Document:

Exhibit
10.70

 

November
23, 2019

 

Hudson
Bay Master Fund, LP

C/O
George Antonopoulos

777
Third Avenue

30th
Floor

New
York, NY 10017

gantonopoulos@hudsonbaycapital.com

 

Ladies
and Gentlemen:

 

Reference
is made to that certain Exchange Agreement (the “Agreement’), and the Side-Letter Agreement, both dated as
of May 23, 2019, (the “Letter”), by and among Infinity Energy Resources, Inc. (the “Company”),
and Hudson Bay Master Fund Ltd. (“Hudson Bay”). Capitalized terms not otherwise defined herein shall have the
meanings set forth in each of the Settlement Agreement.

 

Pursuant
to the Letter the parties both agreed as to the following:

 

	 	●	The
    Letter provides that on November 23, 2019, the Company will, if required under the Side-letter Agreement, “issue additional
    shares of common stock to the Investor based on an increase in the fully-diluted shares outstanding (as defined below) of
    the Company from the date of the Side-Letter Agreement’s execution to November 23, 2019, its six-month anniversary,
    (the “True-Up Shares”).” The issuance of the True-Up Shares, if any, shall provide the Holder (as defined
    in the Letter) with rights to acquire additional shares to be calculated according to the following formula:

 

A-B=
Aggregate Number of Rights Shares

A
= 9.99% of shares of Common Stock outstanding on the Six-Month Anniversary

(calculated
based on the Number of Fully-Diluted Shares Outstanding (as defined below))

B
= The shares of Common Stock Issued to the Purchaser contemporaneously

with
the Agreement

 

	 	●	For
    the purposes of this Side-Letter Agreement, “Number of Fully-Diluted Shares Outstanding” means, as of any time
    of determination, the sum of (i) the aggregate number of issued and outstanding shares of common stock as of such time of
    determination, (ii) the aggregate maximum number of shares of common stock issuable on an as-converted and as-exchanged basis,
    as applicable (excluding any exercise of warrants to purchase Common Stock and all Rights issued pursuant to the Agreement),
    pursuant to all capital stock and all other securities of the Company or any of its Subsidiaries (excluding any warrants to
    purchase common stock and all rights to acquire common shares issued pursuant to the Side-Letter Agreement) outstanding as
    of such time of determination (or issuable pursuant to agreements in effect as of such time).
	 	 	 
	 	●	Notwithstanding
    the foregoing, if any warrants to purchase common stock are outstanding (or issuable upon conversion or exchange of securities
    outstanding) as of the six-month anniversary of the Side-Letter Agreement (each, an “Outstanding Warrant”), on
    such six-month anniversary the Company shall issue the Investor an additional right to acquire a warrant (the “New Warrant”)
    exercisable into 9.99% of the shares of common stock issuable upon exercise of all Outstanding Warrants as of the six-month
    anniversary (the “New Warrant Shares”). The New Warrant Shares shall be of like tenor to the Outstanding Warrants.

 

    	 	1	 

    	 

    

 

Calculation
of True-Up Shares

 

Following
is an analysis to determine Hudson Bay’s right to acquire additional common shares and common share equivalents:

 

	11,743,385	 	Actual
    Number of Common shares outstanding on November 23, 2019
	X    9.99%	 	Hudson
    Bay’s percentage participation right 
	 	 	 
	1,173,164	 	Maximum
    number of common shares issuable to Hudson Bay
	 	 	 
	(605,816)	 	Less
    shares already issued to Hudson Bay
	 	 	 
	567,348	 	Maximum
    number of common shares issuable to Hudson Bay pursuant to the terms of the Side-letter Agreement

 

Following
is an analysis to determine Hudson Bay’s right to acquire additional common shares based on the following outstanding warrants
to purchase common shares:

 

	Maximum
    Number of warrants at 9.99%	 	Exercise
    Price	 	Expiration
    date
	4,950	 	$0.50	 	June
    4, 2026
	56,430	 	$0.50	 	June
    19, 2026
	 	 	 	 	 
	61,380	 	Total warrants issuable to Hudson Bay

 

Therefore,
we will issue one new warrant agreement providing Hudson Bay with the right to acquire up to 61,380 shares of common stock at
$0.50 per share and a termination date of June 19, 2026.

 

●
The Company also has 332,000 stock options outstanding in the hands of Officers and Board Members with a weighted average exercise
price of $41,86 per share and the weighted average contractual term is 28 months. We have excluded these stock options from the
common share equivalents calculation since they are substantially out-of-the money and Hudson Bay would not be a qualified holder
under the Plans

 

Kindly
confirm your agreement with the above calculations by signing in the space indicated below. In addition, please indicate how and
when you would like these common shares and common stock purchase warrants to be issued.

 

[Signature
page follows]

 

    	 	2	 

    	 

    

 

	 	 	Very
    truly yours,
	 	 	 
	 	 	INFINITY
    ENERGY RESOURCES, INC.
	 	 	 
	 	 	/s/
    Stanton E. Ross
	 	 	Stanton
    E. Ross
	 	 	 
	Agreed
    and Accepted:	 
	 	 
	hudson
    bay master fund ltd.	 
	 	 	 
	BY:
    	/s/
    George Antonopoulis	 
	Name:	George
    Antonopoulis	 
	Title:	Authorized
    Signatory	 

 

    	 	3EXHIBIT
10.71

 

THIS
WARRANT HAS BEEN ACQUIRED FOR INVESTMENT. NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE
BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND APPLICABLE STATE SECURITIES
LAWS, AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF
COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

COMMON
STOCK PURCHASE WARRANT

 

INFINITY
ENERGY RESOURCES, INC.

 

	Warrant
    Exercise Price: $0.50	Issue
    Date: November 23, 2019
	Warrant
    Shares: 61,380	Termination
    Date: June 19, 2026 

 

This
COMMON STOCK PURCHASE WARRANT (this “Warrant”) certifies that, for good and valuable consideration, the receipt
of which is hereby acknowledged, Hudson Bay Master Fund, LTD, a Cayman Islands exempted company (the “Holder”),
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time or
times on or prior to the close of business on June 19, 2026 (the “Termination Date”) but not thereafter, to
subscribe for and purchase from Infinity Energy Resources, Inc., a Delaware Corporation (the “Company”), up
to 61,380 shares of Common Stock (the “Warrant Shares”). The purchase price of one share of Common Stock under
this Warrant shall be equal to the Exercise Price, as defined in 2 (b) below. This Warrant is subject to the following provisions:

 

1.
Definitions. In addition to the terms defined elsewhere in this Agreement, the following terms shall have the meanings
set forth in this Section 1.

 

(a)
“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is
controlled by or is under common control with a Person as such terms are used in and construed under Rule 405 under the Securities
Act.

 

(b)
“Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the
United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental
action to close.

 

(c)
“Commission” means the United States Securities and Exchange Commission.

 

    	 	1	 

    	 

    

 

(d)
“Common Stock” means the common stock of the Company, par value $0.0001 per share, and any other class of securities
into which such securities may hereafter be reclassified or changed.

 

(e)
“Common Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the
holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant
or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder
thereof to receive, Common Stock.

 

(f)
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder.

 

(g)
“Person” means an individual, corporation, limited liability company, partnership, association, joint venture,
trust, unincorporated organization, other entity or group (as defined in the Exchange Act).

 

(h)
“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be
amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially
the same purpose and effect as such Rule.

 

(i)
“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

(j)
“Trading Day” means a day on which the Trading Market is open for trading.

 

(k)
“Trading Market” means the principal market or exchange on which the Common Stock is listed or quoted for trading
on the date in question.

 

(l)
“Transfer Agent” means Action Stock Transfer, the current transfer agent of the Company and any successor transfer
agent of the Company.

 

    	 	2	 

    	 

    

 

2.
Exercise.

 

(a)
General. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times
on or before the Termination Date by delivery to the Company (or such other office or agency of the Company as it may designate
by notice in writing to the Holder at the address of the Holder appearing on the books of the Company) of a duly executed facsimile
copy of the Notice of Exercise Form annexed hereto (“Notice of Exercise”). Within three (3) Trading Days following
the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price (defined below) for the shares specified
in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank. Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the
Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case,
the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date the final Notice
of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number
of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder
in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing
the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of
Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant,
acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant
Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount
stated on the face hereof. Under no circumstances will the Company be required to net cash settle this Warrant upon its exercise.

 

(b)
Exercise Price. The exercise price per share of the Warrant Shares shall be fifty cents ($0.50) per share (the “Exercise
Price”).

 

(c)
Mechanics of Exercise.

 

(i)
Delivery of Certificates Upon Exercise. Shares of Common Stock purchased hereunder shall be transmitted by the Transfer
Agent to the Holder by crediting the account of the Holder’s prime broker with the Depository Trust Company (“DTC”)
through its Deposit Withdrawal Agent Commission (“DWAC”) system if the Company is then a participant in such
system and either (A) there is an effective registration statement permitting the resale of the Warrant Shares by the Holder or
(B) the Warrant Shares are eligible for resale without volume or manner of sale limitations pursuant to Rule 144, and otherwise
by physical delivery of a certificate to the address specified by the Holder in the Notice of Exercise by the date that is three
(3) Trading Days after the latest of (x) the delivery to the Company of the Notice of Exercise Form, (y) surrender of this Warrant
(if required) and (z) payment of (A) if this Warrant is exercised on a cash basis, the aggregate Exercise Price as set forth above
and (B) all taxes required to be paid by the Holder, if any, pursuant to Section 2(c)(vi) prior to the issuance of such shares
(such date, the “Warrant Share Delivery Date”). This Warrant shall be deemed to have been exercised on the
first date on which all of the foregoing have been delivered to the Company. The Warrant Shares shall be deemed to have been issued,
and Holder or any other person so designated to be named therein shall be deemed to have become a holder of record of such shares
for all purposes, as of the date the Warrant has been exercised, with payment to the Company of the Exercise Price and all taxes
required to be paid by the Holder, if any, pursuant to Section 2(c)(v) prior to the issuance of such shares, having been paid.

 

(ii)
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request
of a Holder and upon surrender of the certificate for this Warrant, at the time of delivery of the certificate or certificates
representing Warrant Shares, deliver to Holder a new Warrant evidencing the rights of Holder to purchase the unpurchased Warrant
Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

 

    	 	3	 

    	 

    

 

(iii)
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder a certificate or the certificates
representing the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then, the Holder will have the
right to rescind such exercise.

 

(iv)
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

(v)
Charges, Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder for
any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses
shall be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may
be directed by the Holder; provided, however, that in the event certificates for Warrant Shares are to be issued
in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment
Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient
to reimburse it for any transfer tax incidental thereto.

 

(vi)
Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise
of this Warrant, pursuant to the terms hereof.

 

    	 	4	 

    	 

    

 

(d)
Holder’s Limitations on Exercise. The Company shall not effect the exercise of this Warrant, and the Holder shall
not have the right to exercise any portion of this Warrant pursuant to the terms and conditions of this Warrant and any such exercise
shall be null and void and treated as if never made, to the extent that after giving effect to such exercise, the Holder together
with the other Attribution Parties (as defined below) collectively would beneficially own in excess of 9.99% (the “Beneficial
Ownership Limitation”) of the shares of Common Stock outstanding immediately after giving effect to such exercise. For
purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by the Holder and the other
Attribution Parties shall include the number of shares of Common Stock held by the Holder and all other Attribution Parties plus
the number of shares of Common Stock issuable upon exercise of the Warrant issued hereunder with respect to which the determination
of such sentence is being made, but shall exclude shares of Common Stock which would be issuable upon (A) exercise of the remaining,
nonexercised portion of the Warrant beneficially owned by the Holder or any of the other Attribution Parties and (B) exercise
or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation,
any convertible notes or convertible preferred stock or warrants) beneficially owned by the Holder or any other Attribution Party
subject to a limitation on conversion or exercise analogous to the limitation contained in this Section 2(d). For purposes of
this Section 2(d) beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of
1934, as amended (the “1934 Act”). For purposes of determining the number of outstanding shares of Common Stock
the Holder may acquire upon the exercise of the Warrants without exceeding the Beneficial Ownership Limitation, the Holder may
rely on the number of outstanding shares of Common Stock as reflected in (x) the Company’s most recent Annual Report on
Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or other public filing with the SEC, as the case may be,
(y) a more recent public announcement by the Company or (z) any other written notice by the Company or the Transfer Agent, if
any, setting forth the number of shares of Common Stock outstanding (the “Reported Outstanding Share Number”).
If the Company receives a Notice of Issuance from the Holder at a time when the actual number of outstanding shares of Common
Stock is less than the Reported Outstanding Share Number, the Company shall notify the Holder in writing of the number of shares
of Common Stock then outstanding and, to the extent that such Notice of Issuance would otherwise cause the Holder’s beneficial
ownership, as determined pursuant to this Section 2(d), to exceed the Beneficial Ownership Limitation, the Holder must notify
the Company of a reduced number of shares of Common Stock to be purchased pursuant to such Notice of Issuance. For any reason
at any time, upon the written or oral request of the Holder, the Company shall within one (1) Business Day confirm orally and
in writing or by electronic mail to the Holder the number of shares of Common Stock then outstanding. In any case, the number
of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the
Company, including the Warrant, by the Holder and any other Attribution Party since the date as of which the Reported Outstanding
Share Number was reported. In the event that the issuance of shares of Common Stock to the Holder upon exercise of the Warrant
results in the Holder and the other Attribution Parties being deemed to beneficially own, in the aggregate, more than the Beneficial
Ownership Limitation of the number of outstanding shares of Common Stock (as determined under Section 13(d) of the 1934 Act),
the number of shares so issued by which the Holder’s and the other Attribution Parties’ aggregate beneficial ownership
exceeds the Beneficial Ownership Limitation (the “Excess Shares”) shall be deemed null and void and shall be
cancelled ab initio, and the Holder shall not have the power to vote or to transfer the Excess Shares. Upon delivery of a written
notice to the Company, the Holder may from time to time increase (with such increase not effective until the sixty-first (61st)
day after delivery of such notice) or decrease the Beneficial Ownership Limitation to any other percentage not in excess of 9.99%
as specified in such notice; provided that (i) any such increase in the Beneficial Ownership Limitation will not be effective
until the sixty-first (61st) day after such notice is delivered to the Company and (ii) any such increase or decrease will apply
only to the Holder and the other Attribution Parties and not to any other holder of Warrants that is not an Attribution Party
of the Holder. For purposes of clarity, the shares of Common Stock issuable pursuant to the terms of the Warrant hereunder in
excess of the Beneficial Ownership Limitation shall not be deemed to be beneficially owned by the Holder for any purpose including
for purposes of Section 13(d) or Rule 16a-1(a)(1) of the 1934 Act. No prior inability to exercise any Warrant pursuant to this
paragraph shall have any effect on the applicability of the provisions of this paragraph with respect to any subsequent determination
of exercisability. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity
with the terms of this Section 2(d) to the extent necessary to correct this paragraph (or any portion of this paragraph) which
may be defective or inconsistent with the intended beneficial ownership limitation contained in this Section 2(d) or to make changes
or supplements necessary or desirable to properly give effect to such limitation. The limitation contained in this paragraph may
not be waived and shall apply to a successor holder of the Warrant. For the purpose of this Agreement: (x) “Attribution
Parties” means, collectively, the following Persons and entities: (i) any investment vehicle, including, any funds,
feeder funds or managed accounts, currently, or from time to time after the Closing Date, directly or indirectly managed or advised
by the Holder’s investment manager or any of its Affiliates or principals, (ii) any direct or indirect Affiliates of the
Holder or any of the foregoing, (iii) any Person acting or who could be deemed to be acting as a Group together with the Holder
or any of the foregoing and (iv) any other Persons whose beneficial ownership of the Company’s Common Stock would or could
be aggregated with the Holder’s and the other Attribution Parties for purposes of Section 13(d) of the 1934 Act. For clarity,
the purpose of the foregoing is to subject collectively the Holder and all other Attribution Parties to the Beneficial Ownership
Limitation, (y) “Group” means a “group” as that term is used in Section 13(d) of the 1934 Act and
as defined in Rule 13d-5 thereunder and (z) “Affiliate” means, with respect to any Person, any other Person
that directly or indirectly controls, is controlled by, or is under common control with, such Person, it being understood for
purposes of this definition that “control” of a Person means the power directly or indirectly either to vote 10% or
more of the stock having ordinary voting power for the election of directors of such Person or direct or cause the direction of
the management and policies of such Person whether by contract or otherwise.

 

    	 	5	 

    	 

    

 

3.
Certain Adjustments.

 

(a)
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or
otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company
upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines
(including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by
reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price
shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted
such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a)
shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

(b)
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share,
as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as
of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

(c)
Notice to Holder.

 

(i)
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the
Company shall promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and setting forth a
brief statement of the facts requiring such adjustment.

 

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(ii)
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever
form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or
purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall
be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a
party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby
the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary
dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed
to the Holder at its last address as it shall appear upon the Warrant Register (defined below) of the Company, at least twenty
(20) calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which
a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not
to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption,
rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer
or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common
Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable
upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to mail such notice
or any defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be specified
in such notice. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding
the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current
Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such
notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

4.
Limitation on Sales of Warrant Shares. The Holder, by the acceptance hereof, acknowledges that the Warrant Shares have
not been registered under the Securities Act, and agrees that it shall not sell, pledge, distribute, offer for sale, transfer
or otherwise dispose of any Warrant Shares, in the absence of (i) an effective registration statement under the Securities Act
as to such Warrant Shares and registration or qualification of such Warrant Shares under any applicable “blue sky”
or state securities law then in effect or (ii) an opinion of counsel, satisfactory to the Company, that such registration and
qualification are not required. Without limiting the generality of the foregoing, unless the resale of the Warrant Shares shall
have been effectively registered under the Securities Act, the Warrant Shares issued upon exercise of this Warrant shall be imprinted
with a legend in substantially the following form:

 

“This
security has been acquired for investment and has not been registered under the Securities Act of 1933, as amended (the “Securities
Act”), or applicable state securities laws. This security may not be sold, pledged or otherwise transferred in the absence
of such registration or pursuant to an exemption therefrom under the Securities Act and such laws, supported by an opinion of
counsel, reasonably satisfactory to the Company and its counsel, that such registration is not required.”

 

    	 	7	 

    	 

    

 

5.
Transfer of Warrant.

 

(a)
Transfer. Subject to compliance with any applicable state and federal securities laws and the provisions of this Warrant,
this Warrant and all rights hereunder may be transferred, in whole or in part, by surrendering this Warrant at the principal office
of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached
hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making
of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants
in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument
of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this
Warrant shall promptly be cancelled. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder
for the purchase of Warrant Shares without having a new Warrant issued.

 

(b)
New Warrants. This Warrant may be divided upon presentation hereof at the aforesaid office of the Company, together with
a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent
or attorney. Subject to compliance with Section 5(a), as to any transfer which may be involved in such division, the Company shall
execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided in accordance with such notice.
All Warrants issued on transfers or exchanges shall be dated the initial issuance date set forth on the first page of this Warrant
and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

(c)
Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose
(the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and
treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution
to the Holder, and for all other purposes, absent actual notice to the contrary.

 

6.
Miscellaneous.

 

(a)
No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other
rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i).

 

(b)
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case
of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

    	 	8	 

    	 

    

 

(c)
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next
succeeding Business Day.

 

(d)
Authorized Shares. The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized
and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of
any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full
authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates
for the Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable
action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable
law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants
that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise
of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized,
validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the
issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

 

Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all
such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.
Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above
the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may
be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares
upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions
or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform
its obligations under this Warrant.

 

Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or
in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be
necessary from any public regulatory body or bodies having jurisdiction thereof.

 

    	 	9	 

    	 

    

 

(e)
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall
be governed by and construed and enforced in accordance with the internal laws of the State of Delaware, without regard to the
principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Warrant shall be commenced exclusively in the state and federal courts sitting
in the City of Kansas City, Kansas. Each party hereby irrevocably submits to the exclusive jurisdiction of the federal courts
sitting in the Kansas City, Kansas, and the state courts sitting in Wyandotte or Johnson County, Kansas for the adjudication of
any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction
of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding.

 

(f)
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder
shall operate as a waiver of such right or otherwise prejudice Holder’s rights, powers or remedies.

 

Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earliest of: (i) the date of transmission, if such notice or communication is delivered
via facsimile at the facsimile number set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York City
time) on a Trading Day, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered
via facsimile at the facsimile number set forth on the signature pages attached hereto on a day that is not a Trading Day or later
than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by
U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to
be given. Except as otherwise provided of in this Warrant, the address for such notices and communications shall be as follows:
if to (A) the Company, 9705 Loiret Boulevard, Lenexa, Kansas, 66219, Attention: Chief Financial Officer, and (B) the Holder, Hudson
Bay Master Fund, Ltd. 777 Third Avenue, 30th Floor, New York, NY 10017, Attention: Rick Allison, General Counsel.

 

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

 

(h)
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not
be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

 

(i)
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby
shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted
assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant
and shall be enforceable by the Holder.

 

(j)
Amendment. This Warrant may only be modified or amended or the provisions hereof waived with the written consent of the
Company and the Holder.

 

(k)
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.

 

(l)
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be
deemed a part of this Warrant.

 

********************

 

[SIGNATURE
PAGE FOLLOWS]

 

    	 	10	 

    	 

    

 

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

 

	 	INFINITY
    ENERGY RESOURCES, INC.
	 	 	 
	 	By:	/s/
    Stanton E. Ross
	 	Name: 	Stanton
    E. Ross
	 	Title:	Chief
    Executive Officer

 

    	 	11	 

    	 

    

 

NOTICE
OF EXERCISE

 

	To:	Infinity Energy Resources, Inc.

 

		1	The
                                         undersigned hereby elects to exercise its Warrant (the “Warrant”)
                                         with respect to ______ shares of common stock of the Company (the “Warrant Shares”),
                                         pursuant to the terms of the Warrant, and tenders herewith or will tender within the
                                         time period specified in the Warrant payment of the exercise price in full (or has elected
                                         below to exercise the Warrant on a cashless basis), together with all applicable transfer
                                         taxes, if any. If the Warrant is being exercised in full, the Warrant is attached hereto
                                         or will be delivered within the time period specified in the Warrant.
	 	 	 
		2	Payment
                                         shall take the form of lawful money of the United States in accordance with the terms
                                         of the Warrant.
	 	 	 
		3.	Please
                                         issue a certificate or certificates representing said Warrant Shares in the name of the
                                         undersigned or in such other name as is specified below:

 

 

 

 

The
Warrant Shares shall be delivered to the following DWAC Account Number or by physical delivery of a certificate to:

 

 

 

 

 

 

 

 

 

 

[SIGNATURE
OF HOLDER]

 

	Name
    of Holder: 	 

 

	Signature:
    	 

 

	Name
    of Signatory (if entity): 	 

 

	Title
    of Signatory (if entity): 	 

 

	Date:
    	 

 

    	 	 	 

    	 

    

 

ASSIGNMENT
FORM

 

(To
assign the foregoing warrant, execute this form and supply required information.

Do
not use this form to exercise the warrant.)

 

FOR
VALUE RECEIVED, [____] all of or [_______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned
to:

 

 

 

 

whose
address is:

 

 

 

 

 

 

 

	 	Dated:
______________, _______
	 	 
	 	 
	 	Name
    of Holder
	 	 
	 	 
	 	Signature
	 	 
	 	 
	 	Name
    of Signatory (if entity)
	 	 
	 	 
	 	Title
    of Signatory (if entity)
	 	 
	 	Address
    of Holder:
	 	 
	 	 
	 	 
	 	 

 

	Signature
    Guaranteed: 	 

 

NOTE:
The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration
or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those
acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant

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