Document:

Exhibit 10.15

 

[Amegy Bank, N.A. Letterhead]

 

 

 

February 16, 2011

 

Via Federal Express

 

Infinity Energy Resources, Inc.

Infinity Oil and Gas of Texas,
Inc.

Infinity Oil & Gas of Wyoming,
Inc.

Attention: Stanton E. Ross

11900 College Blvd., Suite 204

Overland Park, KS 66210

 

Re:           Fifth
Forbearance Agreement; Forbearance Period Advances

 

Ladies and Gentlemen:

 

This letter (this “Agreement”)
sets forth (i) the fifth forbearance agreement among Infinity Energy Resources, Inc.,
a Delaware corporation (“Borrower”), Infinity Oil and Gas of Texas, Inc.,
a Delaware corporation (“Infinity Texas”), Infinity Oil &
Gas of Wyoming, Inc., a Wyoming corporation (“Infinity Wyoming”
and, together with Infinity Texas, “Guarantors”; Guarantors and Borrower are referred to herein collectively
as the “Credit Parties”), and Amegy Bank, N.A. (“Lender”)
and (ii) the terms and conditions of certain forbearance period advances to be made under the Loan Agreement (as hereinafter defined).  The
Credit Parties and Lender previously entered into a Forbearance Agreement dated August 31, 2007 (the “First
Forbearance Agreement”), a Second Forbearance Agreement dated March 26, 2008 (the “Second Forbearance
Agreement”), a Third Forbearance Agreement dated October 16, 2008 (the “Third Forbearance Agreement”)
and a Fourth Forbearance Agreement dated December 4, 2009 (the “Fourth Forbearance Agreement” and, together
with the First Forbearance Agreement, the Second Forbearance Agreement and the Third Forbearance Agreement, the “Forbearance
Agreements”). Unless otherwise defined herein, capitalized terms below have the meanings assigned in the Loan Agreement
dated January 9, 2007, among the Credit Parties and Lender, as amended (the “Loan Agreement”).

 

1.           Forbearance.  Subject
to the complete satisfaction of each of the conditions precedent set forth in Section 19 hereof, Lender and the Credit Parties
hereby agree to a forbearance period commencing as of January 31, 2010, and continuing through December 31, 2011, unless terminated
earlier due to a Default, as defined in Section 20 hereof (such period, the “Forbearance Period”). During
the Forbearance Period, but subject to the occurrence of a Default, Lender will forebear from exercising any remedies under the
Loan Agreement, the Revolving Note, the Security Documents (as used herein, Security Documents shall include the Security Agreement
defined in Section 16 of the Fourth Forbearance Agreement), the Guaranties, and the other Loan Documents (collectively,
the “Transaction Documents”).  The Credit Parties agree that all statutes of limitation with respect
to enforcement of any Transaction Document will be tolled during the Forbearance Period and for ninety (90) days thereafter.

 

2.           Revolving
Loan.  The “Termination Date” as defined in the Loan Agreement is hereby extended until 11:00
a.m. (Houston, Texas time) on December 31, 2011; provided, however, that notwithstanding any provision in any Transaction Document
to the contrary, the parties hereto acknowledge and agree that (a) Borrower shall not be entitled to any further advances on the
Revolving Loan, except as expressly set forth in Section 3 and Section 6 hereof, and (b) any advance made by Lender
under the Loan Agreement (i) prior to the date hereof or (ii) at any time during the Forbearance Period, in each case, in excess
of the Borrowing Base then in effect, and notwithstanding the existence of any Deficiency (as defined in any Forbearance Agreement,
as applicable), constitutes a Revolving Loan.

 

 

    	 

    	 

    

Infinity Energy Resources, Inc.

Infinity Oil and Gas of Texas,
Inc.

Infinity Oil & Gas of Wyoming,
Inc.

Page 2

 

 

3.           Forbearance
Period Advances.

 

(a)           Lender
Commitment.

 

(i)           Subject
to the terms and conditions set forth in this Section 3, Lender agrees to make, on the date hereof, and at any time prior
to the Forbearance Period Advance Maturity Date (as hereinafter defined), one or more Revolving Loans to Borrower in an aggregate
amount not to exceed the $1,050,000.00 (collectively, the “Forbearance Period Advances”).  “Forbearance
Period Advance Maturity Date” means the earlier to occur of (A) the Termination Date and (B) a Default (as defined in
Section 20 hereof).

 

(ii)           Any
amount borrowed under Section 3(a)(i) hereof and subsequently repaid or prepaid may not be reborrowed.  Subject
to Section 3(h) hereof, all amounts owed with respect to the Forbearance Period Advances shall be paid in full no later
than the Forbearance Period Advance Maturity Date.  Lender’s commitment shall terminate immediately and without
further action on the Forbearance Period Advance Maturity Date.

 

(b)           Borrowing
Mechanics for Forbearance Period Advances.

 

(i)           Following
the date hereof, whenever Borrower desires that Lender make Forbearance Period Advances, Borrower shall deliver to Lender a fully
executed and delivered Funding Notice no later than 12:00 p.m. (Houston, Texas time) at least one business day in advance of the
proposed borrowing.  “Funding Notice” means a notice substantially in the form of Exhibit A,
executed and delivered by any individual holding the position of chairman of the board (if an officer), chief executive officer,
president or one of its vice presidents (or the equivalent thereof), chief operating officer, chief financial officer or treasurer
of Borrower (such Person, an “Authorized Officer”), which notice shall be irrevocable and shall specify (A)
the aggregate principal amount of the requested Forbearance Period Advance, (B) the requested borrowing date (which shall be a
business day), (C) the location and number of Borrower’s account in which the proceeds of such requested Forbearance Period
Advance are to be deposited and (D) a detailed request specifying the use of proceeds of the entire amount of such requested Forbearance
Period Advance and attaching supporting documentation, including invoices, if any, with respect thereto.

 

(ii)           Notwithstanding
Section 5(b) of the Loan Agreement, upon satisfaction of the conditions precedent specified in the immediately succeeding
clauses (A) through (D), then Lender shall make its Forbearance Period Advance available to Borrower not later than 2:00 p.m. (Houston,
Texas time) on the applicable borrowing date to Borrower’s account designated in the applicable Funding Notice.

 

A.           Lender
shall have received a fully executed and delivered Funding Notice;

 

B.           as
of such borrowing date, the representations and warranties contained herein and in the other Transaction Documents, except for
the Existing Defaults and Section 6(i) of the Loan Agreement, which is no longer applicable, in each case, shall be true
and correct in all material respects on and as of such borrowing date to the same extent as though made on and as of that date.

 

    	 

    	 

    

Infinity Energy Resources, Inc.

Infinity Oil and Gas of Texas,
Inc.

Infinity Oil & Gas of Wyoming,
Inc.

Page 3

 

C.           as
of such borrowing date, no event shall have occurred and be continuing or would result from the consummation of the applicable
Forbearance Period Advance that would constitute a Default (as defined in Section 20 hereof) or, other than with respect
to the Existing Defaults, a Default.

 

D.           Lender
consents, in its sole discretion, to make such Forbearance Period Advance.

 

E.           Lender
shall be entitled, but not obligated to, request and receive, prior to the making of any Forbearance Period Advance, additional
information satisfactory to it confirming the satisfaction of any of the foregoing.

 

(c)           Use
of Proceeds.  The proceeds of the Forbearance Period Advances shall be used by Borrower (i) on the date hereof, to
repay in an amount not less than $452,459.89 a portion of Existing Amegy Indebtedness (as hereinafter defined) as follows:  $100,000
principal amount of the June 2010 Note (as hereinafter defined), $10,000 principal amount of the October 2010 Note (as hereinafter
defined), $122,462.44 principal amount of the December 2010 Note (as hereinafter defined), $163,912.45 principal amount of the
Overdraft Fees (as hereinafter defined) and $56,085.00 principal amount of the Hedging Termination Fee (as hereinafter defined),
it being understood and agreed that any interest owing on any Existing Amegy Indebtedness repaid on the date hereof shall be due
and payable on the Forbearance Period Advance Maturity Date, (ii) on the date hereof, to pay Transaction Costs (as hereinafter
defined) and (iii) on or after the date hereof, for working capital and general corporate purposes related to the Nicaragua Concessions
(as defined in Section 6 hereof) and as set forth in Budgeted Expenses in Section 15(e) below.  Neither Borrower
nor any of its directors, officers, agents, employees or other Persons associated with or active on behalf of Borrower, will directly
or indirectly, use the proceeds of any Forbearance Period Advance (y) in any manner that causes or might cause such Forbearance
Period Advance or the application of such proceeds to violate Regulation T, Regulation U or Regulation X of the Board of Governors
of the Federal Reserve System or any other regulation thereof or to violate the Securities Exchange Act of 1934, as amended from
time to time, and any successor statute or (z) to lend, contribute or otherwise make available such proceeds to any subsidiary,
joint venture partner or other Person, to make any offer, payment, promise to pay or authorization of the payment of any money,
or other property, gift, promise to give, or authorization of the giving of anything of value directly or indirectly to or for
the benefit of any public official including any foreign officials as such terms is defined in the Foreign Corrupt Practices Act
of 1977, as amended, or any foreign political party of official thereof or any candidate for foreign political office or for a
third party to benefit any of the foregoing, if doing so would or might violate the law of any relevant jurisdiction.  “Existing
Amegy Indebtedness” means indebtedness and other obligations (i) outstanding under the Loan Agreement, including certain
overdraft fees (“the “Overdraft Fees”) in respect thereof, (ii) outstanding under that certain Demand
Promissory Note dated June 30, 2010 (the “June 2010 Note”), between Borrower and Lender, (iii) outstanding under
that certain Demand Promissory Note dated October 8, 2010 (the “October 2010 Note”), between Borrower and Lender,
(iv) outstanding under that certain Demand Promissory Note dated December 6, 2010 (the “December 2010 Note”),
between Borrower and Lender and (v) outstanding in respect of that certain hedge termination fee (the “Hedge Termination
Fee”) due pursuant to the Second Forbearance Agreement.  “Transaction Costs” means the fees,
costs and expenses payable by Borrower or any of Borrower’s Subsidiaries on or before the date hereof in connection with
the transactions contemplated by this Agreement not to exceed, unless otherwise approved in writing by Lender, $15,000.

 

    	 

    	 

    

Infinity Energy Resources, Inc.

Infinity Oil and Gas of Texas,
Inc.

Infinity Oil & Gas of Wyoming,
Inc.

Page 4

 

(d)           Evidence
of Forbearance Period Advance.  Borrower shall execute and deliver to Lender a promissory note in form and substance
satisfactory to Lender to evidence Lender’s Forbearance Period Advances (the “Forbearance Period Advance Note”).

 

(e)           Interest
on Forbearance Period Advances.

 

(i)           Except
as otherwise set forth herein, each Forbearance Period Advance shall bear interest on the unpaid principal amount thereof from
the date made through repayment (whether by acceleration or otherwise) thereof at Prime Rate (as hereinafter defined) plus 2%.  “Prime
Rate” means, on any day, the rate of interest per annum most recently publicly announced by Lender as its prime rate
in effect at its principal office in Houston, Texas; each change in the Prime Rate shall be effective from and including the date
such change is publicly announced as being effective.

 

(ii)           Interest
payable pursuant to Section 3(e)(i) hereof shall be computed on the basis of a 360 day year, in each case for the actual
number of days elapsed in the period during which it accrues.  In computing interest on any Forbearance Period Advance,
the date of the making of such Forbearance Period Advance shall be included, and the date of payment of such Forbearance Period
Advance shall be excluded; provided, if a Forbearance Period Advance is repaid on the same day on which it is made, one day’s
interest shall be paid on that Forbearance Period Advance.

 

(iii)           Except
as otherwise set forth herein, interest on each Forbearance Period Advance shall be payable in arrears on and to (i) the date of
any voluntary prepayment of that Forbearance Period Advance and to the extent accrued on the amount being prepaid; and (ii) the
Forbearance Period Advance Maturity Date.

 

(f)           Default
Interest.  Upon the occurrence and during the continuance of a Default (as defined in Section 20 hereof),
the principal amount of all Forbearance Period Advances outstanding and, to the extent permitted by applicable law, any interest
payments on the Forbearance Period Advances or any fees or other amounts then due and owing hereunder, shall thereafter bear interest
(including post petition interest in any proceeding under applicable bankruptcy laws) payable on demand at a rate that is 3.0%
per annum in excess of the interest rate otherwise payable hereunder with respect to the Forbearance Period Advances (or, in the
case of any such fees and other amounts then due and owing hereunder, at a rate which is 3.0% per annum in excess of the interest
rate otherwise payable hereunder with respect to the Forbearance Period Advances).  Payment or acceptance of the increased
rates of interest provided for in this Section 3(f) is not a permitted alternative to timely payment and shall not constitute
a waiver of any Default (as defined in Section 20 hereof) or otherwise prejudice or limit any rights or remedies of Lender.

 

(g)           Fees.

 

(i)           Borrower
agrees to pay to Lender a commitment fee equal to $21,000.00.  This commitment fee shall be payable on the Forbearance
Loan Maturity Date.

 

    	 

    	 

    

Infinity Energy Resources, Inc.

Infinity Oil and Gas of Texas,
Inc.

Infinity Oil & Gas of Wyoming,
Inc.

Page 5

 

(ii)           Borrower
agrees to pay to Lender such other fees in the amounts and at the times separately agreed upon between Borrower and Lender.

 

(h)           Mandatory
Prepayments/Commitment Reductions.

 

(i)           Asset
Sales.  No later than the first business day following the date of receipt, in any given month, by Borrower or any
of its Subsidiaries of any Net Asset Sale Proceeds (as hereinafter defined) in excess of the aggregate amount of Budgeted Expenses
(as defined in Section 15(e) hereof) as set forth in the most recent Budget (as defined in Section 15(e)) required
to be delivered pursuant to Section 15(e) hereof, Borrower shall prepay the Forbearance Period Advances as set forth in
Section 3(i) hereof in an aggregate amount equal to such excess amount; provided, that (A) such Net Asset Sale Proceeds
shall be deposited directly by the payee thereof into a deposit account held by Borrower at Amegy Bank, N.A. and (B) if, within
30 days of Borrower’s receipt of such Net Asset Sale Proceeds, Borrower has not paid one or more such Budgeted Expenses in
an aggregate amount equal to 100% of the amount of such proceeds not otherwise required to prepay the Forbearance Period Advances,
then Borrower shall prepay the Forbearance Period Advances as set forth in Section 3(i) hereof in an amount equal to the
amount not so paid.  “Net Asset Sale Proceeds” means, with respect to any Asset Sale (as hereinafter
defined), an amount equal to: (1) cash payments received by Borrower or any of its Subsidiaries from such Asset Sale, minus (2)
any bona fide direct costs and expenses incurred in connection with such Asset Sale to the extent paid or payable to non-Affiliates,
including (x) income or gains taxes payable or reasonably estimated to be payable by the seller as a result of any gain recognized
in connection with such Asset Sale during the tax period the sale occurs, (y) payment of the obligations (other than the Loans)
secured by a Lien on the assets in question, which is required to be repaid under the terms thereof as a result of such Asset Sale,
and (z) a reasonable reserve for any adjustments in respect to sale price of such assets and any indemnification payments (fixed
or contingent) attributable to seller’s indemnities and representations and warranties to purchaser in respect of such Asset
Sale undertaken by Borrower or any of its Subsidiaries in connection with such Asset Sale; provided that upon release of any such
reserve, the amount released shall be considered Net Asset Sale Proceeds).  “Asset Sale” means a sale,
lease or sublease (as lessor or sublessor), sale and leaseback, assignment, conveyance, transfer, license or other disposition
to, or any exchange of property with, any Person (other than to or with a Credit Party), in one transaction or a series of transactions,
of all or any part of any Credit Party’s businesses, assets or properties of any kind, whether real, personal, or mixed and
whether tangible or intangible, whether now owned or hereafter acquired, leased or licensed, including, without limitation, the
capital stock of any Credit Party, other than inventory or other assets sold or leased, or cash or cash equivalents disposed of,
in each case, in the ordinary course of business.  For purposes of clarification, “Asset Sale” shall (i)
include (x) the sale or other disposition for value of any contracts or (y) the early termination or modification of any contract
resulting in the receipt by any Credit Party of a cash payment or other consideration in exchange for such event (other than payments
in the ordinary course of business for accrued and unpaid amounts due through the date of termination or modification) and (ii)
exclude any taking or other disposition by means of power of eminent domain, condemnation or similar power, threat or right.

 

(ii)           Insurance/Condemnation
Proceeds.  No later than the first business day following the date of receipt, in any given month, by Borrower or
any of its Subsidiaries, or Lender as loss payee, of any Net Insurance/Condemnation Proceeds (as hereinafter defined) in excess
of the aggregate amount of Budgeted Expenses (as defined in Section 15(e) hereof) as set forth in the most recent Budget
(as defined in Section 15(e) hereof) required to be delivered pursuant to Section 15(e) hereof, Borrower shall prepay
the Forbearance Period Advances as set forth in Section 3(i) hereof in an aggregate amount equal to such excess amount;
provided, that (A) such Net Insurance/Condemnation Proceeds shall be deposited directly by the payee thereof into a deposit account
held by Borrower at Amegy Bank, N.A. and (B) if, within 30 days of Borrower’s receipt of such Net Insurance/Condemnation
Proceeds, Borrower has not paid one or more such Budgeted Expenses in an aggregate amount equal to 100% of the amount of such proceeds
not otherwise required to prepay the Forbearance Period Advances, then Borrower shall prepay the Forbearance Period Advances as
set forth in Section 3(i) hereof in an amount equal to the amount not so paid.  “Net Insurance/Condemnation
Proceeds” means an amount equal to: (1) any cash payments or proceeds received by Borrower or any of its Subsidiaries
(a) under any casualty, business interruption or “key man” insurance policies in respect of any covered loss thereunder,
or (b) as a result of the taking of any assets of Borrower or any of its Subsidiaries by any Person pursuant to the power of eminent
domain, condemnation or otherwise, or pursuant to a sale of any such assets to a purchaser with such power under threat of such
a taking, minus (2) (a) any actual and reasonable costs incurred by Borrower or any of its Subsidiaries in connection with the
adjustment, prosecution or settlement of any claims of Borrower or such Subsidiary in respect thereof, and (b) any bona fide direct
costs incurred in connection with any sale of such assets as referred to in clause (1)(b) of this definition to the extent paid
or payable to non-Affiliates, including income or gains taxes payable or reasonably estimated to be payable as a result of any
gain recognized in connection therewith.

 

    	 

    	 

    

Infinity Energy Resources, Inc.

Infinity Oil and Gas of Texas,
Inc.

Infinity Oil & Gas of Wyoming,
Inc.

Page 6

 

(iii)           Issuance
of Equity Securities.  On the date of receipt, in any given month, by Borrower or any of its Subsidiaries of cash
proceeds from (A) any capital contribution to, or the issuance of any capital stock of, Borrower or any of its Subsidiaries, (B)
any capital stock issued pursuant to any employee stock or stock option compensation plan other than any such issuance that constitutes
and Exempted Issuance (as defined in the Warrants (as defined in Section 19(b) hereof) or (C) any capital stock issued for
purposes approved in writing by Lender, in an aggregate value in excess of the aggregate amount of Budgeted Expenses (as defined
in Section 15(e) hereof) as set forth in the most recent Budget (as defined in Section 15(e) hereof) required to
be delivered pursuant to Section 15(e) hereof, Borrower shall prepay the Forbearance Period Advances as set forth in Section
3(i) hereof in an aggregate amount equal to such excess amount; provided, that (1) such proceeds shall be deposited directly
by the payee thereof into a deposit account held by Borrower at Amegy Bank, N.A. and (2) if, within 30 days of Borrower’s
receipt of such cash proceeds, Borrower has not paid one or more such Budgeted Expenses in an aggregate amount equal to 100% of
the amount of such proceeds not otherwise required to prepay the Forbearance Period Advances, then Borrower shall prepay the Forbearance
Period Advances as set forth in Section 3(i) hereof in an amount equal to the amount not so paid.

 

(iv)           Issuance
of Debt.  On the date of receipt, in any given month, by Borrower or any of its Subsidiaries of any cash proceeds
from the incurrence of any indebtedness of Borrower or any of its Subsidiaries (other than with respect to any indebtedness permitted
to be incurred pursuant to Section 7(h) of the Loan Agreement) in excess of the aggregate amount of Budgeted Expenses (as
defined in Section 15(e) hereof) as set forth in the most recent Budget (as defined in Section 15(e) hereof) required
to be delivered pursuant to Section 15(e) hereof, Borrower shall prepay the Forbearance Period Advances as set forth in
Section 3(i) hereof in an aggregate amount equal to such excess amount; provided, that (A) such proceeds shall be deposited
directly by the payee thereof into a deposit account held by Borrower at Amegy Bank, N.A. and (B) if, within 30 days of Borrower’s
receipt of such cash proceeds, Borrower has not paid one or more such Budgeted Expenses in an aggregate amount equal to 100% of
the amount of such proceeds not otherwise required to prepay the Forbearance Period Advances, then Borrower shall prepay the Forbearance
Period Advances as set forth in Section 3(i) hereof in an amount equal to the amount not so paid.

 

    	 

    	 

    

Infinity Energy Resources, Inc.

Infinity Oil and Gas of Texas,
Inc.

Infinity Oil & Gas of Wyoming,
Inc.

Page 7

 

(v)           Prepayment
Certificate.  Concurrently with any prepayment of the Forbearance Period Advances pursuant to Sections 3(h)(i)
through 3(h)(iv) hereof, Borrower shall deliver to Lender a certificate of an Authorized Officer demonstrating
the calculation of the amount of the applicable net proceeds and compensation owing to Lender.  Within 30 days of Borrower’s
receipt of any such proceeds pursuant to Sections 3(h)(i) through 3(h)(iv) hereof, Borrower shall deliver to Lender
a certificate of an Authorized Officer identifying the Budgeted Expenses so paid and supporting documentation reasonably satisfactory
to Lender.   In the event that Borrower shall subsequently determine that the actual amount received exceeded the
amount set forth in such certificate, Borrower shall promptly make an additional prepayment of the Forbearance Period Advances
in an amount equal to such excess, and Borrower shall concurrently therewith deliver to Lender a certificate of an Authorized Officer
demonstrating the derivation of such excess.

 

(i)           Application
of Prepayments/Reductions.  Any voluntary prepayments of Forbearance Period Advances and any mandatory prepayment
of any Forbearance Period Advance pursuant to Section 3(h) hereof shall be applied as follows:

 

(i)           first,
to the payment of all fees and all expenses owed to Lender which are then due and payable;

 

(ii)           second,
to the payment of any accrued and unpaid interest on the Forbearance Period Advances at the Default Rate, if any;

 

(iii)           third,
to the payment of any accrued and unpaid interest on the Forbearance Period Advances (other than Default Rate interest); and

 

(iv)           fourth,
to prepay the Forbearance Period Advances.

 

4.           Events
of Default.  The Credit Parties have identified to Lender and acknowledge that the following Events of Default have
occurred and remain outstanding as of the date hereof (the “Existing Defaults”):

 

(a)           The
Existing Defaults set forth in the First Forbearance Agreement, the Second Forbearance Agreement, the Third Forbearance Agreement
and the Fourth Forbearance Agreement;

 

(b)           The
Credit Parties breached the financial covenants set forth in Subsections (a) - (h) of Section 8 of the Loan Agreement for
the periods ended March 31, 2010, June 30, 2010 and September 30, 2010; and the Credit Parties breached the covenants set forth
in Subsections (g), (i), and (m) of Section 7 of the Loan Agreement during the periods ended March 31, 2010, June 30, 2010
and September 30, 2010; provided, however, that the breach of Subsection (i) of Section 7 of the Loan Agreement was
solely attributable to involuntary mineral lien claims made under Chapter 56 of the Texas Property Code or similar applicable law.

 

    	 

    	 

    

Infinity Energy Resources, Inc.

Infinity Oil and Gas of Texas,
Inc.

Infinity Oil & Gas of Wyoming,
Inc.

Page 8

 

5.           Temporary
Waiver; No Novation.   The Credit Parties have requested that Lender temporarily waive the Existing Defaults.  Subject
to (a) the complete satisfaction of each of the conditions precedent set forth in Section 19 hereof and (b) the occurrence
of a Default, Lender hereby temporarily waives the Existing Defaults through the Forbearance Period only.  This is a
temporary and limited waiver, and Lender reserves the right to require strict compliance with all applicable provisions under each
of the Transaction Documents, including the provisions violated as set forth above, in the future.  Except as otherwise
expressly provided in this Agreement, and both during and following the expiration of the Forbearance Period, each of the Transaction
Documents and the indebtedness and other obligations of the Credit Parties thereunder shall remain in full force and effect, and
shall not be waived, modified, superseded or otherwise affected by this Agreement, except as expressly set forth herein.  This
Agreement is not a novation nor is it to be construed as a release, waiver or modification of any of the terms, conditions, representations,
warranties, covenants, rights or remedies set forth in any Transaction Document, except as expressly set forth herein.  Further,
this waiver shall not be construed as a commitment by Lender to waive any future violation of the same or any other term or condition
of the Loan Agreement or any other Transaction Document.  Neither the negotiation nor execution of this Agreement will
be an election of any right or remedy available to Lender and, except as specifically limited or postponed herein, Lender reserves
all rights and remedies provided under each of the Transaction Documents or by law.

 

6.           Nicaragua
Concessions.  a) Borrower represents and warrants to Lender (i) that Borrower has received all governmental
authorizations necessary for the validation and ratification of the concessions (“Governmental Approval”) in
the Tyra and Perlas Blocks, offshore Nicaragua, as awarded to Borrower by the Republic of Nicaragua in 2003, as hereafter amended
and modified (the “Nicaragua Concessions”), and affected by Sentencia No. 92, Expediente No 591-06, rendered
by the Supreme Court of Justice of the Republic of Nicaragua, Constitutional Hall, dated May 2, 2006, (ii) that such
Governmental Approval remains in full force and effect and (iii) that no adverse change or modification to such Governmental Approval
or the Nicaragua Concessions has occurred or is reasonably expected to occur.

 

(b)           Each
Credit Party represents and warrants to Lender that such Credit Party has not, and covenants that such Credit Party shall not,
sell, assign, transfer, or otherwise dispose of all or any interest in the Nicaragua Concessions, without the prior written consent
of Lender, except for (A) the sale of hydrocarbons in the ordinary course of business, (B) the sale or transfer of equipment
or inventory in the ordinary course of business or that is no longer necessary for the business of Borrower or that is obsolete
or replaced by equipment of at least comparable value and use, (C) the assignment or transfer required under Section 10.02
of Borrower’s insurance policies issued by the Overseas Private Investment Corporation (“OPIC”) related
to the Nicaragua Concessions (the “OPIC Policies”), after payment of compensation for a claim made by Borrower
under the OPIC Policies, (D) in connection with the consulting arrangements identified in the Forbearance Agreements pre-dating
this Fifth Forbearance Agreement, the conveyance of the overriding royalty interest in the Nicaragua Concessions identified thereon,
and (E) such conveyances of one or more overriding royalty and similar interests in the Nicaragua Concessions as approved
by Lender in writing, which include conveyances to the officers, directors and consultants previously approved by the Lender; and

 

(c)           Each
Credit Party represents and warrants to Lender that such Credit Party has not, and covenants that such Credit Party shall not,
mortgage, assign, hypothecate, pledge, or encumber, and not create, incur, or assume any lien or security interest on or in, the
Nicaragua Concessions (or any interest in the Nicaragua Concessions), without the prior written consent of Lender, except for any
security interest in favor of Lender and the Permitted Encumbrances.

 

    	 

    	 

    

Infinity Energy Resources, Inc.

Infinity Oil and Gas of Texas,
Inc.

Infinity Oil & Gas of Wyoming,
Inc.

Page 9

 

7.           Nicaragua
Letters of Credit.  Lender has issued two Letters of Credit in an aggregate amount equal to $851,550.00, in favor
of the Direccion General de Hidrocarburos, Instituto Nicaraguense de Energia, for the account of Borrower and as security for Borrower’s
obligations with respect to the Nicaragua Concessions (the “Nicaragua Letters of Credit”).  Any fundings
under the Nicaragua Letters of Credit will be treated as an advance on the Revolving Loan and will be secured by the Security Documents.  The
Nicaragua Letters of Credit shall be on terms reasonably acceptable to Lender and shall be for a term of up to one year and, if
necessary, to renew automatically unless Lender gives prior written notice.  Borrower will sign and deliver Lender’s
customary forms for the issuance of Letters of Credit.  Lender agrees to take any and all reasonable actions in relation
to the Nicaragua Letters of Credit as may be reasonably requested, and comply with the terms and conditions reasonably set forth,
by the Nicaraguan government. Borrower agrees to pay to Lender a Letter of Credit fee on the Nicaragua Letters of Credit equal
to three and one-quarter percent (3.25%) per annum, calculated on the aggregated stated amount of the Nicaragua Letters of Credit
for the stated duration thereof (computed on the basis of actual days elapsed as if each year consisted of 360 days), and due on
or before the Deferral Date (as defined in Section 17(a) hereof); provided, however, that Lender reserves the right to impose,
at any time after the termination of the Forbearance Period, the default rate of Stated Rate, plus six percent (6.0%) (the “Default
Rate”), as set forth in the Revolving Note in the event that an Event of Default remains uncured and outstanding.

 

8.           Subordinate
Loans.  [Borrower has entered into one or more subordinate loans in an aggregate amount equal to $1,275,000.00, which
are subordinated to the Loans (the “Subordinate Loans”).  The Subordinate Loans are secured by security
documents on a fully-subordinated basis.]1  Unless otherwise agreed by
Lender in writing, the proceeds from the Subordinate Loans may be used by Borrower for general and administrative expenses in excess
of the monthly limit set forth below or for development of the Nicaragua Concessions.

 

9.           Cash
Flow.  Borrower agrees that it will use its commercially reasonable best efforts (a) to cause the contribution of
cash to Borrower to the extent necessary so that Borrower’s consolidated cash flow is a minimum of break even, after payment
of interest expense on the Revolving Loan, (b) to prevent any additional accounts payable from becoming past due, and (c) to prevent
any additional mineral liens under Chapter 56 of the Texas Property Code or similar applicable law from being filed against the
Properties.

 

10.           Lockbox.  The
Credit Parties agree that the following provisions continue to apply:

 

(a)           The
Credit Parties will direct all production proceeds attributable to their oil and gas properties to be paid to a lockbox account
to be set up and maintained with Lender for the purpose of collection of production proceeds (the “Lockbox Account”).

 

(b)           All
production proceeds received in the Lockbox Account by Lender with respect to production, severance, ad valorem, or other taxes
on production proceeds (excluding income taxes) or that are attributable to another person’s or entities’ royalty or
other interest in the oil and gas properties shall be released immediately to Borrower upon Borrower’s request and verification
of those amounts.  The Credit Parties shall provide evidence of the timely payment of production, severance, ad valorem,
or other taxes on production proceeds (excluding income taxes) and of the royalty and overriding royalty owners; provided, however,
that no royalties and overriding royalty interests owned by the Credit Parties or any affiliate (within the meaning of Rule 144
of the Securities Act of 1933, as amended) thereof shall be paid from the Lockbox Account proceeds.

 

    	 

    	 

    

Infinity Energy Resources, Inc.

Infinity Oil and Gas of Texas,
Inc.

Infinity Oil & Gas of Wyoming,
Inc.

Page 10

 

(c)           Borrower
will provide Lender with a proposed budget of recurring operating expenses, non-recurring operating expenses, general and administrative
expenses, and any capital expenditures for the oil and gas properties expected to be paid during the Forbearance Period and supporting
documentation for those expenses and expenditures.

 

(d)           At
Borrower’s request, production proceeds in the Lockbox Account may be used to pay operating expenses, general and administrative
expenses (subject to the limits in Section 15 below), and capital expenditures, all as approved by Lender (which approval
shall not be unreasonably withheld, delayed, or denied).  The Credit Parties shall not pay in any month operating expenses,
general and administrative expenses, or capital expenditures exceeding the aggregate budgeted expenses for each such category for
that month set forth pursuant to Section 10(c) above, unless Lender has approved such payments.  Borrower shall,
not later than two (2) business days prior to the date on which Borrower proposes to pay such operating expenses, general and administrative
expenses, or capital expenditures and as a condition precedent to requesting such approval, deliver to Lender in usual and customary
form reasonably acceptable to Lender reasonable detail of all expenses and expenditures proposed to be paid in respect of such
month.  Any excess production proceeds in the Lockbox Account may be used only for such other purposes as approved by
Lender, in its discretion.

 

(e)           All
production proceeds remaining in the Lockbox Account after payment of the taxes and royalties as provided above and the operating
expenses and discretionary amounts as provided above will be applied by Lender on the last day of each month to the principal and
interest on the Revolving Note and all other fees and obligations under this Agreement and the Loan Agreement as set forth in Section
3.2 of each of the Deeds of Trust.  Subject to Section 16(b) hereof, if the production proceeds received in
the Lockbox during any month are not sufficient to make the scheduled monthly interest payment on the Revolving Loan, Borrower
will pay Lender the deficiency within ten (10) days of notice from Lender of such shortfall.

 

11.           Sale
of Oil and Gas Properties.  In order to pay a portion of the Revolving Note and other fees and obligations under
this Agreement and the Loan Agreement, the Credit Parties proposed to Lender, and agree to take, the following actions:

 

(a)           The
Credit Parties shall proceed with the sale and marketing of the interest retained in the oil and gas properties of Infinity Wyoming
(the “Rockies Properties”) and the Texas oil and gas properties of Infinity Texas (the “Texas Properties”).  The
Credit Parties shall use their best efforts i)  to promptly obtain firm proposals for the sale of the properties, ii) to
execute a definitive agreement or agreements, subject to stockholder approval if required, for the sale of properties with proceeds
sufficient to repay the Revolving Note, iii) to seek stockholder approval, if required, and consummate the sale of the properties
as soon as practicable thereafter and iv) to notify Lender of any developments with respect to any of the foregoing.

 

(b)           The
Credit Parties shall promptly provide Lender with a copy of the agreement or engagement letter with any oil and gas divestiture
firm acceptable to Lender and retained to assist with sales under this Section 11; and thereafter the Credit Parties shall
provide a monthly report on the first (lst) day of each month, to be prepared by
the oil and gas divestiture firm engaged by the Credit Parties to facilitate the sale of the oil and gas properties and leasehold
interests, that includes any and all information pertaining to property bids, the current status of any bids or sale discussions,
and all marketing efforts employed to sell the Rockies Properties and the Texas Properties.  Notwithstanding any provision
to the contrary, at least two (2) business days prior to the date on which Borrower proposes to pay such, Borrower shall deliver
to Lender in usual and customary form reasonably acceptable to Lender, reasonable detail of all broker fees and other transaction
costs related to the sale of the properties proposed to be paid from proceeds in the Lockbox Account, and thereafter Borrower may
pay such fees and costs as are approved by Lender (which approval shall not be unreasonably withheld, delayed, or denied).

 

    	 

    	 

    

Infinity Energy Resources, Inc.

Infinity Oil and Gas of Texas,
Inc.

Infinity Oil & Gas of Wyoming,
Inc.

Page 11

 

(c)           No
sale of any of the Rockies Properties and the Texas Properties, or any of them, will be permitted to an affiliate of the Credit
Parties, unless Lender consents in writing.

 

(d)           The
Credit Parties will direct all of the sale proceeds (the “Sale Proceeds”) from the sale of any of the Rockies
Properties and the Texas Properties to be paid to Lender to be applied to reduce the amounts owing to Lender under any Transaction
Document or as otherwise agreed by Lender, in each case, in its sole discretion.

 

12.           Use
of Proceeds.  Notwithstanding any term of this Agreement or any Transaction Document to the contrary, the Credit
Parties shall not use any proceeds from the Lockbox Account, any proceeds from any capital contribution, any proceeds of the Subordinate
Loans, or any net sale proceeds from the sale of any of the Rockies Properties or the Texas Properties for the purpose of acquiring
any oil and gas properties or leases or drilling any well, without the prior written consent of Lender.

 

13.           Hedge
Transactions.  Notwithstanding the terms of Section 4 of the Loan Agreement or any term of any Transaction
Document to the contrary, the Credit Parties agree that during the Forbearance Period and so long thereafter as any Event of Default
has occurred and is continuing, the Credit Parties shall not enter into any Hedge Transaction without the prior written consent
of Lender.  If Lender consents to any additional Hedge Transactions, those Hedge Transactions must comply with the terms
of Section 4 of the Loan Agreement.

 

14.           Audit
and Inspections; Financial Adviser.  b) The Credit Parties agree that Lender and its auditors, accountants or
other representatives (including the financial advisors and financial professionals referred to in the immediately succeeding clause
(b)) may, from time to time until the Revolving Note and all other fees and obligations under this Agreement and the Loan Agreement
are paid in full, and all outstanding Letters of Credit, including the Nicaragua Letters of Credit, are terminated or cash secured
to Lender’s satisfaction, conduct an inspection or an audit at each Credit Party’s offices and examine, audit, and
make and take away copies or reproductions of each Credit Party’s books and records reasonably requested by Lender or any
of its representatives, relating to i) the sources and uses of all funds advanced by Lender under the Revolving Note, ii) the
sources and uses of all production proceeds attributable to any Credit Party’s oil and gas properties, iii) the sources
and uses of the Sale Proceeds, iv) the sources and uses of all proceeds received from the issuance of any subordinated debt
or capital raises, v) the Governmental Consent and the Nicaragua Concessions, vi) each Credit Party’s compliance
with the terms of any Transaction Document, vii) any collateral granted by any Credit Party to secure the performance by the Credit
Parties of their obligations under the Transaction Documents and viii) the transactions contemplated under this Agreement
and any other Transaction Document.  Lender will provide the applicable Credit Party with three (3) business days written
notice of its intention to commence the inspection or audit.  Each Credit Party agrees to cooperate with Lender and its
representatives and comply with all reasonable requests in connection with the audit, and each Credit Party hereby consents to
the review and use by Lender and its representatives of any Credit Party’s third-party audit of the books and records of
the Credit Parties and any other subsidiaries thereof, including the supporting documentation and work papers of such independent
auditors.

 

    	 

    	 

    

Infinity Energy Resources, Inc.

Infinity Oil and Gas of Texas,
Inc.

Infinity Oil & Gas of Wyoming,
Inc.

Page 12

 

c) During the Forbearance
Period, Lender shall have the right, in its sole discretion, to engage at Borrower’s expense, one or more financial advisors
or other financial professionals in connection with any “workout” or restructuring of the Credit Parties and during
any legal proceeding, including any proceeding under the Bankruptcy Code or any other law relating to bankruptcy, insolvency or
reorganization or relief of debtors.

 

15.           Reporting
Requirements.  Until the Revolving Note and all other fees and obligations under this Agreement and the Loan Agreement
are paid in full, and all outstanding Letters of Credit, including the Nicaragua Letters of Credit, are terminated or cash secured
to Lender’s satisfaction, the Credit Parties will furnish to Lender the following in Proper Form:

 

(a)           As
soon as available, and in any event within thirty (30) days after the end of each month, the consolidated balance sheet of Borrower
and its Subsidiaries as at the end of such month and the related consolidated and consolidating statements of operations, consolidated
statements of stockholders’ equity and consolidated statements of cash flows of Borrower and its Subsidiaries for such month
and for the period from the beginning of the then current fiscal year of Borrower to the end of such month, setting forth in each
case in comparative form the corresponding figures for the corresponding periods of the previous fiscal year, all in reasonable
detail, together with (i) a certificate from the chief financial officer of Borrower, certifying that such financial statements
fairly present, in all material respects, the financial condition of Borrower and its Subsidiaries as at the dates indicated and
the results of their operations and their cash flows for the periods indicated, subject to changes resulting from audit and normal
year-end adjustments, and (ii) any other operating reports prepared by management for such period.

 

(b)           Together
with each delivery of financial statements of Borrower and each other Credit Party pursuant to Section 15(a) hereof and
Sections 9(a) and 9(b) of the Loan Agreement, (i) a summary of the accounts receivable aging report of each Credit
Party as of the end of such period, and (ii) a summary of accounts payable aging report of each Credit Party as of the end of such
period.

 

(c)           Within
ten (10) days of the end of each month, a report showing Borrower’s consolidated actual cash flow for the month and for the
period from the beginning of the fiscal year through the end of the month and consolidated projected cash flow for the immediately
succeeding six-month period.

 

(d)           Within
ten (10) days of the end of each month, an accounts payable listing and aging, along with copies of all additional liens or claims
made by any account creditors.

 

(e)           Within
ten (10) days of the end of each month, a budget (the “Budget”) of recurring operating expenses, non-recurring
operating expenses, general and administrative expenses, and any capital expenditures for the oil and gas properties (the “Budgeted
Expenses”) expected to be paid during the next succeeding month and supporting documentation for those expenses and expenditures,
as well as a reconciliation of such amounts to the amounts provided pursuant to Section 10(c) hereof.

 

    	 

    	 

    

Infinity Energy Resources, Inc.

Infinity Oil and Gas of Texas,
Inc.

Infinity Oil & Gas of Wyoming,
Inc.

Page 13

 

(f)           On
Monday of each week, a report showing Borrower’s consolidated projected cash flow for the immediately succeeding thirteen
(13)-week period.

 

(g)           As
received, the Credit Parties shall promptly provide to Lender all information related in any way to their ability to raise additional
capital, including sale and capital raise materials and other expressions of interest, and other information reasonably requested
by Lender.

 

(h)           As
received, the Credit Parties shall promptly provide to Lender copies of any agreement or engagement letter with an oil and gas
divestiture firm, all written purchase bids, purchase agreements, and farm-in proposals related in any way to the prospective sale
of any of the Rockies Properties and the Texas Properties and shall promptly inform Lender of any unwritten offers or bids.

 

(i)           As
received, the Credit Parties shall promptly provide to Lender copies of any term sheets or financing proposals received that would
result in the repayment of all or any portion of the outstanding amount owed on the Revolving Note.

 

(j)           Within
ten (10) days of the end of each month, a notice to Lender indicating whether any Credit Party obtained production from any of
its Properties and an identification of such Properties.

 

(k)           Notwithstanding
the provisions of Section 9(h) of the Loan Agreement, within fifty (50) days of the end of each month for which production
is obtained from any of its Properties, a production report, on a lease-by-lease or unit basis, showing the gross proceeds from
the sale of oil, gas, and associated hydrocarbons produced from the Properties, the quantity of oil, gas, and associated hydrocarbons
sold, the severance, gross production, occupation, or gathering taxes deducted from or paid out of the proceeds, settlements of
any Hedge Transactions, the cash lease operating expenses, including non-recurring cash operating expenses, intangible drilling
costs, and capital expenditures, general and administrative expenses, the number of wells operated, drilled, or abandoned, the
name, address, telephone number, and contact of the first purchaser of production for all of the Properties, and such other information
as Lender may reasonably request.

 

(l)           such
other information as Lender may from time to time reasonably request.

 

16.           Interest.  d) The
parties hereto hereby agree that during the Forbearance Period (including the forbearance period under each of the First Forbearance
Agreement, the Second Forbearance Agreement, the Third Forbearance Agreement and the Fourth Forbearance Agreement), the entire
unpaid principal balance owed on the Revolving Note shall accrue interest at the sum of the Stated Rate, plus the Applicable Margin
as set forth in the Revolving Note; provided, however, that Lender reserves the right to impose, at any time after the termination
of the Forbearance Period, the Default Rate, in the event that an Event of Default remains uncured and outstanding.

 

(b)           Lender
has suspended the interest payments due during the Forbearance Period.  Interest shall continue to accrue during the
Forbearance Period and any such suspended interest shall be due and payable on the earlier to occur of (i) the Deferral Date and
(ii) receipt of the Sale Proceeds.  Subject to a Default, accrued, unpaid interest on the Revolving Note shall be due
and payable monthly, commencing on December 31, 2011, and continuing on the first (1st)
day of each month thereafter.  Interest payments shall be made from the funds available from the Lockbox Account.

 

    	 

    	 

    

Infinity Energy Resources, Inc.

Infinity Oil and Gas of Texas,
Inc.

Infinity Oil & Gas of Wyoming,
Inc.

Page 14

 

17.           Forbearance
Fee.  e) In consideration of the forbearance by Lender under this Agreement and the waiver of the Existing Defaults
and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower agrees to pay to Lender
a Forbearance/Waiver Fee calculated as follows, and due on or before the earlier of the following (the “Deferral Date”):  (i) the
expiration or termination of the Forbearance Period, (ii) the repayment in full of the Revolving Note or (iii) the refinance
in full of the Revolving Note by another person or entity:

 

(i)           Forbearance/Waiver
Fee under the First Forbearance Agreement in the amount of $553,666.67; plus

 

(ii)           Forbearance/Waiver
Fee under the Second Forbearance Agreement in the amount of $723,666.33; plus

 

(iii)           Forbearance/Waiver
Fee under the Third Forbearance Agreement in the amount of $1,189,259.24; plus

 

(iv)           Forbearance/Waiver
Fee under the Fourth Forbearance Agreement in the amount of $800,839.52; plus

 

(v)           A
Forbearance/Waiver Fee shall be due for each month from January 31, 2010 through the end of the Forbearance Period, inclusive,
calculated as one percent (1.0%) of the average daily outstanding principal balance on the Revolving Note for the month as of the
last day of each of those months (or as of the Deferral Date if such occurs during any month); provided, however, that Lender reserves
the right to impose, at any time after the termination of the Forbearance Period, the Default Rate, in the event that an Event
of Default remains uncured and outstanding.

 

The Forbearance/Waiver Fees
and all other fees are non-refundable and earned by Lender upon execution of this Agreement.

 

18.           Other
Fees.  Borrower acknowledges the following additional fee owed to Lender that is due on or before the Deferral Date:
a hedge termination fee in the amount of $56,085.00, due pursuant to the Second Forbearance Agreement in connection with the termination
of Hedge Transactions.

 

19.           Conditions
Precedent. The obligation of Lender to forebear from exercising any remedies with respect to the Existing Defaults, pursuant
to the terms and conditions of this Agreement, is subject to Lender’s satisfaction, in Lender’s sole discretion, of
the following conditions precedent:

 

(a)           All
representations and warranties set forth (i) in this Agreement and (ii) in the Transaction Documents, except for the Existing Defaults
and Section 6(i) of the Loan Agreement, which is no longer applicable, in each case, must be true and correct as of the
date of this Agreement.

 

(b)           the
negotiation, execution, and delivery of Transaction Documents in Proper Form, including, but not limited to, the following:

 

(i)           this
Agreement;

 

(ii)           Third
Amendment to Revolving Note;

 

    	 

    	 

    

Infinity Energy Resources, Inc.

Infinity Oil and Gas of Texas,
Inc.

Infinity Oil & Gas of Wyoming,
Inc.

Page 15

 

(iii)           Forbearance
Period Advance Note;

 

(iv)           Personal
guaranty by Stanton E. Ross of the Forbearance Period Advances, pursuant to documentation in Proper Form and not to exceed $500,000.00;

 

(v)           Resolutions
of the board of directors of each Credit Party; and

 

(vi)           Documents
executed by the Credit Parties, Holder (as defined in that certain Subordinate Secured Promissory Note, dated March 23, 2009, by
Borrower in favor of the Holder (the “Subordinate Note”)), or its permitted assigns, and Lender, in each case,
with respect to the subordination of repayment of the Subordinate Note to the Revolving Note and Forbearance Period Advance Note,
as amended.

 

(vii)           the
negotiation, execution and delivery of warrant(s) (the “Warrants”) of Borrower to be issued to Lender or its
designee, which warrant(s) shall initially be exercisable into 4.99% of the issued and outstanding Common Stock of Borrower and
a registration rights agreement with respect thereto, in each case pursuant to documentation in Proper Form.

 

(viii)           other
than as contemplated in this Agreement, there shall not have occurred a material adverse change in the business, assets, liabilities
(actual and contingent), operations, financial condition or prospects of the Credit Parties or in the facts and information regarding
such entities as represented to date.

 

(c)           Lender’s
receipt and satisfactory review of a 180-day operating/cash flow forecast for the Credit Parties and the documents required pursuant
to Section 10(c) hereof.

 

(d)           Lender’s
receipt and satisfactory review of a proposed budget from Borrower of recurring operating expenses, non-recurring operating expenses,
general and administrative expenses, and any capital expenditures for the oil and gas properties expected to be paid during the
Forbearance Period and supporting documentation for those expenses and expenditures.

 

(e)           Lender’s
receipt of satisfactory written evidence of the location and account number of each of Credit Party’s operating accounts.

 

20.           Default
and Remedies.  f) As used in this Agreement, “Default” means i) the failure of any Credit
Party to observe or perform any term, covenant, condition, agreement or other obligation under this Agreement, ii) the failure
of any representation or warranty made in this Agreement to be true and correct, or iii) the occurrence of an Event of Default
under the Loan Agreement or any other Transaction Document, other than the Existing Defaults.

 

(b)           Each
Credit Party acknowledges and agrees that, upon a Default, Lender may terminate the Forbearance Period and the maturity of the
Revolving Note and the payment of all other interest, fees and obligations shall automatically be accelerated as of the date of
the termination of the Forbearance Period, without presentment, demand for payment, notice of intent to accelerate, other notice
of acceleration or dishonor, protest, or notice of protest of any kind, all of which are expressly waived by Borrower.  Thereafter
Lender may exercise any and all rights and remedies available to it, including, without limitation, those under the Loan Agreement,
the Revolving Note, the Security Documents, the Guaranties, the Transaction Documents, this Agreement, and any other instrument
or agreement relating hereto, or any one or more of them.  All rights and remedies of Lender shall be cumulative and
concurrent and, after a Default, may be pursued separately, successively, or together as often as occasion therefore shall arise,
at the sole discretion of Lender.

 

    	 

    	 

    

Infinity Energy Resources, Inc.

Infinity Oil and Gas of Texas,
Inc.

Infinity Oil & Gas of Wyoming,
Inc.

Page 16

 

21.           Other
Representations and Warranties.  Each Credit Party hereby represents and warrants to Lender as follows:

 

(a)           The
execution, delivery, and performance of this Agreement by such Credit Party has been duly authorized by such Credit Party’s
boards of directors and this Agreement constitutes such Credit Party’s legal, valid, and binding obligations, enforceable
in accordance with their respective terms; and

 

(b)           Except
as set forth on Schedule A hereto, there are no actions, suits, or proceedings pending or threatened against or affecting
such Credit Party, or the Properties, before any court or governmental department, commission, or board, which, if determined adversely,
would have a material adverse effect on any of the Properties or the operations or financial condition of any Credit Party, or
the Credit Parties, taken as a whole.

 

(c)           Set
forth on Schedule B hereto are all liens, statutory, contractual or otherwise, on any assets of any Credit Party, as well
as the payment or other obligations underlying such liens.

 

(d)           Borrower
has fully performed all of its obligations under the Farmout and Acquisition Agreement (the “Farmout Agreement”)
dated December 26, 2007, between Infinity Texas, as farmor, and Forest, as farmee; and the Farmout Agreement has terminated
under its terms.

 

22.           Remedies.  Section
11(a) of the Loan Agreement is hereby amended by adding the following text at the end of the first sentence thereof:  “;
provided, however, that upon the occurrence and during the continuation of any Event of Default specified in Subsection 10(a)(10)
or Subsection 10(a)(11), the entire unpaid principal balances of the Notes, together with all accrued but unpaid interest thereon,
and all other indebtedness then owing by Borrower to Lender shall automatically become immediately due and payable without such
further presentation, demand, protest or notice.”

 

23.           Confirmations.  g) The
Credit Parties agree that, after giving effect to this Agreement but subject to any Default, the following amounts are due and
outstanding with respect to the Revolving Note as of January 31, 2011:

 

	Principal	 	$	10,010,493.64	 
	Interest	 	$	1,069,037.30	 
	 	 	 	0	 
	Total:	 	$	11,079,530.94	 

 

Each Credit Party agrees
that there is no set off or defense to payment of the Revolving Note.

 

    	 

    	 

    

Infinity Energy Resources, Inc.

Infinity Oil and Gas of Texas,
Inc.

Infinity Oil & Gas of Wyoming,
Inc.

Page 17

 

(b)           The
Credit Parties agree that subsequent to January 31, 2010, additional sums were advanced and are or have become due and payable.  As
of January 31, 2011, and, after giving effect to this Agreement but subject to any Default, the following amounts are due and payable
as set forth below:

 

	Overdraft	 	$	163,912.45	 
	Letter of Credit Fees	 	$	19,431.31	 
	 	 	 	0	 
	Total:	 	$	183,343.76	2

 

(c)           On
June 30, 2010, pursuant to a Demand Promissory Note, Lender advanced to Borrower a principal amount of $100,000.00.  The
Credit Parties agree that, as of January 31, 2011, interest in the amount of $2,986.11 has accrued on the principal amount thereof.

 

(d)           On
October 8, 2010, pursuant to a Demand Promissory Note, Lender advanced to Borrower a principal amount of $10,000.00.  The
Credit Parties agree that, as of January 31, 2011, interest in the amount of $159.72 has accrued on the principal amount thereof.

 

(e)           On
December 6, 2010, pursuant to a Demand Promissory Note, Lender advanced to Borrower a principal amount of $122,462.44.  The
Credit Parties agree that, as of January 31, 2011, interest in the amount of $952.49 has accrued on the principal amount thereof.

 

(f)           As
security for the Notes, the Credit Parties previously executed the Security Documents, including the Security Agreement. Each Credit
Party hereby (i) ratifies and confirms the Security Documents and the Security Agreement to which it is a party, (ii) acknowledges
that the Security Documents and the Security Agreement to which it is a party are valid, subsisting, and binding upon such Credit
Party, and (iii) agrees that the Security Documents to which it is a party secure payment of the Notes (including the Revolving
Note) and the Loans (including the Revolving Loan) and all other obligations of the Credit Parties under the Transaction Documents.

 

(g)           In
connection with the Revolving Note, Guarantors executed the Guaranties. Each Guarantor (i) ratifies and confirms the Guaranty to
which it is a party, (ii) acknowledges that the Guaranty to which it is a party is valid, subsisting, and binding upon such Guarantor,
and (iii) agrees that the Guaranty to which it is a party guarantees payment of the Notes (including the Revolving Note) and the
Loans (including the Revolving Loan) and all other obligations of the Credit Parties under the Transaction Documents. Each Guarantor
agrees that there is no defense to payment under the Guaranties.

 

(h)           Borrower
and Guarantors hereby represent to Lender that all representations and warranties set forth in Section 6 of the Loan Agreement
are true and correct as of the date of execution of this Agreement, except for Section 7(d) hereof, which is qualified by
the lawsuits set forth in Schedule A attached, and Section 7(i) hereof, which is no longer applicable; and that,
except for the Existing Defaults, Borrower and Guarantors are in compliance as of the date of execution of this Agreement with
all covenants set forth in Section 7 of the Loan Agreement, all financial covenants set forth in Section 8 of the
Loan Agreement, and all reporting requirements set forth in Section 9 of the Loan Agreement.

 

24.           Validity
and Defaults.  The Loan Agreement remains in full force and effect. Each Credit Party acknowledges that (a) the Loan
Agreement, the Revolving Note, the Security Documents, the Guaranties, and the other Transaction Documents to which it is a party
are valid, subsisting, and binding upon such Credit Party, (b) no uncured breaches or defaults exist under the Loan Agreement,
except for the Existing Defaults, and (c) except as expressly contemplated by this Agreement, no other event has occurred or circumstance
exists which, with the passing of time or giving of notice, will constitute a default or breach under the Loan Agreement. Borrower
and Guarantors ratify the Loan Agreement and each other Transaction Document to which it is a party.

 

    	 

    	 

    

Infinity Energy Resources, Inc.

Infinity Oil and Gas of Texas,
Inc.

Infinity Oil & Gas of Wyoming,
Inc.

Page 18

 

25.           Fees
and Expenses.  The Credit Parties agree (a) to pay or reimburse Lender for all reasonable fees, costs and expenses
incurred in connection with the evaluation, preparation, negotiation, and execution of this Agreement and any Transaction Document
and any amendment, waiver, consent or other modification of the provisions hereof or thereof (whether or not the transactions contemplated
hereby are consummated), including all reasonable attorneys’ fees and expenses and (b) to pay or reimburse Lender for all
costs and expenses incurred in connection with the enforcement, attempted enforcement or preservation of any rights or remedies
under this Agreement or any Transaction Document (including such costs and expenses incurred during any “workout” or
restructuring in respect hereof or thereof and during any legal proceeding, including any proceeding under the Bankruptcy Code
or any other law relating to bankruptcy, insolvency or reorganization or relief of debtors, including all financial advisors’
and attorneys’ fees and expenses).

 

26.           Release.  For
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, including this Agreement, each Credit Party
hereby RELEASES AND FOREVER DISCHARGES Lender and its affiliates and its and their respective officers, directors, employees, agents,
representatives, attorneys, subsidiaries, and affiliates (collectively “Released Parties”), from any and all
claims, counterclaims, demands, damages, debts, suits, obligations, liabilities, offsets, rights, actions, and causes of action
of any nature whatsoever (collectively “Claims”‘), caused by, because of, as a result of, arising from,
or related in any way to the Loan Agreement, the Revolving Note, the Security Documents, the Transaction Documents, this Agreement,
any other transaction between Lender and any Credit Party, or any act, omission, communication, transaction, occurrence, representation,
promise, breach, violation of any statute or law, or any other matter whatsoever or thing done, omitted, or suffered by any of
the Released Parties in connection with the Loan Agreement, the Revolving Note, the Security Documents, the Transaction Documents,
this Agreement, any other transaction between Lender and any Credit Party, whether those Claims are now or hereafter accrued or
possessed, whether known or unknown, direct or indirect, liquidated or unliquidated, absolute or contingent, foreseen or unforeseen,
at law or in equity, and now or hereafter asserted, including, without limitation, claims for contribution or indemnity, claims
of control, duress, mistake, tortuous interference, usury, negligence, or violations of the Texas Consumer Protection and Deceptive
Trade Practices Act; provided, however, that any acts of willful misconduct or fraud by the Released Parties shall not be released
or discharged.

 

27.           Advice
from Counsel.  Each Credit Party understands that this Agreement is legally binding and represents to Lender that
each has obtained independent legal counsel from the attorney of their choice regarding the meaning and legal significance of this
Agreement. The decision by each signatory to enter into this Agreement is a fully-informed decision, and each such signatory is
aware of all legal and other ramifications of such decision.  The parties agree that no provision of this Agreement shall
be interpreted or construed against a party because that party prepared the provision, it being agreed that all parties have participated
in the drafting of this Agreement and have had legal counsel of their choice.

 

28.           Governing
Law and Venue.  THIS AGREEMENT, THE LOAN AGREEMENT, THE REVOLVING NOTE, AND ALL TRANSACTION DOCUMENTS SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS AND SHALL BE PERFORMED IN HARRIS COUNTY, TEXAS. EACH CREDIT
PARTY AND LENDER IRREVOCABLY AGREE THAT VENUE FOR ANY ACTION OR CLAIM RELATED TO THIS AGREEMENT, THE LOAN AGREEMENT, THE REVOLVING
NOTE, OR ANY TRANSACTION DOCUMENT SHALL BE IN HARRIS COUNTY, TEXAS.

 

    	 

    	 

    

Infinity Energy Resources, Inc.

Infinity Oil and Gas of Texas,
Inc.

Infinity Oil & Gas of Wyoming,
Inc.

Page 19

 

29.           Waiver
of Jury Trial.  NOTWITHSTANDING ANYTHING IN ANY TRANSACTIOON DOCUMENT TO THE CONTRARY, EACH OF THE PARTIES HERETO
HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER OR
UNDER THIS AGREEMENT OR ANY TRANSACTION DOCUMENT OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THE TRANSACTIONS
CONTEMPLATED BY THIS AGREEMENT OR ANY TRANSACTION DOCUMENT OR THE LENDER/BORROWER RELATIONSHIP THAT HAS BEEN ESTABLISHED.  THE
SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE
TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW
AND STATUTORY CLAIMS.  EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO CONTINUE THEIR BUSINESS
RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY
ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS.  EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED
THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH
LEGAL COUNSEL.  THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN
BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 29 AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS
WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR ANY TRANSACTION DOCUMENT OR TO
ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE EXTENSIONS OF CREDIT MADE HEREUNDER AND THEREUNDER.  IN THE EVENT OF
LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

30.           Savings
Clause.  Regardless of any provision contained in the Loan Agreement, the Revolving Note, the Security Documents,
the other Transaction Documents, or this Agreement, it is the express intent of the parties that at no time shall any Credit Party
pay interest in excess of the maximum lawful rate (or any other interest amount which might in any way be deemed usurious), and
Lender will never be considered to have contracted for or to be entitled to charge, receive, collect, or apply as interest on the
Revolving Note, any amount in excess of the maximum lawful rate (or any other interest amount which might in any way be deemed
usurious), and, in the event that Lender ever receives, collects, or applies as interest any such excess, the amount which would
be excessive interest will be applied to the reduction of the principal balance of the Revolving Note, and, if the principal balance
of the Revolving Note is paid in full, any remaining excess shall forthwith be paid to Borrower. In determining whether the interest
paid or payable exceeds the maximum lawful rate (or any other interest amount which might in any way be deemed usurious), Borrower
and Lender shall, to the maximum extent permitted under applicable law, spread the total amount of interest throughout the entire
contemplated term of the Revolving Note so that the interest rate is uniform throughout the term.

 

    	 

    	 

    

Infinity Energy Resources, Inc.

Infinity Oil and Gas of Texas,
Inc.

Infinity Oil & Gas of Wyoming,
Inc.

Page 20

 

31.           Fax
and PDF Provision.  This Agreement and the related Transaction Documents may be executed in counterparts, and Lender
is authorized to attach the signature pages from the counterparts to copies for Lender and Borrower.  At Lender’s
option, this Agreement and the related Transaction Documents may also be executed by the Credit Parties in remote locations with
signature pages faxed or electronically submitted in .pdf format to Lender.  Each Credit Party agrees that the faxed
signatures or signatures electronically submitted in .pdf format are binding upon such Credit Party, and each Credit Party further
agrees to promptly deliver such Credit Party’s original signatures for this Agreement and the related Transaction Documents
by overnight mail or expedited delivery.  It will be an Event of Default if any Credit Party fails to promptly deliver
all required original signatures.

 

32.           Captions.  Captions
are for convenience only and should not be used in interpreting this Agreement.

 

33.           Final
Agreement.  h) In connection with the Loans, the Credit Parties and Lender have executed and delivered this Agreement,
the Loan Agreement, and the Transaction Documents to which it is a party (collectively the “Written Loan Agreement”).

 

(b)           It
is the intention of the Credit Parties and Lender that this paragraph be incorporated by reference into each of the Transaction
Documents. The Credit Parties and Lender each warrant and represent that their entire agreement with respect to the Loans is contained
within the Written Loan Agreement, and that no agreements or promises have been made by, or exist by or among, the Credit Parties
and Lender that are not reflected in the Written Loan Agreement.

 

(c)           THE
WRITTEN LOAN AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS,
OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN AGREEMENTS BETWEEN THE PARTIES.

 

34.           Severability.  In
case any provision in or obligation hereunder or any other Loan Document shall be invalid, illegal or unenforceable in any jurisdiction,
(a) the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in
any other jurisdiction, shall not in any way be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations
to replace the illegal, invalid or unenforceable provisions with valid provisions the economic and legal effect of which comes
as close as possible to the intent of the illegal, invalid or unenforceable provisions.

 

35.           Reaffirmation
of Guaranty and Liens.

 

(a)           Infinity
Texas and Infinity Wyoming each (i) has consented and agreed to the incurrence by Borrower of the Forbearance Period Advances,
(ii) has reviewed this Agreement, including the terms of the Forbearance Period Advances, (iii) waives any defense arising by reason
of any disability, lack of organizational authority or power, or other defense of Borrower or any other guarantor of the obligations
hereunder or under any Transaction Document, and (iv) agrees that the guaranty by such Person, pursuant to the terms of that certain
Commercial Guaranty, effective January 9, 2007, by Infinity Texas for the benefit of Lender and that certain Commercial Guaranty,
effective January 9, 2007, by Infinity Wyoming for the benefit of Lender, as applicable, will each continue in full force and effect
to guaranty the obligations hereunder, including the Forbearance Period Advances, and under the Loan Agreement and the other Transaction
Documents (collectively, the “Obligations”), as the same are hereby and may in the future be amended, supplemented,
or otherwise modified.

 

    	 

    	 

    

Infinity Energy Resources, Inc.

Infinity Oil and Gas of Texas,
Inc.

Infinity Oil & Gas of Wyoming,
Inc.

Page 21

 

(b)           The
Credit Parties (i) are party to certain Security Documents securing and supporting the Obligations, (ii) has reviewed this Agreement,
including the terms of the Forbearance Period Advances, (iii) waive any defense arising by reason of any disability, lack of organizational
authority or power, or other defense of such Credit Party, and agrees that according to their terms the Security Documents to which
the applicable Credit Party is a party will continue in full force and effect to secure the Obligations under the Transaction Documents,
as the same are hereby and may in the future be amended, supplemented, or otherwise modified, and (iv) acknowledge, represent,
and warrant that the liens and security interests created by the Security Documents are valid and subsisting and create a first
priority perfected security interest subject to liens permitted under the Loan Agreement.

 

36.           Expenses.  Whether
or not the transactions contemplated hereby shall be consummated, Borrower agrees to pay promptly (a) all Lender’s actual
and reasonable costs and expenses of preparation of the Transaction Documents and any consents, amendments, waivers or other modifications
thereto; (b) all the reasonable fees, expenses and disbursements of counsel to Lender in connection with the negotiation, preparation,
execution and administration of the Transaction Documents and any consents, amendments, waivers or other modifications thereto
and any other documents or matters requested by Borrower; (c) all Lender’s actual costs and reasonable fees, expenses for,
and disbursements of any of Lender’s, auditors, accountants, consultants or appraisers whether internal or external, and
all reasonable attorneys’ fees (including allocated costs of internal counsel and expenses and disbursements of outside counsel)
incurred by Lender; (d) all other actual and reasonable costs and expenses incurred by Lender in connection with the negotiation,
preparation and execution of the Transaction Documents and any consents, amendments, waivers or other modifications thereto and
the transactions contemplated thereby; and (e) after the occurrence of a Default (as defined in Section 20 hereof), all
costs and expenses, including attorneys’ fees (including allocated costs of internal counsel) and costs of settlement, incurred
by Lender in enforcing any Obligations of or in collecting any payments due from any Credit Party hereunder or under the other
Transaction Documents by reason of such Default (including in connection with the enforcement of any guaranty of the such Obligations)
or in connection with any refinancing or restructuring of the credit arrangements provided hereunder in the nature of a “work
out” or pursuant to any insolvency or bankruptcy cases or proceedings.

 

37.           Indemnity.

 

(a)           Whether
or not the transactions contemplated hereby shall be consummated, each Credit Party agrees to defend (subject to Indemnitees’
selection of counsel), indemnify, pay and hold harmless, Lender, its Affiliates and its and their respective officers, partners,
directors, trustees, employees and agents (each, an “Indemnitee”), from and against any and all Indemnified
Liabilities (as hereinafter defined), IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE,
CONTRIBUTORY, OR SOLE NEGLIGENCE OF SUCH INDEMNITEE; provided, no Credit Party shall have any obligation to any Indemnitee hereunder
with respect to any Indemnified Liabilities to the extent such Indemnified Liabilities arise from the gross negligence or willful
misconduct, as determined by a court of competent jurisdiction in a final, non-appealable order of that Indemnitee.  To
the extent that the undertakings to defend, indemnify, pay and hold harmless set forth in this Section 37 may be unenforceable
in whole or in part because they are violative of any law or public policy, the applicable Credit Party shall contribute the maximum
portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities
incurred by Indemnitees or any of them. “Indemnified Liabilities” means, collectively, any and all liabilities,
obligations, losses, damages (including natural resource damages), penalties, claims (including environmental claims), costs (including
the costs of any investigation, study, sampling, testing, abatement, cleanup, removal, remediation or other response action necessary
to remove, remediate, clean up or abate any hazardous materials activity), expenses and disbursements of any kind or nature whatsoever
(including the reasonable fees and disbursements of counsel for Indemnitees in connection with any investigative, administrative
or judicial proceeding commenced or threatened by any Person, whether or not any such Indemnitee shall be designated as a party
or a potential party thereto, and any fees or expenses incurred by Indemnitees in enforcing this indemnity), whether direct, indirect
or consequential and whether based on any federal, state or foreign laws, statutes, rules or regulations (including securities
and commercial laws, statutes, rules or regulations and environmental laws), on common law or equitable cause or on contract or
otherwise, that may be imposed on, incurred by, or asserted against any such Indemnitee, in any manner relating to or arising out
of (i) this Agreement or the other Transaction Documents or the transactions contemplated hereby or thereby (including the Lender’s
agreement to make Revolving Loans or Forbearance Period Advances or the use or intended use of the proceeds thereof, or any enforcement
of any of the Transaction Documents (including the enforcement of any guaranty of the Obligations)) or (ii) any environmental claim
or any hazardous materials activity relating to or arising from, directly or indirectly, any past or present activity, operation,
land ownership, or practice of the Borrower or any of its Subsidiaries.

 

    	 

    	 

    

Infinity Energy Resources, Inc.

Infinity Oil and Gas of Texas,
Inc.

Infinity Oil & Gas of Wyoming,
Inc.

Page 22

 

(b)           To
the extent permitted by applicable law, no Credit Party shall assert, and each Credit Party hereby waives, any claim against Lender
and its respective Affiliates, directors, employees, attorneys or agents, on any theory of liability, for special, indirect, consequential
or punitive damages  (as opposed to direct or actual damages) (whether or not the claim therefor is based on contract,
tort or duty imposed by any applicable legal requirement) arising out of, in connection with, as a result of, or in any way related
to, this Agreement or any Transaction Document or any agreement or instrument contemplated hereby or thereby or referred to herein
or therein, the transactions contemplated hereby or thereby, any Revolving Loan or Forbearance Period Advance or the use of the
proceeds thereof or any act or omission or event occurring in connection therewith, and Borrower hereby waives, releases and agrees
not to sue upon any such claim or any such damages, whether or not accrued and whether or not known or suspected to exist in its
favor.

 

38.           Set
Off.  In addition to any rights now or hereafter granted under applicable law and not by way of limitation of any
such rights, Lender and its Affiliates are each hereby authorized by each Credit Party at any time or from time to time subject
to the consent of Lender (such consent not to be unreasonably withheld or delayed), without notice to any Credit Party or to any
other Person (other than Lender), any such notice being hereby expressly waived, to set off and to appropriate and to apply any
and all deposits (general or special, including indebtedness evidenced by certificates of deposit, whether matured or unmatured,
but not including trust accounts (in whatever currency)) and any other indebtedness at any time held or owing by Lender to or for
the credit or the account of any Credit Party (in whatever currency) against and on account of the obligations and liabilities
of any Credit Party to Lender hereunder and under the other Transaction Documents, including all claims of any nature or description
arising out of or connected hereto or with any other Transaction Document, irrespective of whether or not (a) Lender shall have
made any demand hereunder, (b) the principal of or the interest on the Loans or any other amounts due hereunder shall have become
due and payable pursuant to Section 2 and although such obligations and liabilities, or any of them, may be contingent or unmatured
or (c) such obligation or liability is owed to a branch or office of Lender different from the branch or office holding such deposit
or obligation or such indebtedness.

 

    	 

    	 

    

Infinity Energy Resources, Inc.

Infinity Oil and Gas of Texas,
Inc.

Infinity Oil & Gas of Wyoming,
Inc.

Page 23

 

39.           Patriot
Act.  Lender hereby notifies Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub.
L. 107-56 (signed into law October 26, 2001)), it is required to obtain, verify and record information that identifies Borrower,
which information includes the name and address of Borrower and other information that will allow Lender to identify Borrower in
accordance with the Act.

 

40.           No
Fiduciary Relationship.  No fiduciary relationship has been or will be created between Lender and any Credit Party
in respect of any of the transactions contemplated by the Transaction Documents, irrespective of whether Lender and/or its affiliates
have advised or are advising any Credit Party on other matters, and no provision therein shall be deemed to impose on Lender any
fiduciary or implied duties to any Credit Party.  Furthermore, Lender has not taken any actions to control the day-to-day
management or operations of any Credit Party and each Credit Party should refrain from advising any person or entity to the contrary
or otherwise referring any such person or entity to Lender for payment of any outstanding amounts owed or to be owed.  Neither
Lender nor its affiliates shall have any liability to any Credit Party in respect of any fiduciary duty or to any person or entity
asserting a fiduciary duty claim on behalf of or in right of any Credit Party, including its equityholders, employees and/or creditors.

 

[Remainder of page intentionally
left blank]

 

    	 

    	 

    

 

 

 

 

If the foregoing correctly
sets forth your understanding of our agreement, please sign and return one copy of this letter. Notwithstanding any provision to
the contrary, this Agreement shall only be effective if each Credit Party returns an executed copy hereof to Lender by 3:00 p.m.,
Houston, Texas time, on February 18, 2011.

 

Yours very truly,

 

 

 

Amegy
Bank, N.A.

 

 

 

By:                  /s/
Hank Holmes                       

Hank Holmes

Executive Vice President

 

 

 

 

 

Accepted and agreed to

this 16th day of February,
2011:

 

BORROWER:

 

Infinity
Energy Resources, Inc.

 

 

By:              /s/
Stanton E. Ross                      

Stanton E. Ross, President

and Chief Executive Officer

 

 

GUARANTORS:

 

Infinity
Oil and Gas of Texas, Inc.

 

 

By:              /s/
Stanton E. Ross                      

Stanton E. Ross, President

 

Infinity
Oil & Gas of Wyoming, Inc.

 

 

By:              /s/
Stanton E. Ross                      

Stanton E. Ross, President

 

Exhibits and Schedules:

 

Exhibit A – Funding
Notice

 

Schedule A – Lawsuits

Schedule B – Liens

Schedule C –
Overriding Royalty Conveyances

 

    	 

    	 

    
 

Exhibit A to

Fifth Forbearance Agreement

FUNDING
NOTICE

(Forbearance Period Advance)

_________________. 2011

Amegy Bank, N.A.

4400 Post Oak Parkway, Suite 1300 Houston, Texas 77027

Attn: Hank Holmes

Reference is made
to the Loan Agreement, dated January 9, 2007, among Infinity Energy Resources, Inc., a Delaware corporation ("Borrower"),
Infinity Oil and Gas of Texas, Inc., a Delaware corporation ("Infinity Texas"), Infinity Oil & Gas of Wyoming,
Inc., a Wyoming corporation ("Infinity Wyoming" and, together with Borrower and Infinity Texas, the "Credit
Parties"), and Amegy Bank, N.A. ("Lender") (as amended, supplemented or otherwise modified and including,
without limitation, that certain Fifth Forbearance Agreement, dated February 16, 2011, among the Credit Parties and the Lender,
the "Loan Agreement"). Unless defined herein or the context otherwise requires, all capitalized terms have the
meanings given to such terms in the Loan Agreement. The undersigned hereby gives you irrevocable notice pursuant to Section
3(b) of the Fifth Forbearance Agreement that it requests a Forbearance Period Advance on the following terms:

(A)Principal
amount of Forbearance Period Advance: $

(B)Requested
borrowing date of such Forbearance Period Advance (which shall be a

business day): , 2011 (the "Loan Date")

(C)Location.
and number of Borrower's account in which the proceeds of such

Forbearance Period Advance are to be deposited: 

(D)The
proceeds of such Forbearance Period Advance will be used as follows, and supporting documentation, including invoices, if any,
with respect thereto is attached as Annex 1 hereto:

 

________________________________________________________________________

 

________________________________________________________________________

 

Borrower hereby certifies
that the following statements are true and correct on the date hereof, and will be true and correct on the Loan Date specified
above after giving effect to such Forbearance Period Advance: (a) all of the representations and warranties in the Forbearance
Agreement and in the other Transaction Documents, except for the Existing Defaults and Section 6(i) of the Loan Agreement,
which is no longer applicable, are true and correct in all material respects; and (b) as of such borrowing date, no event shall
have occurred and be continuing or would result from the consummation of such Forbearance Period Advance that would constitute
a Default (as defined in Section 20 of the Fifth Forbearance Agreement) or, other than with respect to the Existing Defaults,
a Default.

 

    	 

    	 

    

 

Very truly yours,

 

 

INFINITY ENERGY RESOURCES, INC.

a Delaware corporation

 

 

 By: ________________________________

Name: _____________________________

Title: ______________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

________________________

To be executed
by any individual holding the position of chairman of the board (if an officer), chief executive officer, president or one of its
vice presidents (or the equivalent thereof), chief operating officer, chief financial officer or treasurer of Borrower.

[Signature Page to Funding Notice
(Forbearance Period Advance)]

    	 

    	 

    
 

Schedule A to

Fifth Forbearance Agreement

 

SUMMARY JUDGEMENTS

	Vendor	Date

    Lawsuit
 Filed	Attorneys	 	Amount	Judgement

    Date	Description
	Furry Industries (Commercial Electric
    Company)	08/11/10	Fraser, Wilson & Bryan, P.C.	IOGTX	78,597.28	09/29/10	Services from 9/08
	National Oilwell Varco	01/14/10	Evans & Mullinix, P.A.	IOGTX	124,717.00	11/02/10	 
	Tim Berge	10/09/09	Kevin O'Shaughnessy	IER	304,921.00	11/08/10	Breach of contract, failure to pay for
    services rendered
	EMS USA Inc	10/08/09	William H. Luck, Jr.	IOGTX	11,36697	07/07/10	Foreclosure litigation, lien filed 10/2/09
	 	 	LAWSUITS
    PENDING	 	 	 
	 	Date	 	 	 	Recent	 
	 	Lawsuit	 	 	 	Correspondence	 
	Vendor	Filed	Attorneys	 	Amount	Date	Description
	Brad & Sue Barron	12/07/10	Fraser, Wilson & Bryan, P.C.	IOGTX	8,500.00	12/09/10	Breach of Restricted Surface Use Agreement
	Eddye Dreyer	05/20/10	Law Office of David Criss	IER	18,706.17	05/26/10	Accounting services 11/2008 - 7/2009
	Exterran Energy Solutions	03/31/10	Anderson, Lehrman, Barre & Maraist,
    LLP	IOGTX	445,521.29	04/15/10	Breach of contract, failure to pay amounts
    due
	Firemans Fund Ins. Co.	11/19/10	Butler & Associates, P.A.	IER	7,733.00	12/02/10	 
	LDH Energy (Louis Dreyfus)	05/14/10	Locke Lord Bissell & Liddell LLP	IOGTX	929,208.13	08/13/10	Breach of gas purchase agreement
	Oil and Gas Conservation Commission -State
    of WY	09/29/10	Thomas E. Doll	IOGWY	?	10/13/10	Failure to file accurate monthly gas production
    reports
	 	 	SENT
    TO COLLECTIONS	 	 	 
	 	First	 	 	 	Recent	 
	 	Correspondence	 	 	 	Correspondence	 
	Vendor	Date	Collection
    Agency	 	Amount	Date	Description
	Enerven Compression Services	12/10/10	Greenberg, Grant & Richards, Inc.	IOGTX	682,677.49	12/10/10	 
	Peggy Miller	07/12/10	The Allen Firm	IOGTX	?	07/12/10	Past due royalties
	Travelers Indemnity Co	10/26/10	RMS	IER	891.75	10/26/10	Insurance
	Travelers Indemnity Co of Illionis	10/29/09	Kramer & Frank, P.C.	IER	4,873.66	07/21/10	Insurance
	Travelers Non-Funded	08/13/10	RMS	IER	5,000.00	12/09/10	Insurance
	TXU Energy Retail Company	06/03/10	Nationwide Recovery Systems	IOGTX	1,143.67	07/26/10	Electric services

 

    	 

    	 

    
 

Schedule B to

Fifth Forbearance Agreement

 

	7:32
PM

04/01/10	 	 	 	 	10GTX

                    A/P Aging Summary

        As
        of April 1, 2010

	 	Current	1
    - 30	31
    - 60	61
    - 90	>
    90	TOTAL	Liens                                                 
    Comments
	A-1 Sign Engravers,
    Inc.	0.00	0.00	0.00	0.00	1,399.01	1,399.01	 
	Alenco Communications,
    Inc.	0.00	000	0.00	0.00	23.00	23.00	 
	Anthem Blue Cross and
    Blue Shield	0.00	0.00	0.00	2,204.63	0.00	2,204.63	 
	B.enviroSAFE, Inc.	0.00	0.00	0.00	0.00	1,500.00	1,500.00	 
	Benchmark Logistics	000	0.00	0.00	0.00	1,476.56	1,476.56	 
	Bob Robertson	0.00	0.00	0.00	0.00	33,394.85	33,394.85	 
	Bold Service	0.00	0.00	0.00	0.00	3,736.30	3,736.30	 
	Bridgeport Fishing
    & Rental Tools, Inc.	0.00	0.00	0.00	0.00	1,740.66	1,740.66	 
	Callaway Safety Equipment
    Company, Inc.	0.00	0.00	0.00	0.00	7,800.02	7,800.02	 
	Caylor Services, Inc.	0.00	0.00	0.00	2,884.38	97,227.70	100,112.08	 
	Chapman Services, Inc.	0.00	0.00	0.00	0.00	3,331.39	3,331.39	 
	Commercial Electrical
    Company	0.00	0.00	0.00	0.00	74,385.28	74,385.28	 
	CT Corporation	0.00	0.00	0.00	0.00	1,452.00	1,452.00	 
	Culberson Construction,
    Inc.	0.00	0.00	0.00	0.00	32,979.55	32,979.55	 
	Diamond Tank Rental,
    Inc.	0.00	0.00	0.00	0.00	5,335.00	5,335.00	 
	Direct Oilfield Service	1,200.00	1,200.00	1,200.00	1,200.00	18,362.12	23,162.12	 
	Eddie M. Lindley	0.00	0.00	0.00	0.00	8,075.00	8,075.00	Calls once a week, no liens filed
	EMS USA Inc	0.00	0.00	0.00	0.00	11,366.97	11,366.97	$11,366.97
    Lien filed October , 2009            Has summary judgment against Infinity
	Enerven Wesco	0.00	0.00	35,760.14	35,760.14	77,034.73	148,555.01	$236,000.00 Note
    sign for prior balance due    No actual liens filed, but is second to Amegy
	Erath County Clerk
    & Recorder	0.00	0.00	0.00	0.00	16.00	16.00	$121,000.00 Estimated taxes due
	Express Energy Services
    Operating LP	0.00	0.00	0.00	0.00	106,114.48	106,114.48	 
	Exterran Energy Solutions,
    LP	0.00	0.00	0.00	0.00	427,933.17	427,933.17	$423,335.92 Liens filed untimely, not
    filed until September , 2009. Threaten to foreclose by May, 2010
	FedEx	0.00	0.00	0.00	18.04	72.15	90.19	 
	Halliburton Energy
    Services, Inc.	0.00	0.00	0.00	0.00	28,013.45	28,013.45	 
	Higginbotham Bros.
    & Co., Ltd	0.00	0.00	0.00	0.00	3.07	3.07	 
	Horizon Vacuum Services	0.00	0.00	0.00	0.00	1,202.50	1,202.50	 
	International Lift
    Systems	0.00	0.00	0.00	0.00	3,496.48	3,496.48	 
	J-W Measurement Company	0.00	0.00	0.00	1,738.19	29,784.77	31,522.96	 
	J&H Welding	0.00	0.00	0.00	0.00	2,030.00	2,030.00	 
	J&J Oilfield Electric
    Co., Inc.	0.00	0.00	0.00	0.00	672.31	672.31	 
	JA Oilfield Manufacturing,
    Inc.	0.00	0.00	0.00	0.00	854.01	854.01	 
	Jerry's Waterline Service,
    Inc.	0.00	0.00	0.00	6,271.59	26,918.48	33,190.07	 
	JHW Enterprises	0.00	0.00	0.00	0.00	102.84	102.84	 
	JW Power Company	0.00	0.00	0.00	0.00	7,051.82	7,051.82	 
	Kane Environmental
    Engineering, Inc.	0.00	0.00	0.00	0.00	1,700.50	1,700.50	 
	Kenneth D. Leatherwood	0.00	0.00	0.00	0.00	3,000.00	3,000.00	 
	Lawyers Abstract &
    Title Co.	0.00	0.00	0.00	0.00	833.52	833.52	 
	Louis Dreyfus	0.00	0.00	929,208.13	0.00	0.00	929,208.13	Liens have not
    been filedNot sure what arrangements could be workout
	McCoy's Building Supply	0.00	0.00	0.00	1,099.69	33.60	1,133.29	 
	McCrary Trucking Company	0.00	0.00	0.00	0.00	13,475.00	13,475.00	Calls once a week, no liens filed

     

     

    

	7:32
    PM

    04/01/10	 	 	 	 	10GTX

                    A/P Aging Summary

        As
        of April 1, 2010

	 	Current	1
    - 30	31
    - 60	61
    - 90	>
    90	TOTAL	Liens                                                
    Comments
	Mike's Pipeline Inspection,
    Inc.	0.00	0.00	0.00	0.00	13,489.00	13,489.00	 
	Mills Crushed Stone
    Co.	0.00	0.00	0.00	0.00	18,335.28	18,335.28	 
	National 01!well Varco,
    LP	0.00	0.00	0.00	74,118.92	47,402.10	121,521.02	 
	National Tank Company	0.00	0.00	0.00	0.00	5,789.31	5,789.31	 
	OPE Equipment Ltd	0.00	0.00	0.00	0.00	7,044.37	7,044.37	 
	R. Medina Concrete	0.00	0.00	0.00	0.00	1,000.00	1,000.00	 
	Ramrod Trucking, Inc.	0.00	0.00	0.00	0.00	2,515.50	2,515.50	 
	RDO Equipment Co.	0.00	0.00	0.00	0.00	-140.00	-140.00	 
	Richards Signs and
    Cranes, Inc.	0.00	0.00	0.00	0.00	1,872.50	1,872.50	 
	Royalty payable	 	 	 	 	 	 	$30,156.84
	Severance Tax	0.00	0.00	0.00	0.00	4,694.46	4,694.46	$4,694.46
	Strike Construction	0.00	0.00	0.00	0.00	38,986.69	38,986.69	 
	Stringup Machine Inc.	0.00	0.00	0.00	0.00	2,600.00	2,600.00	 
	T.B. Berge	0.00	0.00	0.00	0.00	70,907.90	70,907.90	 
	TCEQ	0.00	0.00	0.00	0.00	-150.00	-150.00	 
	Texaco Gas Station	0.00	0.00	0.00	0.00	74.62	74.62	 
	Thompson & Knight	0.00	19,883.44	0.00	0.00	324.00	20,207.44	$20,207.44 Attorney
    fees to slow liens down
	Topographic Land Surveyors	0.00	0.00	0.00	519.93	44,473.59	44,993.52	 
	Travelers	0.00	0.00	0.00	0.00	4,445.00	4,445.00	 
	Turbeco Inc.	0.00	0.00	0.00	0.02	14,870.27	14,870.29	 
	TXU Energy	368.15	0.00	351.13	0.00	0.00	719.28	$719.28 Utilities
	Valerus Compression
    Services, LP	0.00	0.00	0.00	0.00	-522.65	-522.65	 
	Wallace Controls	0.00	0.00	0.00	0.00	150.73	150.73	 
	Western Company of
    Texas	0.00	0.00	0.00	4,075.00	20,375.00	24,450.00	 
	Wheeler Trigg O'Donnell
    LLP	1,789.63	2,053.20	4,984.50	0.00	0.00	8,827.33	$8,827.33 Attorney
    fees to slow liens down
	TOTAL   	3,357.78	23,136.64	971,503.90	129,890.53	1,332,465.96	2,460,354.81	$856,308.24

 

    	 

    	 	

    
 

SCHEDULE C

to Fifth Forbearance Agreement

Revenue
Sharing Agreements

1.Revenue
Sharing Agreement, dated March 23, 2009, between Infinity Energy Resources, Inc. and Off-Shore Finance, LLC, with respect to 1%
of the revenue derived from Infinity Energy Resources, Inc.'s share of the hydrocarbons produced at the wellhead from the Concessions
(as therein defined).

2.Letter
Agreement, dated September 8, 2009, between Thompson & Knight Global Energy Services
and Infinity Energy Resources, Inc., with respect to a 1% overriding royalty interest on all
oil and gas produced.

3.Letter
Agreement, dated September 16, 2009, between Infinity Energy Resources, Inc. and Jeff
Roberts, with respect to a 1% overriding royalty interest on all oil and gas produced.

4.Revenue
Sharing Agreement, dated June 6, 2009, among Infinity Energy Resources, Inc. and Stanton
E. Ross, Leroy C. Richie and Daniel E. Hutchins, as tenants in common of 1% of the revenue
derived from Infinity Energy Resources, Inc.'s share of the hydrocarbons produced at the
wellhead from the Concessions (as therein defined).Exhibit
10.20

 

REGISTRATION
RIGHTS AGREEMENT

 

REGISTRAITON ON
RIGHTS AGREEMENT (this "AGREEMENT"), dated as of February 16, 2011, by and among Infinity Energy Resources, Inc., a Delaware corporation,
with headquarters located at 11900 College Blvd. Suite 204, Overland Park, Kansas 66210 (the "COMPANY"), and Amegy Bank, N.A.
(the "BUYER").

 

WHEREAS,

 

A.           In
connection with the Securities Purchase Agreement by and among the parties hereto of even date herewith (the "SECURITIES PURCHASE
AGREEMENT"), the Company has agreed, upon the terms and subject to the conditions of the Securities Purchase Agreement, to issue
and sell on the Closing Date to the Buyer warrants to purchase shares of Common Stock (the " WARRANTS," and the shares of Common
Stock issuable upon exercise of the Warrants, the "WARRANT SHARES");

 

B.           To
induce the Buyer to execute and deliver the Securities Purchase Agreement, the Company has agreed to provide certain registration
rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute
(collectively. the" 1933 Act"), and applicable state securities laws.

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and the Buyer hereby agree as follows:

 

1.           DEFINITIONS

 

As
used in this Agreement, the following terms shall have the following meanings:

 

(a)           "EFFECTIVENESS
DEADLINE" means the Initial Effectiveness Deadline or a Deficiency Effectiveness Dead line (each as defined below), as applicable.

 

(b)           "FILING
DEADLINE" means the Initial Filing Deadline or a Deficiency Filing Deadline (each as defined below), as applicable.

 

(c)           "REGISTRATION
STATEMENT' means a registration statement or registration statements of the Company filed under the 1933 Act covering the Registrable
Securities.

 

(d)           "INVESTOR"
means the Buyer, any transferee or assignee thereof to whom the Buyer assigns its rights under this Agreement and who agrees to
become bound by the provisions of this Agreement in accordance with Section 9 and any transferee or assignee thereof to whom a
transferee or assignee assigns its rights under this Agreement and who agrees to become bound by the provisions of this Agreement
in accordance with Section 9.

  

    	 

    	 

    

(e)           "PERSON"
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization
and a governmental or any department or agency thereof.

 

(f)           "REGISTER,"
"REGISTERED," and "REGISTRATION" refer to a registration effected by preparing and filing one or more Registration Statements
(as defined below) in compliance with the 1933 Act and pursuant to Rule 415 under the 1933 Act or any successor rule providing
for offering securities on a continuous or delayed basis ("RULE 415"), and the declaration or ordering of effectiveness of such
Registration Statement(s) by the United States Securities and Exchange Commission (the "SEC").

 

(g)           "REGISTRABLE
SECURITIES" means (i) the Warrant Shares issued or issuable upon exercise of the Warrants and (ii) any shares of capital stock
issued or issuable with respect to the Warrant Shares and the Warrants as a result of any stock split, stock dividend, recapitalization,
exchange or similar event or otherwise, without regard to any limitations on exercises of the Warrants; provided, however, that
any such Registrable Securities shall cease to be Registrable Securities when (x) a Registration Statement with respect to the
sale of such securities becomes effective under the 1933 Act and such securities are disposed of in accordance with such Registration
Statement, (y) such securities arc sold in accordance with Rule 144 (as defined in Section 8) or (z) such securities become transferable
without any restrictions in accordance with Rule 144(k) (or any successor provision).

 

(h)           "TRADING
DAY" means any day on which the Common Stock is traded on the principal securities exchange or securities market on which the
Common Stock is then traded; provided that "Trading Day" shall not include any day on which the Common Stock is scheduled to trade,
or actually trades on such exchange or market, for less than 4.5 hours.

 

Capitalized
terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Securities Purchase Agreement.

 

2.           REGISTRATION

 

(a)           Mandatory Registration.  The
Company shall prepare, and, as soon as practicable but in no event later than 120 days after the Buyer's request (the "INITIAL
FILING DEADLINE"), file with the SEC the Registration Statement on Form S-3, covering the resale of all of the Registrable Securities;
provided, however, that the Buyer's request shall not be made unless the Company's Common Stock is registered under Section 12
of the 1934 Act (as defined in Section 3(b)). In the event that Form S-3 is unavailable for such a registration, the Company shall
use such other form as is available for such a registration, subject to the provisions of Section 2(d).  The Registration
Statement prepared pursuant hereto shall register for resale Registrable Securities consisting of at least that number of shares
of Common Stock equal to 110% of the number of Warrant Shares issuable upon exercise of all the outstanding Warrants as of the
second Trading Day immediately preceding the date that the Registration Statement is initially filed with the SEC. The calculations
set forth in this paragraph shall be made without regard to any limitations on the exercise of the Warrants and such calculation
shall assume that the Warrants are then exercisable into shares of Common Stock at the then-prevailing Warrant Exercise Price
(as defined in the Warrants).  The Company shall use its best efforts to have the Registration Statement declared effective
by the SEC as soon as practicable after such filing (the "INITIAL EFFECTIVENESS DEADLINE").

 

    	-2-

    	 

    

(b)           Allocation
of Registrable Securities.  The initial number of Registrable Securities included in any Registration Statement
and each increase in the number of Registrable Securities included therein shall be allocated pro rata among the Investors based
on the number of such Registrable Securities held by each Investor at the time the Registration Statement covering such initial
number of Registrable Securities or increase thereof is declared effective by the SEC.  In the event that an Investor
sells or otherwise transfers any of such Investor's Registrable Securities, each transferee shall be allocated a pro rata portion
of the then remaining number of Registrable Securities included in such Registration Statement for such transferor.  Any
shares of Common Stock included in a Registration Statement and which remain allocated to any Person which ceases to hold any
Registrable Securities covered by such Registration Statement shall be allocated to the remaining Investors, pro rata based on
the number of Registrable Securities then held by such Investors which are covered by such Registration Statement.  For
purposes hereof, the number of Registrable Securities held by an Investor includes all Registrable Securities issuable upon exercise
of Warrants held by such Investor, without regard to any limitation on the exercise of the Warrants.

 

(c)           Legal
Counsel.  Subject to Section 5 hereof, the Investors holding securities representing at least two-thirds (2/3) of
the Registrable Securities shall have the right to select one legal counsel to review and oversee any offering pursuant to this
Section 2 ("LEGAL COUNSEL"), which shall be designated in writing to the Company by the Investor holders of at least two-thirds
(2/3) of the Registrable Securities.  The Company shall reasonably cooperate with Legal Counsel in performing the Company's
obligations under this Agreement.

 

(d)           Ineligibility
for Form S-3.  In the event that Form S-3 is not available for the registration of the resale of Registrable Securities
hereunder, the Company shall undertake to register the Registrable Securities on Form S-3 as soon as such form is available, provided
that the Company shall maintain the effectiveness of the Registration Statement then in effect until such time as a Registration
Statement on Form S-3 covering the Registrable Securities has been declared effective by the SEC.

 

(e)           Sufficient
Number of Shares Registered.  In the event the number of shares of Common Stock available under the Initial Registration
Statement filed pursuant to Section 2(a)(i) is insufficient to cover all of the Initial Registrable Securities required to
be covered by the Initial Registration Statement or an Investor's allocated portion of the Initial Registrable Securities pursuant
to Section 2(b), the Company shall, as soon as practicable, but in any event not later than 15 days after the first date on which
the number of shares available under the Initial Registration Statement is so insufficient (the "DEFICIENCY FILING DEADLINE"),
amend the Initial Registration Statement, or file a new Registration Statement (on the short form available therefor, if applicable),
or both, so that there are registered for resale Initial Registrable Securities consisting of at least that number of shares of
Common Stock equal to 110% of the number of Initial Warrant Shares issuable upon exercise of all the outstanding Initial Warrants
as of the second Trading Day immediately preceding the date of the filing of the amendment or new Registration Statement with
the SEC.  The Company shall use its best efforts to cause such amendment and/or new Registration Statement to become
effective as soon as practicable, but in any event not later than 75 days following the applicable Deficiency Filing Deadline
(the "DEFICIENCY EFFECTIVENESS DEADLINE").  For purposes of the foregoing provision, the number of shares of Common
Stock available under the Initial Registration Statement shall be deemed "insufficient to cover all of the Initial Registrable
Securities" if as of any date of determination, the number of shares of Common Stock equal to 100% of the number of Initial Warrant
Shares issuable as of such time upon exercise of all the outstanding Initial Warrants is greater than the number of shares of
Common Stock available for resale under the Initial Registration Statement.  The calculations set forth in this paragraph
shall be made without regard to any limitations on the exercise of the Initial Warrants.

 

    	-3-

    	 

    

(f)           Effect
of Failure to File and Obtain and Maintain Effectiveness of Registration Statement.

 

(i)           If
(i) a Registration Statement covering all the Registrable Securities and required to be filed by the Company pursuant to Section
2(a) of this Agreement is not (A) filed with the SEC on or before the applicable Filing Deadline or (B) declared effective by
the SEC on or before the applicable Effectiveness Deadline or (ii) on any day after the Registration Statement has been declared
effective by the SEC sales of all the Registrable Securities required to be included on such Registration Statement cannot be
made (other than during an Allowable Grace Period (as defined in Section 3(s)) pursuant to the Registration Statement (including
because of a failure to keep the Registration Statement effective, to disclose such information as is necessary for sales to be
made pursuant to the Registration Statement or to register sufficient shares of Common Stock as determined in accordance with
Section 2(e), then, as partial relief for the damages to any holder of the Warrants by reason of any such delay in or reduction
of its ability to sell the underlying shares of Common Stock (which remedy shall not be exclusive of any other remedies available
at law or in equity), the Company shall pay to such holder an amount in cash equal to the product of (i) the total Aggregate Exercise
Price (as defined in the Warrants) of all Warrants held by such holder and to which the Registration Statement relates, multiplied
by (ii) the sum of (A) 0.02, if the Registration Statement is not filed by the applicable Filing Deadline, plus (B) 0.02, if the
Registration Statement is not declared effective by the applicable Effectiveness Deadline, plus (C) the product of (I) 0.000667
multiplied by (II) the sum (without duplication) of (x) the number of days after the applicable Filing Deadline that such Registration
Statement is not filed with the SEC, plus (y) the number of days after the applicable Effectiveness Deadline that such Registration
Statement is not declared effective by the SEC, plus (z) the number of days after such Registration Statement has been declared
effective by the SEC that such Registration Statement is not available (other than during an Allowable Grace Period) for the sale
of at least all the Registrable Securities required to be included and maintained on such Registration Statement pursuant to Section
2(e).

 

(ii)           The
payments to which a holder shall be entitled pursuant to this Section 2(f) are referred to herein as "REGISTRATION DELAY
PAYMENTS."  Registration Delay Payments shall be paid on the earlier of (I) the last day of the calendar month during
which such Registration Delay Payments are incurred and (II) the third Business Day after the event or failure giving rise to
the Registration Delay Payments is cured.  In the event the Company fails to make Registration Delay Payments in a timely
manner, such Registration Delay Payments shall bear interest at the rate of the lesser of 1.5% per month (prorated for partial
months) or the highest lawful maximum interest rate, in each case, until paid in full.

 

    	-4-

    	 

    

3.           RELATED
OBLIGATIONS

 

At
such time as the Company is obligated, to file a Registration Statement with the SEC pursuant to Section 2(a), the Company will
use its best efforts to effect the registration of the Registrable Securities in accordance with the intended method of disposition
thereof and, pursuant thereto, the Company shall have the following obligations:

 

(a)           The
Company shall promptly prepare and file with the SEC a Registration Statement with respect to the applicable Registrable Securities
(but in no event later than the applicable Filing Deadline) and use its best efforts to cause such Registration Statement relating
to the Registrable Securities to become effective as soon as practicable after such filing (but in no event later than the applicable
Effectiveness Deadline).  The Company shall keep each Registration Statement effective pursuant to Rule 415 at all times
until the earlier of (i) the date as of which the Investors may sell all of the Registrable Securities covered by such Registration
Statement without restriction pursuant to Rule 144(d) (or successor thereto) promulgated under the 1933 Act or (ii) the date on
which the Investors shall have sold all the Registrable Securities covered by such Registration Statement (the "REGISTRATION PERIOD").  Such
Registration Statement (including any amendments or supplements thereto and prospectuses contained therein) shall not contain
any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the
statements therein, in light of the circumstances in which they were made, not misleading.  The term "best efforts"
shall mean, among other things, that the Company shall submit to the SEC, within two (2) Business Days after the Company learns
that no review of a particular Registration Statement will be made by the staff of the SEC or that the staff has no further comments
on the Registration Statement, as the case may be, a request for acceleration of effectiveness of such Registration Statement
to a time and date not later than 48 hours after the submission of such request.

 

(b)           The
Company shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to a Registration
Statement and the prospectus used in connection with such Registration Statement, which prospectus is to be filed pursuant to
Rule 424 promulgated under the 1933 Act, as may be necessary to keep such Registration Statement effective at all times during
the Registration Period, and, during such period, comply with the provisions of the 1933 Act with respect to the disposition of
all Registrable Securities of the Company covered by such Registration Statement until such time as all of such Registrable Securities
shall have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof as set forth
in such Registration Statement.  In the case of amendments and supplements to a Registration Statement which are required
to be filed pursuant to this Agreement (including pursuant to this Section 3(b) by reason of the Company filing a report on Form
10-K, Form 10-Q or Form 8-K or any analogous report under the Securities Exchange Act of 1934, as amended (the "1934 Act"),
the Company shall have incorporated such report by reference into the Registration Statement, if applicable, or shall file such
amendments or supplements with the SEC on the same day on which the 1934 Act report is filed which created the requirement for
the Company to amend or supplement the Registration Statement.

 

(c)           The
Company shall (A) permit Legal Counsel to review and comment upon (i) the Registration Statement at least five (5) Business Days
prior to its filing with the SEC and all amendments and supplements to all Registration Statements (except for Annual Reports
on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K and any similar or successor reports) within a reasonable
number of days prior to their filing with the SEC, and (8) not file any document, registration statement, amendment or supplement
described in the foregoing clause (A) in a form to which Legal Counsel reasonably objects.  The Company shall not submit
a request for acceleration of the effectiveness of a Registration Statement or any amendment or supplement thereto without providing
prior notice thereof to Legal Counsel and each Investor.  The Company shall furnish to Legal Counsel, without charge,
(i) promptly after the same is prepared and filed with the SEC, one copy of any Registration Statement and any amendment(s) thereto,
including financial statements and schedules, all documents incorporated therein by reference that have not been filed via EDGAR,
and all exhibits and (ii) upon the effectiveness of any Registration Statement, one copy of the prospectus included in such Registration
Statement and all amendments and supplements thereto.  The Company shall reasonably cooperate with Legal Counsel in
performing the Company's obligations pursuant to this Section 3.

 

    	-5-

    	 

    

(d)           The
Company shall furnish to each Investor whose Registrable Securities are included in any Registration Statement, without charge,
(i) promptly after the same is prepared and filed with the SEC, at least one copy of such Registration Statement and any amendment(s)
thereto, including financial statements and schedules, all documents incorporated therein by reference that have not been filed
via EDGAR, all exhibits and each preliminary prospectus, (ii) upon the effectiveness of any Registration Statement, ten (10) copies
of the prospectus included in such Registration Statement and all amendments and supplements thereto (or such other number of
copies as such Investor may reasonably request) and (iii) such other documents, including copies of any preliminary or final prospectus,
as such Investor may reasonably request from time to time in order to facilitate the disposition of the Registrable Securities
owned by such Investor.

 

(e)           The
Company shall use its best efforts to (i) register and qualify, unless an exemption from registration and qualification applies,
the resale by the Investors of the Registrable Securities covered by a Registration Statement under the securities or "blue sky"
laws of all the states of the United States, (ii) prepare and file in those jurisdictions, such amendments (including post-effective
amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof
during the Registration Period, (iii) take such other actions as may be necessary to maintain such registrations and qualifications
in effect at all times during the Registration Period, and (iv) take all other actions reasonably necessary or advisable to qualify
the Registrable Securities for sale in such jurisdictions; provided, however, that the Company shall not be required in connection
therewith or as a condition thereto to (x) qualify to do business in any jurisdiction where it would not otherwise be required
to qualify but for this Section 3(e) or (y) subject itself to general taxation in any such jurisdiction.  The Company
shall promptly notify Legal Counsel and each Investor who holds Registrable Securities of the receipt by the Company of any
notification with respect to the suspension of the registration or qualification of any of the Registrable Securities for sale
under the securities or "blue sky" laws of any jurisdiction in the United States or its receipt of actual notice of the initiation
or threatening of any proceeding for such purpose.

 

(f)           The
Company shall notify Legal Counsel and each Investor in writing of the happening of any event, as promptly as practicable after
becoming aware of such event, as a result of which the prospectus included in a Registration Statement, as then in effect, includes
an untrue statement of a material fact or omission to state a material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances under which they were made, not misleading (provided that in no event shall
such notice contain any material, nonpublic information), and promptly prepare a supplement or amendment to such Registration
Statement to correct such untrue statement or omission, and deliver ten (10) copies of such supplement or amendment to Legal Counsel
and each Investor (or such other number of copies as Legal Counselor such Investor may reasonably request).  The Company
shall also promptly notify Legal Counsel and each Investor in writing (i) when a prospectus or any prospectus supplement or post-effective
amendment has been filed, and when a Registration Statement or any post-effective amendment has become effective (notification
of such effectiveness shall be delivered to Legal Counsel and each Investor by facsimile on the same day of such effectiveness
and by overnight mail), (ii) of any request by the SEC for amendments or supplements to a Registration Statement or related
prospectus or related information, and (iii) of the Company's reasonable determination that a post-effective amendment to a Registration
Statement would be appropriate.

 

    	-6-

    	 

    

(g)           The
Company shall use its best efforts to prevent the issuance of any stop order or other suspension of effectiveness of a Registration
Statement, or the suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction and, if such
an order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible moment and to
notify Legal Counsel and each Investor who holds Registrable Securities being sold of the issuance of such order and the resolution
thereof or its receipt of actual notice of the initiation or threat of any proceeding for such purpose.

 

(h)           At
the reasonable request (in the context of the securities laws) of any Investor, the Company shall furnish to such Investor, on
the date of the effectiveness of the Registration Statement and thereafter from time to time on such dates as an Investor may
reasonably request (i) a letter, dated such date, from the Company's independent certified public accountants in form and substance
as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed
to the Investors, and (ii) an opinion, dated as of such date, of counsel representing the Company for purposes of such Registration
Statement, in form, scope and substance as is customarily given in an underwritten public offering, addressed to the Investors;
provided that such Investor shall reimburse the Company for its out-of-pocket expenses incurred in connection with the furnishing
of any such letter and opinion.

 

(i)           At
the reasonable request (in the context of the securities laws) of any Investor, the Company shall make available for inspection
during regular business hours by (i) any Investor, (ii) Legal Counsel and (iii) one firm of accountants or other agents retained
by the Investors (collectively, the "INSPECTORS"), all pertinent financial and other records, and pertinent corporate documents
and properties of the Company (collectively, the "RECORDS"), as shall be reasonably deemed necessary by each Inspector, and cause
the Company's officers, directors and employees to supply all information which any Inspector may reasonably request; provided,
however, that each Inspector shall agree to hold in strict confidence and shall not make any disclosure (except to an Investor)
or use of any Record or other information which the Company determines in good faith to be confidential, and of which determination
the Inspectors arc so notified, unless (a) the disclosure of such Records is necessary to avoid or correct a misstatement or omission
in any Registration Statement or is otherwise required under the 1933 Act, (b) the release of such Records is ordered pursuant
to a final, non-appealable subpoena or order from a court or government body of competent jurisdiction, or (c) the information
in such Records has been made generally available to the public other than by disclosure in violation of this or any other agreement
of which the Inspector has knowledge.  Each Investor agrees that it shall, upon learning that disclosure of such Records
is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt notice to the Company
and allow the Company, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order
for, the Records deemed confidential.  Each Inspector which exercises its rights under this Section 3(i) shall be obligated
to execute a non-disclosure agreement containing such reasonable terms as the Company may request. The fees and expenses of the
Inspectors shall be borne by the applicable Investor.

 

    	-7-

    	 

    

(j)           The
Company shall hold in confidence and not make any disclosure of information concerning an Investor provided to the Company unless
(i) disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of such information
is necessary to avoid or correct a misstatement or omission in any Registration Statement, (iii) the release of such information
is ordered pursuant to a subpoena or other final, non-appealable order from a court or governmental body of competent jurisdiction,
or (iv) such information has been made generally available to the public other than by disclosure in violation of this Agreement
or any other agreement.  The Company agrees that it shall, upon learning that disclosure of such information concerning
an Investor is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt written
notice to such Investor and allow such Investor, at the Investor's expense, to undertake appropriate action to prevent disclosure
of, or to obtain a protective order for, such information.

 

(k)           The
Company shall use its best efforts to (i) cause all the Registrable Securities covered by a Registration Statement to be listed
on each securities exchange on which securities of the same class or series issued by the Company are then listed, if any, if
the listing of such Registrable Securities is then permitted under the rules of such exchange, or (ii) secure designation and
quotation of all the Registrable Securities covered by the Registration Statement on The NASDAQ National Market System, or (iii)
if, despite the Company's best efforts to satisfy the preceding clause (i) or (ii), the Company is unsuccessful in satisfying
the preceding clause (i) or (ii), to secure the inclusion for quotation on The NASDAQ SmallCap Market for such Registrable Securities
and, without limiting the generality of the foregoing, to arrange for at least two market makers to register with the Financial
Industry Regulatory Authority ("FINRA") as such with respect to such Registrable Securities.  The Company shall pay
all fees and expenses in connection with satisfying its obligation under this Section 3(k).

 

(l)           The
Company shall cooperate with the Investors who hold Registrable Securities being offered and, to the extent applicable, facilitate
the timely preparation and delivery of certificates (not bearing any restrictive legend) representing the Registrable Securities
to be offered pursuant to a Registration Statement and enable such certificates to be in such denominations or amounts, as the
case may be, as the Investors may reasonably request and registered in such names as the Investors may request.

 

(m)           The
Company shall provide a transfer agent and registrar of all such Registrable Securities not later than the effective date of the
applicable Registration Statement.

 

    	-8-

    	 

    

(n)           If
requested by an Investor, the Company shall (i) as soon as practicable incorporate in a prospectus supplement or post-effective
amendment such information as an Investor requests to be included therein relating to the sale and distribution of Registrable
Securities, including information with respect to the number of Registrable Securities being offered or sold, the purchase price
being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering; (ii) as soon
as practicable make all required filings of such prospectus supplement or post-effective amendment after being notified of the
matters to be incorporated in such prospectus supplement or post-effective amendment; and (iii) as soon as practicable, supplement
or make amendments to any Registration Statement if reasonably requested by an Investor of such Registrable Securities.

 

(o)           The
Company shall use its best efforts to cause the Registrable Securities covered by the applicable Registration Statement to be
registered with or approved by such other governmental agencies or authorities in the United States as may be necessary to consummate
the disposition of such Registrable Securities.

 

(p)           The
Company shall make generally available to its security holders as soon as practical, but not later than 90 days after the close
of the period covered thereby, an earnings statement (in form complying with the provisions of Rule 158 under the 1933 Act) covering
a twelve-month period beginning not later than the first day of the Company's fiscal quarter next following the effective date
of a Registration Statement.

 

(q)           Within
two (2) Business Days after a Registration Statement which covers applicable Registrable Securities is ordered effective by the
SEC, the Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable
Securities (with copies to the Investors whose Registrable Securities are included in such Registration Statement) confirmation
that such Registration Statement has been declared effective by the SEC in substantially the form attached hereto as Exhibit A,
provided that if the Company changes its transfer agent, it shall immediately deliver any previously delivered notices under this
Section 3(q) and any subsequent notices to such new transfer agent.

 

(r)           The
Company shall make such filings with the National Association of Securities Dealers, Inc. (including providing all required information
and paying required fees thereto) as and when requested by an Investor and make all other filings reasonably necessary for Investors
to sell Registrable Securities pursuant to a Registration Statement.

 

(s)           Notwithstanding
anything to the contrary in Section 3(f), at any time after the Registration Statement has been declared effective by the SEC,
the Company may delay the disclosure of material non-public information concerning the Company the disclosure of which at the
time is not, in the good faith opinion of the Board of Directors of the Company and its counsel, in the best interest of the Company
and, in the opinion of counsel to the Company, otherwise required (a "GRACE PERIOD"); provided, that the Company shall promptly
(i) notify the Investors in writing of the existence of material non-public information giving rise to a Grace Period (provided
that in each notice the Company shall not disclose the content of such material non-public information to the Investors) and the
date on which the Grace Period will begin, and (ii) notify the Investors in writing of the date on which the Grace Period ends;
and, provided further, that no Grace Period shall exceed 20 consecutive days and during any 365 day period such Grace Periods
shall not exceed an aggregate of 40 days and the first day of any Grace Period must be at least two (2) Trading Days after the
last day of any prior Grace Period (an "ALLOWABLE GRACE PERIOD").  For purposes of determining the length of a Grace
Period above. the Grace Period shall begin on and include the date the holders receive the notice referred to in clause (i) and
shall end on and include the later of the date the holders receive the notice referred to in clause (ii) and the date referred
to in such notice.  The provisions of Section 3(g) hereof shall not be applicable during the period of any Allowable
Grace Period.  Upon expiration of the Grace Period, the Company shall again be bound by the first sentence of Section
3(t) with respect to the information giving rise thereto unless such material non-public information is no longer applicable.

 

    	-9-

    	 

    

4.           OBLIGATIONS
OF THE INVESTORS

 

(a)           At
least six (6) Business Days prior to the first anticipated filing date of a Registration Statement and at least five (5) Business
Days prior to the filing of any amendment or supplement to a Registration Statement, the Company shall notify each Investor in
writing of the information, if any, the Company requires from each such Investor if such Investor elects to have any of such Investor's
Registrable Securities included in such Registration Statement or, with respect to an amendment or a supplement, if such Investor's
Registrable Securities are included in such Registration Statement (each an " INFORMATION REQUEST").  Provided that
the Company shall have complied with its obligations set forth in the preceding sentence, it shall be a condition precedent to
the obligations of the Company to complete the registration pursuant to this Agreement with respect to the Registrable Securities
of a particular Investor that such Investor shall furnish to the Company, in response to an Information Request, such information
regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held
by it as shall be reasonably required to effect the registration of such Registrable Securities and shall execute such documents
in connection with such registration as the Company may reasonably request.

 

(b)           Each
Investor, by such Investor's acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested
by the Company in connection with the preparation and filing of any Registration Statement hereunder, unless such Investor has
notified the Company in writing of such Investor's election to exclude all of such Investor's Registrable Securities
from such Registration Statement.

 

(c)           Each
Investor agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in
Section 3(g) or the first sentence of 3(f) or written notice from the Company or a Grace Period, such Investor will immediately
discontinue disposition of Registrable Securities pursuant to any Registration Statement(s) covering such Registrable Securities
until such Investor's receipt of the copies of the supplemented or amended prospectus contemplated by Section 3(g) or the first
sentence of 3(f) or receipt of notice that no supplement or amendment is required or that the Grace Period has ended.  Notwithstanding
anything to the contrary, the Company shall cause its transfer agent to deliver unlegended shares of Common Stock to a transferee
of an Investor in accordance with the terms of the Securities Purchase Agreement in connection with any sale of Registrable Securities
with respect to which an Investor has entered into a contract for sale prior to the Investor's receipt of a notice from the Company
of the happening of any event of the kind described in Section 3(g) or the first sentence of 3(f) and for which the Investor has
not yet settled.

 

    	-10-

    	 

    

5.           EXPENSES
OF REGISTRATION

 

All
reasonable expenses, other than underwriting discounts and commissions, incurred in connection with registrations, filings or
qualifications pursuant to Sections 2 and 3, including all registration, listing and qualifications fees, printers and accounting
fees, and fees and disbursements of counsel for the Company shall be paid by the Company, except as provided in Section 3(h).  The
Company shall also reimburse the Investors for the reasonable fees and disbursements of Legal Counsel in connection with registration,
filing or qualification pursuant to Sections 2 and 3 of this Agreement.

 

6.           INDEMNIFICATION

 

In
the event any Registrable Securities are included in a Registration Statement under this Agreement:

 

(a)           To
the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend each Investor, the
directors, officers, partners, employees, agents, representatives of, and each Person, if any, who controls any Investor within
the meaning of the 1933 Act or the 1934 Act (each, an "INDEMNIFIED PERSON"), against any losses, claims, damages, liabilities,
judgments, fines, penalties, charges, costs, reasonable attorneys' fees, amounts paid in settlement or expenses, joint or several,
(collectively, "CLAIMS") incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation
or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency, body or
the SEC, whether pending or threatened, whether or not an indemnified party is or may be a party thereto ("INDEMNIFIED DAMAGES"),
to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in
respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in a
Registration Statement or any post-effective amendment thereto or in any filing made in connection with the qualification of the
offering under the securities or other "blue sky" laws of any jurisdiction in which Registrable Securities are offered ("BLUE
SKY FILING"), or the omission or alleged omission to state a material fact required to be stated therein or necessary to make
the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained in any
preliminary prospectus if used prior to the effective date of such Registration Statement, or contained in the final prospectus
(as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the SEC) or the omission or
alleged omission to state therein any material fact necessary to make the statements made therein, in light of the circumstances
under which the statements therein were made, not misleading, (iii) any violation or alleged violation by the Company of the 1933
Act, the 1934 Act, any other law, including any state securities law, or any rule or regulation thereunder relating to the offer
or sale of the Registrable Securities pursuant to a Registration Statement or (iv) any material violation of this Agreement by
the Company (the matters in the foregoing clauses (i) through (iv) being, collectively, "VIOLATIONS").  Subject to Section
6(c), the Company shall reimburse the Indemnified Persons, promptly as such expenses are incurred and are due and payable, for
any legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such Claim.  Notwithstanding
anything to the contrary contained herein, the indemnification agreement contained in this Section 6(a): (i) shall not apply to
a Claim by an Indemnified Person arising out of or based upon a Violation which occurs in reliance upon and in conformity with
information furnished in writing to the Company by such Indemnified Person for such Indemnified Person expressly for use in connection
with the preparation of the Registration Statement or any such amendment thereof or supplement thereto, if such prospectus was
timely made available by the Company pursuant to Section 3(d); (ii) with respect to any preliminary prospectus, shall not inure
to the benefit of any such person from whom the person asserting any such Claim purchased the Registrable Securities that are
the subject thereof (or to the benefit of any person controlling such person) if the untrue statement or omission of material
fact contained in the preliminary prospectus was corrected in the prospectus, as then amended or supplemented, if such prospectus
was timely made available by the Company pursuant to Section 3(d), and the Indemnified Person was promptly advised in writing
not to use the incorrect preliminary prospectus prior to the use giving rise to a violation and such Indemnified Person, notwithstanding
such advice, used it; and (iv) shall not be available to the extent such Claim is based on a failure of the Investor to deliver
or to cause to be delivered the prospectus made available by the Company, if such prospectus was timely made available by the
Company pursuant to Section 3(d); and (iv) shall not apply to amounts paid in settlement of any Claim if such settlement
is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld.  Such
indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person
and shall survive the transfer of the Registrable Securities by the Investors pursuant to Section 9.

 

    	-11-

    	 

    

(b)           In
connection with any Registration Statement in which an Investor is participating, each such Investor agrees to severally and not
jointly indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in Section 6(a), the Company,
each of its directors, each of its officers who signs the Registration Statement, and each Person, if any, who controls the Company
within the meaning of the 1933 Act or the 1934 Act (each an "INDEMNIFIED PARTY"), against any Claim or Indemnified Damages to
which any of them may become subject, under the 1933 Act, the 1934 Act or otherwise, insofar as such Claim or Indemnified Damages
arise out of or are based upon any Violation, in each case to the extent, and only to the extent, that such Violation occurs in
reliance upon and in conformity with written information furnished to the Company by such Investor expressly for use in connection
with such Registration Statement; and, subject to Section 6(c), such Investor will reimburse any legal or other expenses reasonably
incurred by an Indemnified Party in connection with investigating or defending any such Claim; provided, however, that the indemnity
agreement contained in this Section 6(b) and the agreement with respect to contribution contained in Section 7 shall not apply
to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of such Investor,
which consent shall not be unreasonably withheld; provided, further, however, that the aggregate liability of the Investor in
connection with any Violation shall not exceed the net proceeds to such Investor as a result of the sale of Registrable Securities
pursuant to the Registration Statement giving rise to such Claim. Such indemnity shall remain in full force and effect regardless
of any investigation made by or on behalf of such Indemnified Party and shall survive the transfer of the Registrable Securities
by the Investors pursuant to Section 9.  Notwithstanding anything to the contrary contained herein, the indemnification
agreement contained in this Section 6(b) with respect to any preliminary prospectus shall not inure to the benefit of any
Indemnified Party if the untrue statement or omission of material fact contained in the preliminary prospectus was corrected on
a timely basis in the prospectus, as then amended or supplemented.

 

    	-12-

    	 

    

(c)           Promptly
after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement of any action or
proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified Party shall,
if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying party
a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent
the indemnifying party so desires, jointly with any other indemnifying party Similarly noticed, to assume control of the defense
thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party, as the
case may be.  In any such proceeding, any Indemnified Person or Indemnified Party may retain its own counsel, but, except
as provided in the following sentence, the fees and expenses of that counsel will be at the expense of that Indemnified Person
or Indemnified Party, as the case may be, unless (i) the indemnifying party and the Indemnified Person or Indemnified Party, as
applicable, shall have mutually agreed to the retention of that counsel, (ii) the indemnifying party does not assume the defense
of such proceeding in a timely manner or (iii) in the reasonable opinion of counsel retained by the indemnifying party, the representation
by such counsel for the Indemnified Person or Indemnified Party and the indemnifying party would be inappropriate due to actual
or potential differing interests between such Indemnified Person or Indemnified Party and any other party represented by such
counsel in such proceeding.  The Company shall pay reasonable fees for up to one separate legal counsel for the Investors,
and such legal counsel shall be selected by the Investors holding at least two-thirds (2/3) in interest of the Registrable Securities
included in the Registration Statement to which the Claim relates.  The Indemnified Party or Indemnified Person shall
cooperate fully with the indemnifying party in connection with any negotiation or defense of any such action or Claim by the indemnifying
party and shall furnish to the indemnifying party all information reasonably available to the Indemnified Party or Indemnified
Person which relates to such action or Claim.  The indemnifying party shall keep the Indemnified Party or Indemnified
Person fully apprised at all times as to the status of the defense or any settlement negotiations with respect thereto.  No
indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its prior written consent,
provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent.  No
indemnifying party shall, without the prior written consent of the Indemnified Party or Indemnified Person, consent to entry of
any judgment or enter into any settlement or other compromise with respect to any pending or threatened action or claim in respect
of which indemnification or contribution may be or has been sought hereunder (whether or not the Indemnified Party or Indemnified
Person is an actual or potential party to such action or claim), which does not include as an unconditional term thereof the giving
by the claimant or plaintiff to such Indemnified Party or Indemnified Person of a release from all liability in respect to such
Claim or litigation.  Following indemnification as provided for hereunder, the indemnifying party shall be subrogated
to all rights of the Indemnified Party or Indemnified Person with respect to all third parties, firms or corporations relating
to the matter for which indemnification has been made.  The failure to deliver written notice to the indemnifying party
within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to
the Indemnified Person or Indemnified Party under this Section 6, except to the extent that the indemnifying party is prejudiced
in its ability to defend such action.

 

    	-13-

    	 

    

(d)           The
indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation
or defense, as and when bills are received or Indemnified Damages are incurred.

 

(e)           The
indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Party
or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject
to pursuant to the law.

 

7.           CONTRIBUTION

 

To
the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make
the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent
permitted by law; provided, however, that (i) no Person involved in the sale of Registrable Securities which Person is guilty
of fraudulent misrepresentation (within the meaning of Section II(f) of the 1933 Act) in connection with such sale, shall be entitled
to contribution from any Person involved in such sale of Registrable Securities who was not guilty of fraudulent misrepresentation;
and (ii) contribution by any seller of Registrable Securities shall be limited to an amount equal to the net amount of proceeds
received by such seller from the sale of such Registrable Securities pursuant to the Registration Statement giving rise to such
action or claim for indemnification less the amount of any damages that such seller has otherwise been required to pay in connection
with such sale.

 

8.           REPORTS
UNDER THE 1934 ACT

 

With
a view to making available to the Investors the benefits of Rule 144 promulgated under the 1933 Act or any other similar rule
or regulation of the SEC that may at any time permit the Investors to sell securities of the Company to the public without registration
("RULE 144"), the Company agrees to:

 

(a)           make
and keep public information available, as those terms are understood and defined in Rule 144;

 

(b)           file
with the SEC in a timely manner all reports and other documents required of the Company under the 1933 Act and the 1934 Act so
long as the Company remains subject to such requirements (it being understood that nothing herein shall limit the Company's obligations
under Section 4(c) of the Securities Purchase Agreement) and the filing of such reports and other documents is required for the
applicable provisions of Rule 144; and

 

(c)           furnish
to each Investor so long as such Investor owns Registrable Securities, promptly upon written request, (i) a written statement
by the Company that it has complied with the reporting requirements of Rule 144, the 1933 Act and the 1934 Act, (ii) a copy of
the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii)
such other information as may be reasonably requested to permit the Investors to sell such securities pursuant to Rule 144 without
registration.

 

    	-14-

    	 

    

9.           ASSIGNMENT
OF REGISTRATION RIGHTS

 

The
rights under this Agreement shall be automatically assignable by the Investors to any transferee of all or any portion of Registrable
Securities if: (i) the Investor agrees in writing with the transferee or assignee to assign such rights, and a copy of such agreement
is furnished to the Company within five (5) Business Days after such transfer or assignment; (ii) the Company is, within five
(5) Business Days after such transfer or assignment, furnished with written notice of (a) the name and address of such transferee
or assignee, and (b) the securities with respect to which such registration rights are being transferred or assigned; (iii) immediately
following such transfer or assignment the further disposition of such securities by the transferee or assignee is restricted under
the 1933 Act and applicable state securities laws; (iv) at or before the time the Company receives the written notice contemplated
by clause (ii) of this sentence, the transferee or assignee agrees in writing with the Company to be bound by all of the provisions
contained herein; and (v) such transfer shall have been made in accordance with the applicable requirements of the Securities
Purchase Agreement.

 

10.           AMENDMENT
OF REGISTRATION RIGHTS

 

Provisions
of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either
retroactively or prospectively), only with the written consent of the Company and Investors who then hold at least two-thirds
(2/3) of the Registrable Securities.  Any amendment or waiver effected in accordance with this Section 10 shall be binding
upon each Investor and the Company.  No such amendment shall be effective to the extent that it applies to less than
all of the holders of the Registrable Securities.  No consideration shall be offered or paid to any Person to amend
or consent to a waiver or modification of any provision of any of this Agreement unless the same consideration also is offered
to all of the parties to this Agreement.

 

11.           MISCELLANEOUS

 

(a)           A
Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable
Securities.  If the Company receives conflicting instructions, notices or elections from two or more Persons with respect
to the same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from the
registered owner of such Registrable Securities.

 

(b)           Any
notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be
in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent
by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending
party); or (iii) one (1) Business Day after deposit with a nationally recognized overnight delivery service, in each case properly
addressed to the party to receive the same.  The addresses and facsimile numbers for such communications shall be:

 

    	-15-

    	 

    

If
to the Company:

 

Infinity
Energy Resources, Inc:

11900
College Blvd., Suite 204

Overland
Park, Kansas 66210

Telephone:
(913) 948-0512

Facsimile:
(913) 938-4458

Attention:
Chief Executive Officer

 

If
to the Buyer, to its address and facsimile number set forth on the Schedule of Buyers attached hereto, with copies to such Buyer's
representatives as set forth on the Schedule of Buyers, or if, in the case of the Buyer or other party named above, to such other
address and/or facsimile number and/or to the attention of such other person as the recipient party has specified by written notice
given to each other party at least five (5) days prior to the effectiveness of such change.

 

If
to an Investor (other than the Buyer), to such Investor at the address and/or facsimile number reflected in the records of the
Company.  Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or
other communication, (B) mechanically or electronically generated by the sender's facsimile machine containing the time, date,
recipient facsimile number and an image of the first page of such transmission or (C) provided by a courier or overnight courier
service shall be rebuttable evidence of personal service, receipt by facsimile or deposit with a nationally recognized overnight
delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

(c)           Failure
of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or
remedy, shall not operate as a waiver thereof.

 

(d)           All
questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal
laws of the State of Texas, without giving effect to any choice of law or conflict of law provision or rule (whether of the State
of Texas or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of
New York.  Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting
the City of Houston, 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 brought in an
inconvenient forum or that the venue of such suit, action or proceeding is improper.  Each party hereby irrevocably
waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy
thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof.  Nothing contained herein shall be deemed to limit in any
way any right to serve process in any manner permitted by law.  If any provision of this Agreement shall be invalid
or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the
remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other
jurisdiction.  EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRJAL FOR
THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED
HEREBY.

 

    	-16-

    	 

    

(e)           This
Agreement and the other Transaction Documents constitute the entire agreement among the parties hereto with respect to the subject
matter hereof and thereof.  There are no restrictions, promises, warranties or undertakings, other than those set forth
or referred to herein and therein.  This Agreement and the other Transaction Documents supersede all prior agreements
and understandings among the parties hereto with respect to the subject matter hereof and thereof.

 

(f)           Subject
to the requirements of Section 9, this Agreement shall inure to the benefit of and be binding upon the permitted successors and
assigns of each of the parties hereto.

 

(g)           The
headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

(h)           This
Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and
shall become effective when counterparts have been signed by each party and delivered to each other party; provided that a facsimile
signature shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as
if the signature were an original, not a facsimile signature.

 

(i)           Each
party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver
all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry
out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

(j)           All
consents and other determinations to be made by the Investors pursuant to this Agreement shall be made, unless otherwise specified
in this Agreement, by Investors holding at least two-thirds (2/3) of the Registrable Securities, determined as if all of the Notes
and the Warrants then outstanding have been converted into or exercised for Registrable Securities without regard to any limitations
on conversion of the Notes or the exercise of the Warrants.  Any consent or other determination approved by Investors
as provided in the immediately preceding sentence shall be binding on all Investors.

 

(k)           The
language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no
rules of strict construction will be applied against any party.

 

(l)           This
Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and, to the
extent provided in Sections 6(a) and 6(b) hereof, each Investor, the directors, officers, partners, employees, agents, representatives
of, and each Person, if any who controls any Investor within the meaning of the 1933 Act and the 1934 Act and each of the Company's
directors, each of the Company's officers who signs the Registration Statement, and each Person, if any, who controls the Company
within the meaning of the 1933 Act and the 1934 Act, and is not for the benefit of, nor may any provision hereof be enforced by,
any other Person.

 

    	-17-

    	 

    

(m)           Unless
the context otherwise requires, (a) all references to Sections, Schedules or Exhibits are to Sections, Schedules or Exhibits contained
in or attached to this Agreement, (b) each accounting term not otherwise defined in this Agreement has the meaning assigned to
it in accordance with GAAP, (c) words in the singular or plural include the singular and plural and pronouns stated in either
the masculine, the feminine or neuter gender shall include the masculine, feminine and neuter and (d) the use of the word "including"
in this Agreement shall be by way of example rather than limitation.

 

[Remainder
of page intentionally left blank]

 

    	-18-

    	 

    

IN
WITNESS WHEREOF, the parties have caused this Registration Rights Agreement to be duly executed as of day and year first above
written.

 

 

	 	Company:

        Infinity Energy Resources, Inc.
	 
	 	 	 	 
	 	By:	/s/ Stanton
    E. Ross	 
	 	Name: 	Stanton
    E. Ross	 
	 	Title: 	President and Chief Executive Officer	 
	 	 	 	 

 

	 	Buyer:

        Amegy Bank, N.A.
	 
	 	 	 	 
	 	By:	/s/ Hank Holmes	 
	 	Name: 	Hank Holmes	 
	 	Title: 	Executive Vice President	 
	 	 	 	 

 

 

 

[Signature
Page to Registration Rights Agreement]

    	 

    	 

    

 

Schedule
of Buyers

 

Amegy
Bank, N.A.

4400
Post Oak Parkway, Suite 1300

Houston,
Texas 77027

 

 

 

 

 

 

 

 

 

 

    	 

    	 

    

EXHIBIT
A

 

FORM
OF NOTICE OF EFFECTIVENESS OF REGISTRATION STATEMENT

 

[TRANSFER
AGENT]

 

ATTN:                                                     

 

RE:
INFINITY ENERGY RESOURCES, INC.

 

Ladies
and Gentlemen:

 

We
are counsel to Infinity Energy Resources, Inc., a Delaware corporation (the "COMPANY"), and have represented the Company in connection
with that certain Securities Purchase Agreement (the "PURCHASE AGREEMENT") entered into by and among the Company and the buyer
named therein (the "HOLDER") pursuant to which the Company issued to the Holder warrants to purchase an aggregate of _____ shares
of Common Stock, subject to adjustment (the "WARRANTS"). as set forth in, and subject to the terms and conditions of, the Securities
Purchase Agreement.  Pursuant to the Purchase Agreement, the Company also has entered into a Registration Rights Agreement
with the Holder (the "REGISTRATION RJGHTS AGREEMENT") pursuant to which the Company agreed, among other things, to register the
Registrable Securities (as defined in the Registration Rights Agreement), including the shares of Common Stock issuable upon exercise
of the Warrants, under the Securities Act of 1933, as amended (the "1933 ACT').  In connection with the Company' s obligations
under the Registration Rights Agreement, on ________________,2011, the Company filed a Registration Statement on Form S-3 (File
No. 333-________________) (the "REGISTRATION STATEMENT") with the Securities and Exchange Commission (the "SEC") relating to Registrable
Securities (subject to adjustment) issued or issuable upon EXERCISE OF WARRANTS ISSUED ON _________________, 2011, which names
the Holder as a selling stockholder thereunder. In connection with the foregoing, we advise you that a member of the SEC's staff
has advised us by telephone that the SEC has entered an order declaring the Registration Statement effective under the 1933 Act
at [ENTER TIME OF EFFECTIVENESS] on [ENTER DATE OF EFFECTIVENESS) and we have no knowledge, after telephonic inquiry of a member
of the SEC's staff, that any stop order suspending its effectiveness has been issued or that any proceedings for that purpose
are pending before, or threatened by, the SEC and the Registrable Securities are available for resale under the 1933 Act pursuant
to the Registration Statement.

 

	 	Very truly yours, [ISSUER'S COUNSEL]
	 
	 	 	 
	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	 	 

 

cc:
[LIST NAME OF HOLDER]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00202-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00202-of-00352.parquet"}]]