ten (10) days following delivery of a written request therefor by the Indemnitee to the Company.

 

17. REPRESENTATION AND WARRANTIES OF
MEMBERS.

 

Each Member hereby
represents, warrants and covenants to the Company that, as of the effective date hereof:

 

17.1 Investment
Representation. Such Member has acquired or is acquiring such Member’s Units in good faith for such Member’s own
personal account, for investment purposes only and not with a view to or for the distribution, resale, subdivision, fractionalization
or disposition thereof, and such Member has no present intention of selling or otherwise distributing such Units. Such Member is
or will be the sole party in interest in such Member’s Units and as such is or will be vested with all legal and equitable
rights in such Units.

 

 

 

    	 	23	 

     

    

 

17.2 Sophistication
of the Member. Such Member either has a pre-existing personal or business relationship with the Company or any of its Members
or, by reason of such Member’s business or financial experience or the business or financial experience of such Member’s
professional advisers, who are unaffiliated with and not compensated by the Company, directly or indirectly, has the capacity to
protect such Member’s own interests in connection with this investment. Such Member is able to bear the economic risk of
an investment in such Member’s Units and can afford to sustain a total loss on such investment. The nature and amount of
such Member’s investment in such Units is consistent with such Member’s investment objectives, abilities and resources.
Such Member is an “accredited investor” within the meaning of Regulation D under the Securities Act of 1933, as amended.

 

17.3 No Public Market.
Such Member understands that there is no public market for such Member’s Units and that there is no assurance that there
will be such a market in the future. Such Member has been advised that such Member’s Units have not been registered under
the Securities Act of 1933, as amended, and that such Units must be held indefinitely unless they are subsequently registered under
the Securities Act of 1933, as amended, or an exemption from such registration is available, and such Member understands that the
Company is under no obligation to register such Units or to comply with any exemption from such registration requirement. In addition,
such Member understands that the transferability of such Member’s Units are and will be further restricted by this Agreement,
which, among other things, requires that any sale or assignment of such Member’s Units will be subject to certain terms and
conditions. Thus, such Member realizes that such Member cannot expect to be able to liquidate such Member’s investment in
the Company readily, or at all, in the case of an emergency.

 

17.4 Speculative
Investment. Such Member recognizes that an investment in the Company is speculative in nature and involves a high degree of
risk, and such Member has carefully considered the risk factors involved. These factors include, without limitation, the fact that
the business of the Company is in the formative stages and that the Company’s initial capitalization may be insufficient
to satisfy the Company’s working capital requirements.

 

18. SPECIAL POWER OF ATTORNEY

 

18.1 In General.
Each Member hereby irrevocably makes, constitutes and appoints the Manager, with full power of substitution, the true and lawful
representative and attorney in fact of, and in the name, place and stead of, such Member, with the power from time to time to make,
execute, sign, acknowledge, swear to, verify, deliver, record, file and/or publish:

 

(a) One or
more amendments to this Agreement that have been approved in accordance with Section 7; and

 

(b) The Certificate
of Formation and any amendment thereof required because this Agreement is amended, including an amendment to effect any change
in the membership of the Company.

 

18.2 Acknowledgment.
Each Member is aware that the terms of this Agreement permit certain amendments to this Agreement to be effected and certain
other actions to be taken or omitted by or with respect to the Company without such Member’s consent. If an amendment of
the Certificate of Formation or this Agreement or any action by or with respect to the Company is taken by the Manager in the manner
contemplated by this Agreement, then each Member hereby agrees that, notwithstanding any objection that such Member may assert
with respect to such action, the Manager is authorized and empowered, with full power of substitution, to exercise the authority
granted above in any manner that may be necessary or appropriate to permit such amendment to be made or action lawfully taken or
omitted. Each Member is fully aware that the Manager will rely on the effectiveness of this special power-of-attorney with a view
to the orderly administration of the affairs of the Company. This power-of-attorney is a special power-of-attorney and is coupled
with an interest in favor of the Manager and as such (a) is and will be irrevocable and will continue in full force and effect
notwithstanding the subsequent death or incapacity of any party granting this power-of-attorney, regardless of whether the Company
or the Manager have had notice of such death or incapacity, and (b) will survive the delivery of an assignment by a Member of the
whole or any portion of such Member’s interest in the Company, except that where the assignee of such interest has been approved
by the Manager for admission to the Company as a Substituted Member in accordance with Section 8.3(a)(iii), this power-of-attorney
given by the assignor will survive the delivery of such assignment for the sole purpose of enabling the Manager to execute, acknowledge
and file any instrument necessary to effect such substitution.

 

 

 

    	 	24	 

     

    

 

19. MISCELLANEOUS

 

19.1 Counterparts.
This Agreement may be executed in several counterparts, and such counterparts so executed shall constitute one agreement, binding
on all of the Members, notwithstanding that all of the Members are not signatory to the original or the same counterpart.

 

19.2 Facsimile or
Other Electronic Transmission. The confirmed facsimile or other electronic transmission (including email) by any party hereto
of a signed copy of the signature page of this Agreement to each other party hereto or such party’s agent shall constitute
the delivery of this Agreement.

 

19.3 Binding on
Successors. This Agreement shall be binding on and shall inure to the benefit of the successors and permitted assigns of the
Members.

 

19.4 Severability.
If any sentence, paragraph, clause or combination of the same in this Agreement is held by a court of competent jurisdiction
to be unenforceable in any jurisdiction, then such sentence, paragraph, clause or combination shall be unenforceable in the jurisdiction
where it is so held invalid, and the remainder of this Agreement shall remain binding on the parties hereto in such jurisdiction
as if such unenforceable provision had not been contained herein. The enforceability of such sentence, paragraph, clause or combination
of the same in this Agreement otherwise shall be unaffected and shall remain enforceable in all other jurisdictions.

 

19.5 Notices. Unless
otherwise specifically provided in this Agreement, all notices and demands required to be given hereunder shall be deemed to be
duly given at the time of delivery if such notice or demand is personally delivered, or forty-eight (48) hours after mailing if
such notice or demand is deposited with the United States Postal Service, postage prepaid, for mailing via certified mail, return
receipt requested, to the Manager and to the Members at the address maintained by the Company for such person or at any other address
that such person specifies in writing.

 

19.6 Headings and
Captions. The headings and captions appearing at the beginning of each Section of this Agreement are included herein for the
convenience of reference only, do not constitute a part of this Agreement and shall not be deemed to limit, characterize or in
any way affect any term or provision of this Agreement or its interpretation. This Agreement shall be enforced and construed as
if no headings or captions appeared herein.

 

19.7 Interpretation.
All references in this Agreement to “Sections” refer to the corresponding Sections of this Agreement unless
otherwise expressly specified. All words used in this Agreement will be construed to be of such gender or number as the context
requires. Unless otherwise expressly provided herein, the word “including” or “includes” wherever it appears
in this Agreement does not limit the preceding words or terms and shall be interpreted to mean “including, without limitation”
and “includes, without limitation” respectively, and the word “or” is used in this Agreement in the inclusive
sense. All references in this Agreement to documents, instruments or agreements shall be deemed to refer as well to all addenda,
exhibits, schedules and amendments thereto.

 

19.8 Gender. Whenever
required by the context, the masculine gender shall include the feminine and neuter genders, and vice versa.

 

19.9 Choice of Law.
This Agreement shall be construed under the laws of the State of Nevada.

 

19.10 Entire Agreement.
This Agreement contains the entire understanding among the Members and supersedes all prior written or oral agreements among
them respecting the subject matter contained herein. There are no representations, agreements, arrangements or understandings,
oral or written, among the Members relating to the subject matter of this Agreement that are not fully expressed herein.

 

19.11 Waiver. No
waiver of any breach or default of this Agreement by any party hereto shall be considered to be a waiver of any other breach or
default of this Agreement.

 

 

 

    	 	25	 

     

    

 

19.12 Further Assurances.
Each party hereto agrees to perform all further acts and to execute and deliver all further documents that may be reasonably
necessary to carry out the provisions of this Agreement.

 

19.13 Mediation.
If any dispute arises (a) out of or relating to this Agreement or any alleged breach thereof or (b) with respect to any of
the transactions or events contemplated by this Agreement (each, a “Dispute”), then the party desiring to resolve
such Dispute shall deliver a written notice describing such Dispute with reasonable specificity to the other parties (the “Dispute
Notice”). If any party delivers a Dispute Notice pursuant to this Section 19.13, then the parties involved in
the Dispute shall meet at least twice within the fifteen (15) business day period commencing with the date of the Dispute Notice
and in good faith shall attempt to resolve such Dispute. Except as provided herein, no civil action with respect to any dispute,
claim or controversy arising out of or relating to this Agreement may be commenced until the matter has been submitted to Judicial
Arbitration & Mediation Services, Inc. (“JAMS”) for mediation. Either party may commence mediation by providing
to JAMS and the other party a written request for mediation, setting forth the subject of the dispute and the relief requested.
The parties will cooperate with JAMS and with one another in selecting a mediator from JAMS and in scheduling the mediation proceedings.
The parties covenant that they will participate in the mediation in good faith and that they will share equally in its costs. All
offers, promises, conduct and statements, whether oral or written, made in the course of the mediation by any of the parties, their
agents, employees, experts and attorneys, and by the mediator and JAMS employees, are confidential, privileged and inadmissible
for any purpose, including impeachment, in any litigation or other proceeding involving the parties, provided that evidence
that is otherwise admissible or discoverable will not be rendered inadmissible or non-discoverable as a result of its use in the
mediation. Either party may seek equitable relief before the mediation to preserve the status quo pending the completion of that
process. Except for such an action to obtain equitable relief, neither party may commence a civil action with respect to the matters
submitted to mediation until after the completion of the initial mediation session or forty-five (45) days after the date of filing
the written request for mediation, whichever occurs first. Mediation may continue after the commencement of a civil action if the
parties so desire. The provisions of this Section 19.13 may be enforced by any court of competent jurisdiction, and the
party seeking enforcement shall be entitled to an award of all costs, fees and expenses, including attorneys’ fees, to be
paid by the party against whom enforcement is ordered.

 

19.14 Confidentiality.
Each of the Members acknowledges and agrees that the information, observations and data obtained by such Member or its Affiliates
while such Member is a Member (including all information, observations and data obtained before the effective date of this Agreement
concerning the business or affairs of the Company) (collectively, “Confidential Information”) is the exclusive
property of the Company. Each Member shall treat and hold as confidential all of the Confidential Information and refrain from
using any Confidential Information, unless and to the extent that the aforementioned matters: (a) become generally known to and
available for use by the public other than as a result of such Member’s or such Member’s Affiliates’ acts or
omissions or (b) are required to be disclosed by judicial process or law. Such Member and its Affiliates shall promptly deliver
to the Company at any time the Company may request all lists, memoranda, notes, plans, records, reports, computer tapes, printouts
and software and other documents and data (and copies of such items) relating to the Confidential Information or the business of
the Company that such Member or its Affiliates may then possess or have under his, her or its control.

 

19.15 Attorneys’
Fees. In the event that a dispute arises with respect to this Agreement, the party prevailing in such dispute shall be entitled
to recover all expenses, including reasonable attorneys’ fees and expenses, incurred in ascertaining such party’s rights,
in preparing to enforce or in enforcing such party’s rights under this Agreement, whether or not it was necessary for such
party to institute suit.

 

19.16 Legal Counsel.
The Company has selected Wilson & Oskam, LLP (“W&O”) as special legal counsel to the Company in
connection with the formation and initial organization of the Company, the preparation of this Agreement and related matters. W&O
also may be legal counsel to any Member, the Manager or any Affiliate of a Member or the Manager. The Manager may execute on behalf
of the Company and the Members any consent to the representation of the Company that W&O may request pursuant to the California
Rules of Professional Conduct or similar rules in any other jurisdiction (the “Rules”). Each Member acknowledges
that W&O does not represent any Member in the absence of a clear and explicit written agreement to such effect
between such Member and W&O and that, in the absence of any such agreement, W&O shall owe no duties directly
to a Member. Notwithstanding any adversity that may develop, if any dispute or controversy arises between any Member and the Company,
or between any Member or the Company, on the one hand, and the Manager (or an Affiliate of the Manager) that W&O represents,
on the other hand, then each Member agrees that W&O may represent either the Company or the Manager (or the Manager’s
Affiliate), or both, in any such dispute or controversy to the extent permitted by the Rules, and each Member hereby consents to
such representation.

 

 

 

    	 	26	 

     

    

 

EACH MEMBER FURTHER
ACKNOWLEDGES, REPRESENTS AND WARRANTS THAT SUCH MEMBER HAS BEEN ADVISED TO CONSULT WITH SUCH MEMBER’S OWN SEPARATE AND INDEPENDENT
LEGAL COUNSEL REGARDING THIS AGREEMENT AND HAS DONE SO TO THE EXTENT THAT SUCH MEMBER CONSIDERS NECESSARY OR HAS WAIVED SUCH MEMBER’S
RIGHT TO DO SO.

 

W&O has no
attorney-client relationship with any Member or any trustee or other legal representative of any Member, and no attorney-client
relationship with any Member or any trustee or other legal representative of any Member shall exist or be deemed to exist as a
result of W&O’s representation of the Company. W&O has not been engaged to protect or represent the
interests of any Member vis-à-vis the Company or any Affiliate in connection with the preparation of this Agreement.
The Members acknowledge that, as to their respective interests inter se, and as to their respective individual circumstances,
they have been advised by W&O to seek independent legal counsel as to all matters related to the Company and this Agreement.

 

[Signature Page Follows]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	27	 

     

    

 

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

 

	 	“Member”:
	 	 
	 	VIVAVENTURES
MANAGEMENT COMPANY, INC.,
	 	a Nevada
corporation
	 	 
	 	By: /s/ Matt Nicosia                     
	 	Matt Nicosia,
	 	

President

	 	 
	 	 
	 	“Manager”:
	 	VIVAVENTURES
MANAGEMENT COMPANY, INC.,
	 	a Nevada corporation
	 	 
	 	By: /s/ Matt Nicosia                     
	 	Matt Nicosia,
	 	President
	 	 
	 	Address:
	 	8565 S. Eastern
Ave., Ste. 150
	 	Las Vegas,
NV 89123

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

[SIGNATURE PAGE TO LIMITED LIABILITY
COMPANY AGREEMENT]

 

 

 

    	 	28	 

     

    

 

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

 

	 	“Members”:
	 	 
	 	______________________________
	 	Signature
	 	 
	 	______________________________
	 	Print Name
	 	 
	 	Address:_______________________
	 	 
	 	______________________________
	 	 
	 	______________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[SIGNATURE PAGE TO LIMITED LIABILITY
COMPANY AGREEMENT]

 

 

 

    	 	29	 

     

    

 

CONSENT OF SPOUSE OF [NAME]

 

I, the undersigned,
am the spouse of ____________________. I acknowledge that I have read the foregoing Limited Liability Company Agreement of VivaVentures
ROYALTY II, LLC (the “Agreement”) and that I know the contents of the Agreement. I am aware that by the Agreement’s
provisions my spouse agrees, among other things, to the imposition of certain restrictions on the transfer of my spouse’s
Units (the “Units”) in VivaVentures ROYALTY II, LLC, a Nevada limited liability company, including my community
property interest therein (if any), which rights and restrictions may survive my spouse’s death. I hereby consent to such
rights and restrictions, approve of the provisions of the Agreement and agree that I will bequeath any interest that I may have
in the Units, including my community property interest therein (if any), or permit the Units to be purchased, in a manner consistent
with the provisions of the Agreement. I direct that any residuary clause in my Will shall not be deemed to apply to my community
property interest (if any) in the Units except to the extent consistent with the provisions of the Agreement. I further agree that,
in the event of a dissolution of the marriage between my spouse and me, in connection with which I secure or am awarded all or
any portion of the Units or any interest therein through property settlement agreement or otherwise, I shall receive and hold such
Units or interest therein subject to all of the provisions and restrictions contained in the Agreement.

 

 

 

 

	Date: _________________	 	____________________________________
	 	 	Signature
	 	 	 
	 	 	____________________________________
	 	 	Print Name

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

[SIGNATURE PAGE TO LIMITED LIABILITY
COMPANY AGREEMENT]

 

 

 

    	 	30	 

     

    

 

EXHIBIT A

VIVAVENTURES ROYALTY II, LLC

As of November 6, 2017

 

 

 

	Member	 	Capital Contribution	 	Class A Units	 	Percentage Interest
	

VVMCI

	 	$1,000 in cash	 	1,000	 	100%
	 	 	 	 	 	 	 
	Member	 	Capital Contribution	 	Class  B Units	 	Percentage Interest
	 	 	 	 	 	 	 
	____________________	 	 	 	______ Class B
Units	 	____%
	____________________	 	 	 	______ Class B
Units	 	____%
	____________________	 	 	 	______ Class B
Units	 	____%
	____________________	 	 	 	______ Class B
Units	 	____%
	____________________	 	 	 	______ Class B
Units	 	____%
	____________________	 	 	 	______ Class B
Units	 	____%
	____________________	 	 	 	______ Class B
Units	 	____%
	____________________	 	 	 	______ Class B
Units	 	____%
	____________________	 	 	 	______ Class B
Units	 	____%
	____________________	 	 	 	______ Class B
Units	 	____%
	____________________	 	 	 	______ Class B
Units	 	____%
	____________________	 	 	 	______ Class B
Units	 	____%
	____________________	 	 	 	______ Class B
Units	 	____%
	____________________	 	 	 	______ Class B
Units	 	____%
	____________________	 	 	 	______ Class B
Units	 	____%
	____________________	 	 	 	______ Class B
Units	 	____%
	Totals	 	 	 	__________	 	100.0

 

 

 

 

 

 

 

 

 

 

 

 

    	 	31	 

     

    

 

EXHIBIT B

STOCK WARRANT AGREEMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	32

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