Form 8-K
8-K — Datacentrex, Inc.
Accession: 0001493152-26-040739
Filed: 2026-08-31
Period: 2026-08-27
CIK: 0001853825
SIC: 7374 (SERVICES-COMPUTER PROCESSING & DATA PREPARATION)
Item: Entry into a Material Definitive Agreement
Item: Other Events
Item: Financial Statements and Exhibits
Documents
8-K — form8-k.htm (Primary)
EX-10.1 (ex10-1.htm)
EX-99.1 (ex99-1.htm)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
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2026-08-27
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported) August 27, 2026
DATACENTREX,
INC.
(Exact
name of registrant as specified in its charter)
Nevada
001-42388
85-3651036
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
470 W 200 N STE 18
Salt
Lake City, UT
84103
(Address of principal executive
offices)
(Zip Code)
Registrant’s
telephone number, including area code: (800) 403-6150
N/A
(Former
name or former address, if changed since last report.)
☐
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class
Trading
Symbol(s)
Name
of each exchange on which registered
Common stock, $0.001 par
value
DTCX
The Nasdaq Stock Market
LLC
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
1.01 Entry into a Material Definitive Agreement.
On
August 27, 2026, Datacentrex, Inc. (the “Company”) entered into a Common Unit Purchase Agreement (the “Purchase Agreement”)
with ELNG Equity LLC (“ELNG”), pursuant to which the Company agreed to purchase, and ELNG agreed to sell, 23,076,923 Class
A Common Units of ELNG (the “Units”) for an aggregate purchase price of approximately $30,000,000 (the “Purchase Price”).
The closing of the transactions contemplated by the Purchase Agreement (the “Closing”) occurred on August 28, 2026 and the
Company paid the Purchase Price. In connection with the Closing, the Company entered into a joinder agreement to ELNG’s Second
Amended and Restated Limited Liability Company Agreement (the “Operating Agreement”), which governs the Company’s rights
and obligations as a unitholder of ELNG.
The
Purchase Agreement contains customary representations, warranties and covenants of the parties, including provisions regarding the private
offering nature of the transaction. The Units have not been registered under the Securities Act of 1933, as amended (the “Securities
Act”), or under applicable state securities laws, and were issued and sold in reliance on an exemption from registration under
Section 4(a)(2) of the Securities Act. The Purchase Agreement also includes restrictions on transfer of the Units, including that any
transfer must be made in accordance with applicable law and the Operating Agreement. In addition, the Purchase Agreement contains a “most
favored nations” provision which provides that, for three months following the Closing, if ELNG issues equity interests on terms
more favorable than those provided to the Company under the Purchase Agreement, such more favorable terms will, at the Company’s
option, become a part of the Purchase Agreement. The Purchase Agreement also grants the Company a right, for 12 months following the
Closing, to participate pro rata in any subsequent debt financing by ELNG on the same terms and conditions as such financing, subject
to existing preferential rights of certain ELNG stakeholders.
The
foregoing description of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the
full text of the Purchase Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by
reference.
Item
8.01 Other Events.
On
August 31, 2026, the Company issued a press release announcing the Closing. A copy of the press release is furnished as Exhibit 99.1
to this Current Report on Form 8-K.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits
Exhibit
No.
Exhibit
10.1*+
Common Unit Purchase Agreement, dated August 27, 2026, by and between Datacentrex, Inc. and ELNG Equity LLC
99.1
Press release, dated August 31, 2026
104
Cover
Page Interactive Data File (embedded within the Inline XBRL document)
*
Certain
exhibits and schedules to this Exhibit have been omitted in accordance with Item 601(a)(5) of Regulation S-K. The
Company agrees to furnish supplementally a copy of all omitted exhibits and schedules to the Securities and Exchange Commission or
its staff upon request.
+
Certain
provisions and terms of this Exhibit have been redacted in accordance with Item 601(b)(10)(iv) of Regulation S-K because the
Company customarily and actually treats that information as private or confidential and the omitted information is not material.
The Company will supplementally provide a copy of an unredacted copy of this exhibit to the Securities and Exchange Commission or
its staff upon request.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Datacentrex,
Inc.
Date: August 31, 2026
By:
/s/
Parker Scott
Name:
Parker Scott
Title:
Chief Executive Officer
EX-10.1
EX-10.1
Filename: ex10-1.htm · Sequence: 2
Exhibit 10.1
CERTAIN
INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.
THE OMITTED PORTIONS OF THIS DOCUMENT ARE INDICATED BY [***].
Common
Unit Purchase Agreement
BY
AND BETWEEN
Datacentrex,
Inc.
AND
ELNG
Equity LLC
August
27, 2026
Table
of Contents
Page
Article
I Definitions
2
Section
1.01
Defined
Terms
2
Section
1.02
Construction,
Interpretation, Etc.
16
Article
II Purchase and Sale of Purchased Class A Common Units; Use of Proceeds
18
Section
2.01
Purchase
and Sale of Class A Common Units
18
Section
2.02
Effect
of Funding
18
Section
2.03
Uses
of Proceeds
18
Section
2.04
Failure
to Make Capital Contribution
18
Article
III DELIVERIES & Escrow
19
Section
3.01
Deliveries
of the Company prior to Funding
19
Section
3.02
Deliveries
of the Company at Funding
19
Section
3.03
Deliveries
of Purchaser Prior to Funding
19
Section
3.04
Deliveries
of Purchaser at Funding
19
Section
3.05
Escrow
of Signatures
20
Section
3.06
Mutual
Conditions
20
Article
IV Representations and Warranties of the Company
20
Section
4.01
Organization
and Good Standing
20
Section
4.02
No
Conflict; Consents and Preferential Purchase Rights
21
Section
4.03
Capitalization
of the Company; Subsidiaries
22
Section
4.04
Financial
Statements
24
Section
4.05
Absence
of Certain Changes or Events
25
Section
4.06
No
Undisclosed Liabilities; Indebtedness
25
Section
4.07
Employment
and Labor Matters
25
Section
4.08
Intentionally
Left Blank
26
Section
4.09
Taxes
26
Section
4.10
Litigation
27
Section
4.11
Intellectual
Property
27
Section
4.12
Brokers
29
Section
4.13
Real
Property
29
Section
4.14
Environmental
Matters
30
Section
4.15
Material
Contracts
31
Section
4.16
Insurance
34
Section
4.17
Compliance
with Laws; Permits
34
Section
4.18
Anti-Bribery;
Sanctions
35
Section
4.19
Related
Parties
36
Section
4.20
Personal
Property
36
Section
4.21
Financial
Condition
36
Section
4.22
Bonds;
Letters of Credit and Guarantees
37
Section
4.23
Privacy
and Data Security
37
i
Article
V Representations and Warranties of Purchaser
38
Section
5.01
Organization
and Good Standing
38
Section
5.02
Authority
38
Section
5.03
Conflicts;
Consents of Third Parties
38
Section
5.04
Litigation
39
Section
5.05
Investment
39
Section
5.06
Brokers
39
Section
5.07
Investigation
39
Article
VI Covenants of the Parties
39
Section
6.01
Expenses
39
Section
6.02
Confidentiality
40
Section
6.03
Public
Announcements
40
Section
6.04
Tax
Matters
40
Section
6.05
No
Other Company Entity Representations or Warranties
41
Section
6.06
No
Other Purchaser Representations or Warranties
41
Section
6.07
Further
Assurances
42
Section
6.08
Most
Favored Nations
43
Section
6.09
Participation
in Future Financing
43
Article
VII Indemnification
44
Section
7.01
Indemnification
by Purchaser
44
Section
7.02
Indemnification
by the Company
45
Section
7.03
Limitations
on Liability
45
Section
7.04
Reliance
on Agreement
46
Section
7.05
Survival
47
Section
7.06
Indemnification
Procedures
47
Section
7.07
Certain
Limitations
49
Section
7.08
Exclusive
Remedy
50
Article
VIII Miscellaneous
50
Section
8.01
Notices
50
Section
8.02
Amendments
and Waivers
51
Section
8.03
Governing
Law, etc.
52
Section
8.04
Successors
and Assigns; Assignment
52
Section
8.05
Entire
Agreement
52
Section
8.06
Severability
53
Section
8.07
Counterparts;
Effectiveness; No Third-Party Beneficiaries
53
Section
8.08
Specific
Performance
53
Section
8.09
No
Recourse or Personal Liability
53
Section
8.10
Representation
by Counsel
54
Section
8.11
Deliveries
to Purchaser
54
Section
8.12
Protected
Communication
54
Section
8.13
Time
of Essence
54
ii
Schedules
Exhibit
A
Form
of Joinder Agreement
Schedule
4.01(a)
Organization
and Good Standing
Schedule
4.02(a)
No
Conflict
Schedule
4.02(b)
Consents;
Preferential Purchase Rights
Schedule
4.03(a)
Capitalization
of the Company
Schedule
4.03(b)
Rights;
Commitments; Obligations
Schedule
4.03(c)
Equity
Interests
Schedule
4.05
Absence
of Certain Changes or Events
Schedule
4.06(b)
Indebtedness
Schedule
4.09(d)
Income
Tax Returns
Schedule
4.09(d)
Tax
Audits
Schedule
4.09(h)
Tax
Classifications
Schedule
4.10
Litigation
Matters
Schedule
4.11(a)
Intellectual
Property
Schedule
4.11(b)
Permitted
Asset Liens
Schedule
4.11(c)
Infringement
Schedule
4.11(d)
License
Agreements
Schedule
4.11(e)
Company
System Interruptions
Schedule
4.12
Brokers
Schedule
4.13(a)
Owned
Real Property
Schedule
4.13(b)
Leased
Real Property
Schedule
4.13(d)
Subleases
Schedule
4.14(a)
Environmental
Law Matters
Schedule
4.15(a)
Material
Contracts
Schedule
4.15(b)
Material
Contract Matters
Schedule
4.16(a)
Insurance
Policies
Schedule
4.16(b)
Insurance
Policy Matters
Schedule
4.17(a)
Compliance
with Laws
Schedule
4.17(b)
Permit
Matters
Schedule
4.18(a)
Violations
Schedule
4.18(b)
Threatened
Allegations
Schedule
4.18(c)
Policies
& Procedures
Schedule
4.19
Related
Parties
Schedule
4.20
Personal
Property
Schedule
4.22(a)
Bonds
Schedule
4.22(b)
Letters
of Credit and Guarantees
Schedule
4.23(b)
Privacy
and Data Security
Schedule
4.23(c)
Privacy
and Data Security—Litigation
iii
Common
Unit Purchase Agreement
This
Common Unit Purchase Agreement, dated as of August 27, 2026 (this “Agreement”), is made and entered into
by and between Datacentrex, Inc., a Nevada corporation (“Datacentrex” or “Purchaser”),
and ELNG Equity LLC, a Delaware limited liability company (the “Company”). Purchaser and the Company may be
referred to herein individually as a “Party” and collectively as the “Parties”.
Recitals
WHEREAS,
the Company and the Company Subsidiaries are in the business of developing projects involving the liquefaction of Natural Gas (as defined
below) and providing services related to the delivery of LNG-based fuels and other activities incidental or ancillary thereto, including
the production, distribution, and marketing of Natural Gas based fuels to multiple end-markets including marine, space propulsion and
power generation (such business activities conducted by the Company and the Company Subsidiaries being referred to herein as the
“Business”);
WHEREAS,
Purchaser desires to (a) invest an aggregate $30,000,000 in the Company and acquire Class A Common Units (as defined in that certain
Second Amended and Restated Limited Liability Company Agreement of the Company, by and among the Company, Ferus (as defined below), the
OIC Parties (as defined below) and the HPS Parties (as defined below) that is being entered into contemporaneously with the Closing (as
defined below) (the “Second A&R LLC Agreement”)) for the Purchase Price (as defined below) upon the terms,
in the manner and subject to the terms and conditions hereinafter set forth in this Agreement;
WHEREAS,
the Company will use the proceeds of the Purchase Price paid hereunder (“Capital Contribution”) to [***];
and
WHEREAS,
substantially concurrently with the execution of this Agreement, the Company is also entering into that certain Common Unit Purchase
Agreement (the “EMG Purchase Agreement”) with EMG Eagle LNG Co-Investment, LP, pursuant to which EMG Eagle
LNG Co-Investment, LP is agreeing to invest an aggregate $10,000,000 in the Company [***] and subject to the terms and
conditions of the EMG Purchase Agreement, in exchange for Class A Common Units at the same value per unit as the Purchased Class A Common
Units.
NOW,
THEREFORE, in consideration of and subject to the covenants, representations, warranties, obligations, and other agreements hereinafter
set forth, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to
be legally bound hereby, the Parties hereby agree as follows:
1
Article
I
Definitions
Section
1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings specified or referred to
below:
“Abandoned
Subsidiary” means NatGas Aruba VBA, an Aruba limited liability company.
“Active
Company Subsidiary” means any Company Subsidiary other than the Abandoned Subsidiary.
“Affiliate”
means, with respect to any person, any other person that, directly or indirectly through one or more intermediaries, controls, or
is controlled by, or is under common control with, such person, and the term “control” (including the terms “controlled
by” and “under common control with”) means the possession, directly or indirectly, of the power to direct
or cause the direction of the management and policies of such person, whether through ownership of voting securities, by contract
or otherwise; provided, that the Company shall not be an Affiliate of Purchaser after Closing.
“Agreement”
has the meaning set forth in the preamble.
“Anti-Bribery
Laws” means any Law concerning or relating to bribery and corruption, including the U.S. Foreign Corrupt Practices Act
of 1977 and applicable laws or regulations enacted to implement the OECD Convention on Combating Bribery of Foreign Public Officials
in International Business Transactions.
“Antigua
Joint Venture” means Caribbean LNG Inc., a company incorporated under the laws of Antigua and Barbuda.
“Applicable
Contracts” means all Contracts to which a Company Entity is a party or by which any asset or property of a Company Entity
is bound.
“Balance
Sheet Date” has the meaning set forth in Section 4.04(a).
“Board”
has the meaning ascribed to it in the Second A&R LLC Agreement.
“Budget
Act” means Sections 6221 through 6241 of the Code, together with any guidance issued thereunder or successor provisions
and any similar provision of state or local tax laws.
2
“Business”
has the meaning set forth in the recitals.
“Business
Day” means a day other than Saturday, Sunday, or any day on which the principal commercial banks located in the city of
Houston, Texas are authorized or obligated to close under applicable Law.
“Cap”
has the meaning set forth in Section 7.03(a)(ii).
“Capital
Contribution” has the meaning set forth in the recitals.
“Casualty
Loss” means any (a) material damage or destruction to an asset or property with Damages estimated to exceed $5,000,000,
(b) expropriation or condemnation or taking under right of eminent domain of an asset or property, or (c) Litigation for condemnation
or taking under right of eminent domain (whether permanent, temporary, whole, or partial) with respect to any asset of any Company Entity
or any portion thereof.
“CERCLA”
has the meaning set forth in the definition of Environmental Laws.
“Chosen
Court” has the meaning set forth in Section 8.03(b).
“Claim
Notice” has the meaning set forth in Section 7.06(b).
“Class
A Common Units” has the meaning ascribed to it in the Second A&R LLC Agreement.
“Closing”
means the consummation of purchase and sale contemplated by this Agreement and shall refer to the closing of the Funding.
“Closing
Date” has the meaning set forth in Section 2.02.
“Code”
means the Internal Revenue Code of 1986, as amended, and any successor thereto.
“Company”
has the meaning set forth in the preamble.
“Company
Entities” means the Company and its Subsidiaries.
“Company
Excluded Matters” has the meaning set forth in Section 7.03(a)(i).
“Company
Fundamental Representations” means the representations and warranties set forth in Section 4.01 (Organization and
Good Standing), Section 4.02(a)(ii)-(v) (No Conflict), Section 4.03 (Capitalization of the Company; Subsidiaries), Section
4.12 (Brokers), Section 4.18 (Anti-Bribery; Sanctions), and Section 4.21 (Financial Condition).
“Company
Indemnified Parties” means the Company and its Affiliates and each of their respective directors, officers, employees,
agents, and other Representatives.
“Company
Representative” has the meaning set forth in Section 4.18(a).
3
“Company
Subsidiary” means any Subsidiary of the Company (together, the “Company Subsidiaries”).
“Company
System Interruption” has the meaning set forth in Section 4.11(e).
“Company
Systems” means information technology systems that are owned, used, held for use, leased, licensed, or controlled by or
for any Company Entity.
“Confidentiality
Agreement” means the Confidentiality Agreement, dated August 18, 2026, between ELNG Equity LLC and Datacentrex.
“Consent”
means any Permit, Order, clearance, consent, approval, authorization, amendment, expiration or termination of applicable waiting period
(including any extension thereof), exemption, waiver, ratification, or variance, together with any filing with, declaration to, registration
with, or notification to, any Person.
“Consequential
Damages” has the meaning set forth in Section 7.07.
“Contract”
means any written or oral contract, lease, license, indenture, mortgage, note, or other evidence of indebtedness, instrument, bond, guarantee,
security agreement, commitment, or other agreement or legally binding arrangement.
“Control
of the Defense” has the meaning set forth in Section 7.06(d).
“Controlled
Company Entities” means each of the Company Entities other than the Antigua Joint Venture.
“Damages”
means, any and all claims, demands, suits, actions, causes of action, losses, costs, damages, Liabilities (excluding unknown, unasserted,
or contingent liabilities) and out-of-pocket expenses suffered, incurred, or paid, including reasonable attorneys’ fees.
“Data
Partner” has the meaning set forth in Section 4.23(a).
“Data
Room” means the online virtual data room entitled “Eagle LNG 2026 Equity Investment” established by the Company
in connection with the Transactions and hosted at www.intralinks.com.
“Datacentrex”
has the meaning set forth in the preamble.
“[***]”
has the meaning set forth in the recitals.
“EMG”
means EMG Eagle LNG Co-Investment, LP.
“EMG
Purchase Agreement” has the meaning set forth in the recitals.
“[***]”
has the meaning set forth in the recitals.
4
“Environmental
Claim” means any and all Liabilities, losses, administrative, regulatory or judicial actions, suits, proceedings, demands,
decrees, claims, Liens, judgments, warning notices, notices of non-compliance or violation, removal or remedial actions or Orders, or
Damages (foreseeable and unforeseeable, including consequential and punitive Damages), penalties, fees, out-of-pocket costs, expenses,
disbursements, attorneys’ or consultants’ fees, arising under or relating to any Environmental Law or any Permit issued under
any such Environmental Law, as a result of (a) any violation of, or alleged violation of, or Liability arising under any Environmental
Law or Permit, or (b) the presence, Release, or threatened Release at any location, whether or not owned by the Person against whom such
claim is made. The term “Environmental Claim” shall include, without limitation, any claim by any Person for Damages, contribution,
indemnification, cost recovery, compensation or injunctive relief or costs associated with any plan for remediation of a Release, in
each case, under any Environmental Law.
“Environmental
Laws” means any applicable federal, state or local statute, regulation, ordinance, or other legal requirement currently
in effect relating to pollution or the protection of human health and safety, safe and efficient air navigation, natural resources or
the use of natural resources (including but not limited to surface and ground water), species and their habitat, wetlands, or the environment,
or concerning the presence, use, manufacture, generation, transportation, Release, threatened Release, disposal, arrangement for
disposal, dumping, discharge, treatment, storage, or handling of Hazardous Substances, and including the Comprehensive Environmental
Response, Compensation and Liability Act (42 U.S.C. § 9601 et seq.) (“CERCLA”), the Hazardous Materials
Transportation Act (49 U.S.C. App. § 1801 et seq.), the Resource Conservation and Recovery Act (42 U.S.C. § 6901 et seq.),
the Clean Water Act (33 U.S.C. § 1251 et seq.), the Clean Air Act (42 U.S.C. § 7401 et seq.), the Toxic Substances
Control Act (15 U.S.C. § 2601 et seq.), and the Federal Insecticide, Fungicide, and Rodenticide Act (7 U.S.C. § 136 et
seq.), as each has been amended and the regulations promulgated pursuant thereto.
“Equity
Interests” means (a) any share, capital stock, units, partnership or membership interests, percentage interests, units
of participation, profits interests, voting rights, participations, depositary receipts, or other equity interests of any class, any
securities (including debt securities) convertible into or exchangeable for any of the foregoing, any options, warrants, rights, or options
to purchase, or obligations to sell, any of the foregoing, and any certificates representing any of the foregoing; and/or (b) any other
right, however denominated, to subscribe for, purchase, or otherwise acquire, control or vote any equity interests or other securities
of any class, with or without payment of additional consideration in cash or property, either immediately or upon the occurrence of a
specified date or a specified event or the satisfaction or happening of any other condition or contingency, including without limitation
warrants, options, purchase rights, exchangeable or convertible securities, indebtedness or other instruments or rights that in each
case are exercisable for or convertible or exchangeable into, directly or indirectly, any equity or other security interests (including
share appreciation, phantom share, profit participation or other similar rights).
“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.
“ERISA
Affiliate” means any entity (whether or not incorporated) which is a member of a controlled group that includes the Company
or any of the Company Subsidiaries or is under common control with the Company and the Company Subsidiaries within the meaning of Sections
414(b), (c), (m) or (o) of the Code.
5
“Escrowed
Signatures” has the meaning set forth in Section 3.05.
“[***]”
has the meaning set forth in the recitals.
“Ferus”
means Ferus Natural Gas Fuels LP, a Delaware limited partnership.
“Financial
Statements” has the meaning set forth in Section 4.04(a).
“Financing
Agreement” means (i) that certain Financing Agreement by and among Eagle LNG Partners Jacksonville II LLC, as the Borrower,
OIC Investment Agent, LLC, as the administrative agent and collateral agent, and the lenders and guarantors party thereto, dated as of
March 8, 2023, as amended by (a) that certain Amendment and Omnibus Agreement, dated as of April 11, 2024, and (b) that certain Amendment
No. 2 to Financing Agreement, dated as of September 5, 2025.
“Fraud”
means an intentional misrepresentation that constitutes intentional common law fraud under Law of the State of Delaware, where the
Person making the misrepresentation knew it to be false.
“Funding”
has the meaning set forth in Section 2.01.
“GAAP”
means United States generally accepted accounting principles, consistently applied in accordance with past practices.
“Government
Official” means (a) any full-time or part-time officer or employee of any Governmental Authority, whether elected or appointed,
(b) any Person acting in an official capacity or exercising a public function for or on behalf of any Governmental Authority, or (c)
any political parties, political party officials, or candidates for political office.
“Governmental
Authority” means any government, quasi-governmental entity, political subdivision, regulatory authority, legislature, or
other similar body, whether multinational, national, federal, regional, state, local, county, municipal, tribal, domestic, or foreign,
or any agency or instrumentality of any such body, any entity exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government, or any court, commission, tribunal, any governmental authority, agency, department, board,
bureau, agency, body, or instrumentality or any political subdivision thereof, any administrative agency or public arbitral body, or
any other body exercising or entitled to exercise regulatory, administrative, judicial, or arbitral power or authority.
“Hazardous
Substance” means (a) any chemical, compound, material, mixture or substance, whether solid, liquid, or gas, that is now
or hereafter defined or listed in, or otherwise classified pursuant to, any Environmental Law as a “hazardous substance,”
“hazardous material,” “hazardous waste,” “extremely hazardous waste,” “acutely hazardous waste,”
“restricted hazardous waste,” “radioactive waste,” “infectious waste,” “biohazardous waste,”
“toxic substance,” “pollutant,” “toxic pollutant,” “contaminant,” “dangerous substance”;
(b) petroleum, natural gas, natural gas liquids, liquefied natural gas, synthetic gas usable for fuel (or mixtures of natural gas and
such synthetic gas), diesel fuel, gasoline, or other petroleum Hydrocarbons; (c) any radioactive materials; (d) asbestos in any form;
(e) urea formaldehyde foam insulation; (f) transformers or other equipment which contain dielectric fluid containing levels of polychlorinated
biphenyls in excess of 50 parts per million; (g) radon; and (h) per- and polyfluoroalkyl substances.
6
“Hedge
Contracts” means any forward, futures, swap, collar, put, call, floor, cap, option or other similar Contract (excluding,
for the avoidance of doubt, any physically settled Contract, including index, fixed price or physical basis transactions) that is intended
to benefit from or reduce or eliminate the risk of fluctuations in the price of commodities, including any Hydrocarbons, Natural Gas,
LNG, and/or other commodities, currencies, interest rates and indices, and any financial transmission rights and auction revenue rights.
“HPS
Parties” means, collectively, HLEND FEP, LLC; HPS Special Situations Opportunity Fund II, L.P.; SSOF II Offshore EGL, LLC;
SET Onshore Holdings Master L.P.; and Sandlapper Credit Fund, L.P.
“Hydrocarbons”
means oil, Natural Gas, condensate, and other gaseous and liquid hydrocarbons or any combination thereof.
“IFRS”
means International Financial Reporting Standards.
“Income
Tax(es)” means any Tax imposed upon, measured by, or measured with respect to (a) net income or profits or gross income
(excluding any Tax based solely on gross receipts), or (b) multiple bases (including corporate franchise, doing business or occupation
Tax) if one or more of the bases on which that Tax may be measured or calculated is described in clause (a) of
this definition.
“Income
Tax Return” means any Tax Return in respect of Income Taxes.
“Indebtedness”
of any Person at any date means, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such
Person evidenced by bonds, debentures, notes or other similar instruments, (c) all obligations of such Person to pay the deferred purchase
price of property or services, except trade accounts payable arising in the ordinary course of business that are not outstanding for
more than thirty days past their due date, (d) all obligations of such Person under leases which are or should be, in accordance with
GAAP or the IFRS, as applicable, recorded as capital leases in respect of which such Person is liable, (e) all obligations of such Person
to purchase securities (or other property) which arise out of or in connection with the sale of the same or substantially similar securities
(or property), (f) all deferred obligations of such Person to reimburse any bank or other Person in respect of amounts paid or advanced
under a letter of credit or other instrument, (g) all indebtedness of others secured by a Lien on any asset of such Person, whether or
not such indebtedness is assumed by such Person, and (h) all indebtedness of others guaranteed directly or indirectly by such Person
or as to which such Person has an obligation substantially the economic equivalent of a guaranty.
“Indemnified
Person” has the meaning set forth in Section 7.06(a).
7
“Indemnifying
Person” has the meaning set forth in Section 7.06(a).
“Indemnity
Threshold” has the meaning set forth in Section 7.03(a)(i).
“Insolvent”
means, with respect to any Person, that the sum of such Person’s debts and other probable liabilities exceeds the present fair
saleable value of such Person’s assets (after giving effect to amounts that could reasonably be received by reason of indemnity,
offset, insurance, or other similar arrangement) and such Person will not be able to pay its liabilities, including contingent and other
liabilities, as they mature.
“Insurance
Policies” has the meaning set forth in Section 4.16(a).
“Intellectual
Property” means all U.S. and non-U.S. intellectual property rights owned or licensed by the Company or any Company
Subsidiary arising from or in respect of the following: (i) all patents and applications therefor, including continuations, divisionals,
provisionals, continuations-in-part, revisions, extensions, reissues of patent applications, renewals or reexaminations thereof
and patents issuing thereon (collectively, “Patents”); (ii) all registered and unregistered trademarks,
service marks, trade names, service names, brand names, trade dress rights, logos, Internet domain names and corporate names,
together with the goodwill associated with any of the foregoing, and all applications, registrations, and renewals thereof; (iii)
all copyrights and mask work rights (registered and unregistered) and all registrations and applications therefor and works of authorship;
(iv) all internet domain names and social media accounts of the Company or any Company Subsidiary; (v) all computer software (including
source code, executable code, data, databases, systems and related documentation); and (vi) all other inventions, works of authorship,
databases, technologies, processes, confidential business information, trade secrets, know how, and other intellectual property.
“Joinder
Agreement” means a joinder agreement, pursuant to which the Purchaser agrees to become a party to, and be bound by the
terms and conditions of, the Second A&R LLC Agreement as amended, restated, supplemented or otherwise modified from time to time,
a form of which is attached hereto as Exhibit A.
“Knowledge
of the Company”, and words of similar import mean the actual knowledge, following reasonable inquiry, of Jeff Ball
or Scott Rogan.
“Law”
means any (a) foreign, federal, state, provincial, or local laws (including common law), statutes, constitutions, regulations, rules,
codes, mandates, interpretations, or ordinances enacted, adopted, issued, or promulgated by any Governmental Authority or (b)
executive order, Order or other direction of a court, tribunal, or other Governmental Authority.
“Leased
Real Property” has the meaning set forth in Section 4.13(b).
8
“Liability”
means any liability (whether known or unknown, whether asserted or unasserted, whether absolute or contingent, whether accrued or unaccrued,
whether liquidated or unliquidated, and whether due or to become due), including any and all claims, obligations, payments, judgments,
assessments, losses, Damages, penalties, fees, fines, costs, expenses, interest obligations, deficiencies, debts, and other liabilities
of any kind or character (whether absolute, accrued, contingent, fixed, or unfixed, conditional or unconditional, based on negligence,
strict liability, or other legal theory, whether known or unknown, or due or to become due or otherwise, and whether choate or inchoate,
liquidated or unliquidated, secured or unsecured), including Taxes and reasonable fees of attorneys, experts, consultants, accountants,
and other professional representatives and legal or other expenses incurred in connection therewith, costs of enforcement, costs of collection,
and liabilities, costs, losses and Damages for or attributable to personal injury, illness or death, property damage, environmental Liabilities,
Contract claims, torts, violations of applicable Laws, or any other legal right or duty actionable at Law or equity, and including penalties
and interest on any amount payable as a result of any of the foregoing and any and all amounts paid in settlement of any of the foregoing.
“License
Agreements” has the meaning set forth in Section 4.11(d).
“Lien”
means any security interest, pledge, mortgage, lien, charge, restriction, deed of trust, assessment, levy, charge, defect, easement,
covenant, encroachment or other encumbrance limitation, or restriction, including any Tax lien; provided, however, that with regard
to any Equity Interest a “Lien” shall also include an option, Preferential Purchase Right, restriction on transfer or issuance,
proxy agreement or voting agreement, or other similar encumbrance, limitation, or restriction.
“Litigation”
means any demand, notice of violation, action, lawsuit, case, arbitration, mediation, hearing, audit, suit, or other proceeding (whether
civil, criminal, or administrative) commenced, brought, conducted, or heard by or before any Governmental Authority, private arbitrator,
or mediator, and any subpoena in connection therewith.
“LNG”
means Natural Gas in a liquid state at or below its point of boiling and at or near atmospheric pressure.
“Manager”
has the meaning ascribed to it in the Second A&R LLC Agreement.
“Material
Adverse Effect” means any event, circumstance, change, occurrence, or effect that, individually or in the aggregate, (x)
has had or would reasonably be expected to have a material adverse effect on the business, financial condition, or results of operations
of the Company and the Company Subsidiaries, taken as a whole, or on the Projects, taken as a whole, or (y) prevents or materially impedes,
interferes with, or hinders the consummation of the Transactions and the performance by the Company Entities of their obligations hereunder
and thereunder; provided, that, no adverse effect to the extent arising out of, resulting from or attributable to the following
shall constitute or be deemed to contribute to a “Material Adverse Effect” or otherwise be taken into account in determining
whether a “Material Adverse Effect” has occurred or would be reasonably likely to occur: (a) international, national, regional,
local or industry-wide political, economic, or business conditions (including financial, banking, credit, commodities, securities,
and capital market conditions and any disruption thereof or decline in the price of any security or any market index); (b)
acts of war (whether or not declared), sabotage, terrorism, or military actions, including the commencement, continuation or the
escalation thereof, hurricanes, pandemics, earthquakes, floods, tsunamis, tornadoes, mudslides, wild fires or other natural disasters
and other force majeure events; (c) conditions generally affecting the industry in which the Company operates; (d) actual or
proposed adoption of or changes in Laws or accounting regulations or principles (including GAAP or IFRS, as applicable) or
actual or proposed changes in interpretation thereof; (e) any failure of the Company to meet any internal or published projections,
forecasts or revenue or earnings predictions for any period; (f) action(s) consented to in writing by Purchaser; (g) any matter
that is set forth in any Schedule as of the date hereof; (h) Purchaser’s breach of this Agreement or any Purchaser Documents;
or (i) the execution or announcement of this Agreement or of the Closing or the taking of any action contemplated or required by
this Agreement or the consummation of the Transactions contemplated hereby; in each of clauses (a), (b), (c),
and (d) above, to the extent that such circumstance, change, event, occurrence or effect does not affect the Company Entities,
taken as a whole, or the Projects, taken as a whole, in a disproportionate manner relative to similarly situated third parties in the
business and industries and general geographic areas in which the Company Entities operate; provided, that notwithstanding anything
to the contrary in this Agreement, any indemnification provided under this Agreement or any insurance, claim right of contribution, other
indemnity or other similar rights available to a Party shall not be taken into consideration or account in determining whether a “Material
Adverse Effect” exists or has occurred.
9
“Material
Company Subsidiary” means any Active Company Subsidiary that is actively conducting business and generates revenues of
more than $5,000,000 during a calendar year.
“Material
Contracts” has the meaning set forth in Section 4.15(a).
“Maxville
Liquefaction Plant” means the Company Subsidiary owned Maxville Florida LNG production facility located at 16236 Normandy
Blvd, Jacksonville FL 32234.
“Natural
Gas” means any Hydrocarbons or mixture of Hydrocarbons consisting predominantly of methane and including other Hydrocarbons
and non-combustible gases.
“OFAC”
has the meaning set forth in the definition of Sanctioned Person.
“OIC
Parties” means, collectively, Orion Energy Credit Opportunities Fund III, L.P.; Orion Energy Credit Opportunities Fund
III GPFA, L.P.; Orion Energy Credit Opportunities Fund III GPFA PV, L.P.; OIC III PV Eagle Splitter, L.P.; OIC Credit Opportunities Fund
IV, L.P.; OIC Credit Opportunities Fund IV GPFA, L.P.; OIC Credit Opportunities Fund IV AUS, L.P.; and OIC IV PV Eagle Splitter, L.P.
“Order”
means any order, ruling, consent, writ, judgment, charge, subpoena, injunction, settlement, decree, stipulation, decision,
verdict, determination, or award (whether temporary, preliminary, final, or permanent) made, rendered, entered, or otherwise put in effect
by, under the authority of, or with any Governmental Authority, private arbitrator, or mediator.
“Ordinary
Course of Business” means the ordinary and usual course of the business of the Company and the Company Subsidiaries, consistent
with past practice.
“Organizational
Documents” means, with respect to any Person, the articles or certificate of incorporation or organization and by-laws,
the limited partnership agreement, the partnership agreement or the limited liability company agreement, operating agreement or such
other organizational documents of such Person, including those that are required to be registered or kept in the jurisdiction of incorporation,
organization or formation of such Person and which establish the legal existence and govern the internal affairs of such Person, in each
case together with any amendment, modification, restatement, supplement, certificate of designations, or similar to any of the foregoing.
10
“Owned
Real Property” has the meaning set forth in Section 4.13(a).
“Participation
Maximum” has the meaning set forth in Section 6.09(a).
“Parties”
and “Party” has the meaning set forth in the preamble.
“Pass-Through
Tax Return” means any Tax Return (such as an IRS Form 1065 and associated IRS Schedules K-1 and corresponding
state and local Tax Returns) of the Company with respect to which the Company is treated as a “partnership” or
“fiscally transparent” entity for applicable federal, state, local or foreign non-U.S. Income Tax purposes.
“Patents”
has the meaning set forth in the definition of Intellectual Property.
“Permit”
means any approval, memorandum of understanding, consent, waiver, exemption, variance, franchise, permit, authorization, determination,
concession, agreement, granted right, tariff, rate, certification, qualification, declaration, designation, registration, clearance,
amendment, certificate of authority, or license issued from or by a Governmental Authority.
“Permitted
Asset Liens” means:
(a) statutory
Liens for Taxes or assessments not yet due or payable;
(b) all
applicable Laws and all rights reserved to or vested in any Governmental Authority: (i) to control or regulate any asset in any manner
or to assess Taxes with respect to any assets of the Company Entities; (ii) by the terms of any right, power, franchise, grant, license,
or Permit, or by any provision of Law, to terminate such right, power, franchise, grant, license, or Permit or to purchase, condemn,
expropriate, or recapture or to designate a purchaser of any assets of the Company Entities; (iii) to use such property in a manner which
does not materially impair the use of such property for the purposes for which it is currently owned and operated; or (iv) to enforce
any obligations or duties affecting the assets of the Company Entities to any Governmental Authority with respect to any franchise, grant,
license or Permit;
(c) vendors,
carriers, warehousemen’s, repairmen’s, mechanics’, workmen’s, materialmen’s, construction, or other like
Liens arising by operation of Law in the Ordinary Course of Business or incident to the construction or improvement of any property in
respect of obligations which are not yet due;
(d) Liens
incurred in the Ordinary Course of Business in connection with worker’s compensation, unemployment insurance, social security,
and other Laws and that do not in the aggregate materially impair the use of the property or assets of the owner of the property subject
to such Lien;
11
(e) Liens,
sureties, bonds, deposits, or pledges (i) to secure mandatory statutory obligations or (ii) to secure performance of bids, tenders, contracts
(other than for the repayment of borrowed money) or leases, or for purposes of like general nature in the Ordinary Course of Business,
in an aggregate amount not to exceed $250,000;
(f) any
zoning, building and land use or similar law, ordinance, Order, decree, restriction, condition or right reserved to or vested in any
Governmental Authority to control or regulate the use of any real property, including easements and rights of way appertaining thereto,
in each case which, individually or in the aggregate, do not materially detract from the value of the affected property and do not materially
interfere with the ordinary conduct of the business of such Company Entity or any other Company Entity;
(g) Liens
securing Capital Leases (as defined in the Financing Agreement) that are Permitted Debt (as defined in the Financing Agreement);
(h) Liens
arising with respect to easements, leases, subleases, licenses, sublicenses, reservations, covenants, rights-of-way, utility easements
and other similar encumbrances on the use of real property, in each case which, individually or in the aggregate, do not materially detract
from the value of the affected property and do not materially interfere with the ordinary conduct of the business of such Company Entity
or any other Company Entity; and
(i) Liens
created under Material Contracts or by operation of Law in respect of obligations that are not yet due.
“Person”
means an individual, corporation, company, joint venture, partnership, limited liability company, association, firm, trust, unincorporated
organization, or other entity, business, or organization, including any Governmental Authority.
“Personal
Information” means information or data, in any form, that is capable, directly or indirectly, of being associated with,
related to, or linked to, or used to identify, describe, contact, or locate, a natural Person, device or household, and/or is considered
“personally identifiable information”, “personal information”, “personal data”, or any similar term
by any applicable Laws or Privacy Requirements.
“Preferential
Purchase Right” means any preferential purchase right, right of first refusal, right of first offer, pre-emptive right,
redemption right, subscription right, participation right, option, warrant, or other similar right, tag along right, drag along right,
call right, put right, or other similar right, voting right, or any other right or agreement that enables any Person to purchase, redeem,
or acquire or impose a Lien on any asset or Equity Interest or any interest therein or portion thereof.
“Pre-Notice”
has the meaning set forth in Section 6.09(b).
“Privacy
Laws” means all Laws and associated implementing regulations, as amended, consolidated, re-enacted, or replaced from time
to time, relating to the privacy, security, or Processing of Personal Information, data breach notification, website and mobile application
privacy policies and practices, Processing, and security of payment card information, and email, text message, or telephone communications.
12
“Privacy
Requirements” has the meaning set forth in Section 4.23(a).
“Processing”
means any operation or set of operations which is performed on Personal Information, such as the use, collection, processing, storage,
recording, organization, adaption, alteration, transfer, retrieval, consultation, disclosure, dissemination, or combination of such Personal
Information, or is considered “processing” by any applicable Laws or Privacy Requirements.
“Pro
Rata Portion” has the meaning set forth in Section 6.09(a).
“Projects”
means, collectively, individually, or in a combination, as dictated by the context, [***].
“Protected
Communications” means, at any time, any and all communications in whatever form, whether written, oral, video, electronic
or otherwise, that shall have occurred between or among any of the Company, any Company Subsidiary, or any of their respective Affiliates,
equity holders, directors, officers, employees, agents, advisors and attorneys (including Troutman Pepper Locke LLP or any predecessor
or successor law firm of the foregoing) relating to this Agreement, the events and negotiations leading to this Agreement, or any of
the Transactions.
“Purchase
Price” has the meaning set forth in Section 2.01.
“Purchased
Class A Common Units” means Class A Common Units purchased by Datacentrex in accordance herewith.
“Purchaser”
has the meaning set forth in the preamble.
“Purchaser
Documents” has the meaning set forth in Section 5.02.
“Purchaser
Excluded Matters” has the meaning set forth in Section 7.03(b)(i).
“Purchaser
Fundamental Representations” means the representations and warranties set forth in Section 5.01 (Organization and
Good Standing), Section 5.02 (Authority), Section 5.03 (Conflicts), and Section 5.06 (Brokers).
“Purchaser
Indemnified Parties” means Purchaser and its Affiliates and each of their respective partners, members, equity holders,
directors, officers, employees, agents, and other Representatives.
“Purchaser’s
Knowledge”, and words of similar import mean the actual knowledge, following reasonable inquiry, of Parker Scott,
Chief Executive Officer of Datacentrex.
“Real
Property” has the meaning set forth in Section 4.13(b).
13
“Real
Property Leases” has the meaning set forth in Section 4.13(b).
“Related
Party” has the meaning set forth in Section 4.19.
“Related
Party Contract” has the meaning set forth in Section 4.19.
“Release”
means a release, deposit, discharge, emission, emanation, leaking, leaching, spilling, seeping, migrating, injecting, pumping, pouring,
emptying, escaping, dumping, dispersal, disposing into, through or upon any land or water or air, or otherwise entering into the environment,
including the movement through ambient air, soil, surface water, ground water, wetlands, land, or subsurface strata.
“Reporting
Period” has the meaning set forth in Section 4.04(a).
“Representatives”
means, as to any Person, its Affiliates and its and their respective officers, directors, managers, employees, agents, partners, members,
stockholders, equity holders, counsel, accountants, financial advisors, engineers, consultants, and other advisors.
“Right”
means any outstanding, promised, exercisable, or authorized option, warrant, convertible or exchangeable security, equity or equity-linked
compensation, subscription, Preferential Purchase Right, call, or other right, commitment, agreement, or obligation (contingent or otherwise),
to subscribe for, convert, purchase, or otherwise acquire (including by exchange) any Equity Interest or other security of any class,
with or without payment of consideration, either immediately or upon the occurrence of a specified date or specified event or the satisfaction
of any other condition.
“Sanctioned
Country” means a country or territory that is the subject of comprehensive Sanctions (currently Cuba, Iran, North Korea,
Syria (prior to July 1, 2025), the Crimea region of Ukraine, the so-called Donetsk People’s Republic, and the so-called Luhansk
People’s Republic).
“Sanctioned
Person” means (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign
Assets Control of the U.S. Department of the Treasury (“OFAC”) or the U.S. Department of State, the United
Nations Security Council, the European Union, any Member State of the European Union, or the United Kingdom; (b) any Person operating,
organized, or resident in a Sanctioned Country; (c) the government of a Sanctioned Country or the Government of Venezuela; or (d) any
Person controlled by any such Person or Persons or acting for or on behalf of such Person or Persons. Controlled, for purposes of this
definition of Sanctioned Person, means under U.S. law, owned 50% or more by Persons listed in any Sanctions-related list, and for other
applicable sanctions laws, such as those enacted in the United Kingdom or European Union, owned 50% or more by a Person listed in any
Sanctions-related list or otherwise “controlled” by such person, directly or indirectly, within the meaning of UK or EU regulations
or guidance.
“Sanctions”
means applicable Laws involving economic or financial sanctions matters imposed, administered, or enforced from time to time by the U.S.
government, including those administered by OFAC or the U.S. Department of State, the United Nations Security Council, the European Union,
any European Union Member State, or the United Kingdom.
14
“Schedules”
means the disclosure schedules delivered by the Company as to Article IV and by Purchaser as to Article V simultaneously
with the execution of this Agreement and which form a part of this Agreement.
“Second
A&R LLC Agreement” has the meaning set forth in the recitals.
“[***]”
has the meaning set forth in the recitals.
“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
“Security
Incident” has the meaning set forth in Section 4.23(b).
“Subsequent
Financing” has the meaning set forth in Section 6.09(a).
“Subsequent
Financing Notice” has the meaning set forth in Section 6.09(b).
“Subsidiary”
means (a) with respect to the Company, any other Person in which the Company holds a direct or indirect Equity Interest, and (b) with
respect to any other Person, any person of which fifty percent (50%) or more of the outstanding voting securities or other voting
Equity Interests are owned, directly or indirectly, by the pertinent Person.
“Talleyrand
Bunkering Facility” means Company Subsidiary owned shoreside fueling terminal located at 2831 Talleyrand Avenue Jacksonville,
FL 32206 at the Port of Jacksonville Talleyrand Maritime Facility.
“Tax
Return” means any return, declaration, report, claim, estimate, form, information return, election, statement,
or other similar filing or document relating to Taxes, including any amendment thereof, schedule or attachment thereto, required
to be filed with any Taxing Authority.
“Taxes”
means (a) all federal, state, local or non-U.S. taxes, including, without limitation, all net income, alternative or add-on
minimum, gross receipts, capital, sales, use, ad valorem, value added, transfer, franchise, profits, capital stock, license,
withholding, payroll, employment, social security, unemployment, excise, severance, stamp, occupation, property, and estimated
taxes, (b) all interest, penalties, fines, or additions to tax imposed by any Taxing Authority in connection with any
item described in clause (a), and (c) any Liability for the payment of any amounts of the type described in clauses (a)
or (b) as a result of any obligation to indemnify, assume or succeed to the Liability of any other Person, whether as a transferee
or successor, or by Contract.
“Taxing
Authority” means any Governmental Authority that imposes, regulates, administers, collects, or regulates the
collection of Taxes in any applicable jurisdiction.
“Third
Person Claim” has the meaning set forth in Section 7.06(b).
“Threatened”
means that a demand or statement has been made to a Person or any of its Representatives that would lead a prudent and reasonable Person
to conclude that a Litigation is reasonably expected to be commenced or filed in the future against such Person or any of its Affiliates.
15
“Trade
Controls” means (a) all applicable trade, export control, import, and antiboycott Laws and regulations imposed, administered,
or enforced by the U.S. government, including the Arms Export Control Act (22 U.S.C. § 1778), the International Emergency Economic
Powers Act (50 U.S.C. §§ 1701–1706), Section 999 of the Code, the U.S. customs Laws at Title 19 of the U.S. Code, the
Export Control Reform Act of 2018 (50 U.S.C. §§ 4801-4861), the International Traffic in Arms Regulations (22 C.F.R. Parts
120–130), the Export Administration Regulations (15 C.F.R. Parts 730-774), the U.S. customs regulations at 19 C.F.R. Chapter 1,
and the Foreign Trade Regulations (15 C.F.R. Part 30); and (b) all applicable trade, export control, import, and antiboycott Laws and
regulations imposed, administered or enforced by any other country, except to the extent inconsistent with U.S. Law.
“Transactions”
means the transactions contemplated by this Agreement.
“Vesting
Instruments” means all (a) options to lease, options to purchase, purchase and sale agreements, or similar Contracts in
which any Company Entity has an option to acquire, or an agreement to acquire, a real property interest, (b) all Real Property Leases,
and (c) all deeds conveying the Owned Real Property to the applicable Company Entity.
Section
1.02 Construction, Interpretation, Etc.
(a) The
words “hereof”, “herein”, “hereby”, “hereto”, and “hereunder” and words of
like import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement
unless expressly so limited.
(b) Unless
the context requires otherwise, the words “party” or “parties” shall refer to the Parties to this Agreement.
(c) The
captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof.
References to Articles, Sections, Schedules, and Exhibits are to Articles, Section, Schedules, and Exhibits of this Agreement unless
otherwise specified.
(d) All
Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set
forth in full herein.
(e) Any
capitalized term used in any Exhibit or Schedule but not otherwise defined therein shall have the meaning given to such term
in this Agreement.
(f) Unless
otherwise specified, (i) any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular,
(ii) words importing one gender shall include the other gender, and (iii) capitalized derivatives or other variations of a defined term
shall have corresponding meanings and shall be construed accordingly.
(g) The
table of contents and headings in this Agreement are for convenience of reference only and will not affect the meaning or interpretation
of this Agreement.
16
(h) Whenever
the words “include”, “includes”, or “including”, or words of similar import, are used in this
Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed
by those words or words of like import, unless expressly specified to the contrary.
(i) The
terms “writing”, “written”, “written communication”, “written notice” and comparable
terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form and shall
be deemed satisfied under this Agreement by use of e-mail and other forms of electronic communication. Where provision is made for agreement
or the giving of notice, approval or consent by any Party, such agreement, notice, approval, or consent must be in writing unless otherwise
specified.
(j) References
to any Person include the successors and permitted assigns of that Person and, in the case of Governmental Authorities, Persons
succeeding to their respective functions and capacities.
(k) References
from or through any date mean, unless otherwise specified, from and including or through and including, respectively. Any reference
to “days” means calendar days unless Business Days are expressly specified.
(l) If
any action under this Agreement is required to be done or taken or any notice is required to be given or delivered on or by a day
that is not a Business Day, then such action shall be required to be done or taken or such notice shall be given or delivered not
on or by such day but on or by the first succeeding Business Day thereafter.
(m) When
calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to this Agreement,
the date that is the reference date shall be excluded in calculating the beginning of such period and, if the last day of such period
is not a Business Day, the period shall end on the next succeeding Business Day.
(n) References
to “$” shall mean U.S. dollars and all payments hereunder shall be made in U.S. dollars. Accounting terms used herein
and not expressly defined herein shall have the meanings given to them under GAAP (or IFRS if referencing the Antigua Joint Venture).
(o) The
words “shall” and “will” shall have the same meaning unless context requires otherwise, and the word “or”
shall not be deemed to be exclusive.
(p) References
to any Law shall be to such Law as amended, modified, codified, reenacted, or replaced and as in effect from time to time and shall be
construed as including all statutory or regulatory provisions consolidating, amending, or replacing such Law.
(q) References
to any Contract or other instrument shall be deemed to include all amendments, extensions, supplements, and other modifications (including
by waiver or consent) to such Contract or instrument (without, however, limiting any prohibition on any subsequent amendments, extensions,
and other modifications by the terms of this Agreement).
(r) Any
fact or item disclosed on any Schedule to this Agreement shall be deemed disclosed on all other Schedules to this Agreement to which
such fact or item may reasonably apply so long as such other Schedule expressly provides, on its face, the applicability of such
disclosure to such other Schedule.
17
Article
II
Purchase
and Sale of Purchased Class A Common Units; Use of Proceeds
Section
2.01 Purchase and Sale of Class A Common Units.
(a) Upon
the terms and subject to the conditions set forth in this Agreement, at the Funding, which shall occur on the date written on the first
line of this Agreement, Purchaser shall purchase, and the Company shall issue and sell to Purchaser, 23,076,923 Class A Common Units
for the purchase price of $1.30 per Class A Common Unit. As applied to the Class A Common Units, the term “Purchase Price”
means the product of $1.30 and the aggregate number of Class A Common Units set forth in the previous sentence. Such purchase and sale
shall be free and clear of all Liens other than restrictions on transfer under applicable federal and state securities laws and under
the Second A&R LLC Agreement and shall be consummated in accordance with Section 3.04 (the consummation of such Capital Contribution,
the “Funding”).
Section
2.02 Effect of Funding. Immediately upon receipt of the Capital Contribution, (i) all Escrowed Signatures shall be
deemed released; (ii) the Class A Common Units shall be deemed issued automatically and without any further action by any Party; and
(iii) the Second A&R LLC Agreement shall be deemed effective automatically and without any further action by any Party, with
each bearing the date of the Capital Contribution, including an updated Schedule A of said Second A&R LLC Agreement which shall
set forth opposite Purchaser’s name the Class A Common Units acquired by Purchaser. The Closing will be deemed to have
occurred at 12:01 a.m. Eastern time on the date of the Funding (such date being the “Closing Date”).
Section
2.03 Uses of Proceeds. The proceeds from the sale of the Purchased Class A Common Units will be utilized for [***].
Section
2.04 Failure to Make Capital Contribution. If Purchaser does not make the Capital Contribution on the date of execution
of this Agreement, and such failure continues for a period of five (5) Business Days after written notice thereof from the Company to
Purchaser, then the Company may, in its sole discretion, elect to (a) terminate this Agreement immediately upon written notice to Purchaser,
or (b) seek specific performance against Purchaser for the funding of the Capital Contribution pursuant to Section 8.08.
18
Article
III
DELIVERIES
& Escrow
Section
3.01 Deliveries of the Company prior to Funding. Prior to the execution of this Agreement, the Company shall deliver, or
cause to be delivered, to Purchaser, each in form and substance reasonably satisfactory to Purchaser:
(a) a
copy of the Second A&R LLC Agreement reflecting an updated Schedule A which shall set forth opposite Purchaser’s name the Class
A Common Units to be acquired by Purchaser, duly executed by the Company and the members of the Company (other than Purchaser); and
(b) a
certificate duly executed by an officer of the Company, attaching and certifying that such attachments are true and correct copies of
(i) the Organizational Documents of the Company and each Active Company Subsidiary as in effect immediately prior to Closing, and (ii)
resolutions of the board of managers of the Company approving this Agreement and the consummation of the Transactions, including the
issuance of the Class A Common Units to Purchaser and adopting the Second A&R LLC Agreement upon the Closing.
Section
3.02 Deliveries of the Company at Funding. On the Closing Date, the Company shall deliver, or cause to be delivered to the
Purchaser, the following:
(a) a
certificate duly executed by an officer of the Company acknowledging the receipt of the Capital Contribution;
(b) evidence
that Purchaser has been entered in the Company’s record books as the holder of record of the Class A Common Units;
(c) a
copy of the Joinder Agreement duly executed by the Company;
(d) good
standing certificates (or the equivalent) of the Company and each Material Company Subsidiary issued by the Secretary of State of Delaware
and any other applicable Governmental Authorities for each jurisdiction in which the Company Entities are organized, each dated not more
than five (5) Business Days prior to the date hereof; and
(e) a
properly completed and executed IRS Form W-9 of the Company.
Section
3.03 Deliveries of Purchaser Prior to Funding. At or prior to the execution of this Agreement, Purchaser shall deliver, or cause
to be delivered to the Company, the following:
(a) a
properly completed and executed IRS Form W-9 for Purchaser; and
(b) a
copy of the Joinder Agreement duly executed by the Purchaser.
Section
3.04 Deliveries of Purchaser at Funding. On the Closing Date, Purchaser shall deliver, or cause to be delivered, the Capital Contribution
as follows:
(a) to
the Company, the Purchase Price in cash, by wire transfer of immediately available funds to the account provided by the Company at least
one (1) Business Day prior to the Closing.
19
Section
3.05 Escrow of Signatures. With respect to the Funding, each of the signatures delivered by the Company with regard to the
Second A&R LLC Agreement (together, the “Escrowed Signatures”) shall be held in escrow by Purchaser and
shall not be deemed released and effective until such time as they are released in accordance with Section 2.02.
Section
3.06 Mutual Conditions. The obligation of the Parties to consummate the Funding on the Closing Date will be subject to the
prior satisfaction or waiver of the conditions contained in this Section 3.06.
(a) There
shall not be in effect any law or governmental Order which restrains, prohibits or makes illegal the consummation of this Agreement,
and no Governmental Authority of competent jurisdiction shall have instituted or threatened a proceeding seeking to impose any such restraint
or prohibition.
(b) All
consents, approvals, authorizations, Orders, registrations or qualifications of or with any applicable Governmental Authority of competent
jurisdiction over the Company Entities or any of their respective properties, the Purchaser, or any other third party required for the
issuance and sale by the Company of the Class A Common Units by the Company or for the consummation of the Transactions, shall have been
obtained, and no such consents, approvals, authorizations, Orders, registrations or qualifications shall have been withdrawn, suspended
or conditioned, except in each case for such consents, approvals, authorizations, Orders, registrations or qualifications (i) as may
be required under state securities or Blue Sky laws in connection with the purchase and distribution of the Class A Common Units or (ii)
the failure of which to obtain could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
Article
IV
Representations and Warranties of the Company
Except
as set forth on the Schedules, the Company hereby represents and warrants to Purchaser, as of the date hereof (except, as to any representation
or warranty which specifically relates to an earlier date, as of such earlier date), as follows:
Section
4.01 Organization and Good Standing.
(a) The
Company is a limited liability company duly organized, validly existing, and in good standing under the laws of the State of Delaware.
Each Material Company Subsidiary has been duly organized, validly existing, and is in good standing (or the equivalent thereof)
under the laws of the jurisdiction specified in Schedule 4.01(a).
(b) The
Company and each Material Company Subsidiary is (i) duly qualified, authorized, or licensed to conduct its business and to own,
lease and operate its properties and assets and (ii) in good standing (or the equivalent thereof) under the laws of each jurisdiction
in which the character or location of the properties it owns, leases, or operates or the nature of the business it conducts makes such
qualification, authorization, or licensing necessary or required, except where the lack of such qualification would not have a Material
Adverse Effect.
20
(c) The
Company and each Material Company Subsidiary have all requisite power and authority to own, lease, operate, and/or use the properties
and assets owned by it and to conduct its business as it is now being conducted.
(d) The
Company has all requisite entity power, authority, and legal capacity to execute and deliver this Agreement to consummate the Transactions
and to enter into and perform its obligations hereunder.
(e) The
execution, delivery, and performance by Company of this Agreement, and the consummation of the Transactions, have in each case been
duly and validly authorized by all necessary entity action on behalf of the Company, with no other actions or proceedings on the
part of the Company being necessary in respect thereof. This Agreement has been duly and validly executed and delivered by the Company
and (assuming the due authorization, execution, and delivery by the other parties hereto) constitutes the legal, valid, and binding
obligation of the Company, enforceable against Company in accordance with its terms, except as the same may be limited by (i) bankruptcy,
insolvency, or other similar Laws of general application affecting the enforcement of creditors’ rights generally and (ii)
general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).
(f) The
Company has made available to Purchaser true, accurate, and complete copies of the Organizational Documents of the Company Entities and
all authorizing resolutions and consents of the boards of the Company Entities. The Organizational Documents of the Company Entities
are in full force and effect as of the date of this Agreement, and no Company Entity is in default under or in breach of any provision
of any such Organizational Document.
Section
4.02 No Conflict; Consents and Preferential Purchase Rights.
(a) No
Conflicts. Except as set forth on Schedule 4.02(a), and except in the case of clause (i) for matters which would not
be materially adverse to the Company Entities, taken as a whole, the execution, delivery, and performance by the Company of this Agreement
and the consummation of the Transactions contemplated hereby and thereby, does not and will not, with or without notice, lapse of time,
or both:
(i) conflict
with, result in a violation or breach of any provision of, constitute a default under, result in the modification or cancellation of,
or give rise to any right of termination, cancellation, payment, modification, or acceleration in respect of, in each case in any material
respect and with or without notice, lapse of time or both, any Contract of any kind, or any Permit or Vesting Instrument to which the
Company or any Company Subsidiary is a party or to which the Company or any Company Subsidiary or any of its assets or property is bound;
21
(ii) result
in the creation or imposition of any Lien or Right on the Equity Interests or assets or property of the Company or any Company Subsidiary,
other than restrictions under applicable federal and state securities Laws and restrictions on transfer under the applicable Company
Entity’s Organizational Documents;
(iii) violate,
breach, or conflict with, in each case in any material respect, any Law to which the Company or any Company Subsidiary or any of their
assets or property is subject;
(iv) require
any authorization, consent, Order, Permit, or approval or other Consent of, or notice to, or filing, registration or qualification with,
or other material action by or before, any Governmental Authority; or
(v) conflict
with or result in any breach or violation of any of the terms, conditions, or other provisions of the Company’s or any other Company
Entity’s Organizational Documents.
(b) Consents;
Preferential Purchase Rights. Except as set forth in Schedule 4.02(b), and except for any Consents delivered at Closing pursuant
to Section 3.01, (i) no material Consent is required for or in connection with the issuance of the Purchased Class A Common Units
to Purchaser or the consummation of the Transactions and the performance by the Company of the terms and conditions contemplated by this
Agreement; (ii) there are no outstanding Preferential Purchase Rights that are applicable to the issuance of the Purchased Class A Common
Units to Purchaser or otherwise in connection with the Transactions or any Preferential Purchase Rights have been waived by the holders
of such rights; and (iii) for the avoidance of doubt, with respect to the Material Contracts, material Permits, Vesting Instruments,
and other material assets and properties of the Company Entities, (A) no material Consent is required thereunder for or in connection
with the issuance of the Purchased Class A Common Units to Purchaser and (B) there are no material Preferential Purchase Rights thereunder
that are applicable to the issuance of the Purchased Class A Common Units to Purchaser.
Section
4.03 Capitalization of the Company; Subsidiaries.
(a) Schedule
4.03(a) sets forth a true, complete, and accurate schedule, as of immediately prior to the Closing and as of immediately following
the Closing, with respect to each Company Entity, of (i) the name and jurisdiction of organization, formation, or incorporation of such
Company Entity, (ii) its form of organization and each foreign jurisdiction in which such Company Entity is qualified or licensed to
do business, (iii) the number and type of issued and outstanding Equity Interests of such Company Entity, and (iv) the identity of each
holder of Equity Interests in such Company Entity and the percentage of all issued Equity Interests in such Company Entity that are held
by each such holder. The Company is the direct or indirect owner of all of the Equity Interests of each Company Subsidiary other than
the Antigua Joint Venture. All Equity Interests held by the Company or any Company Subsidiary are free and clear of all Liens other than
Permitted Asset Liens and restrictions on transfer arising under applicable securities laws or the Organizational Documents of any Company
Subsidiaries.
22
(b) Except
as set forth on Schedule 4.03(b), other than this Agreement and as set forth in the Organizational Documents, there are no Rights,
commitments, or obligations (contingent or otherwise) that could require the Company or any Company Subsidiary to issue, sell, transfer,
redeem, dispose of, or otherwise cause to become outstanding any Equity Interest of or in the Company or any Company Subsidiary, or that
could give rise to any Right to subscribe for, convert, purchase, or otherwise acquire (including by exchange) any Equity Interest or
other security of any class in any Company Entity, with or without payment of consideration, either immediately or upon the occurrence
of a specified date or specified event or the satisfaction of any other condition. There are no outstanding or authorized stock appreciation,
phantom stock, profit participation, or similar rights with respect to the Company or any Company Subsidiary or their respective Equity
Interests. There are no voting trusts, proxies, equity holder agreements, registration rights agreements, other Contracts with respect
to the voting, transfer, issuance, or registration under applicable securities laws of any Equity Interests of any Company Entity or
other similar Contracts, agreements, or understandings to which the Company or any other Company Entity is a party or by which the Company
or any other Company Entity is bound with respect to the voting of any membership interests or other voting or Equity Interests of the
Company or any Company Subsidiary or contractual obligations or commitments of any character restricting the transfer or issuance of,
or requiring the registration for sale of, any membership interests or other voting or Equity Interests of the Company or any Company
Subsidiary.
(c) Except
as set forth on Schedule 4.03(c), (i) the Company Entities do not have any Subsidiaries and do not own, directly or indirectly,
any Equity Interests in any Person and do not have any Right to acquire any Equity Interests in any Person, (ii) there are no other Equity
Interests of any Company Entity, and (iii) there are no Rights or other obligations, contingent or otherwise, of any Company Entity to
make any investment in (in the form of a loan, capital contribution, or otherwise), or provide any guarantee with respect to the obligations
of, any Person other than a Company Entity.
(d) All
the outstanding Equity Interests of the Company Entities (including the Purchased Class A Common Units) have been duly authorized, fully
paid, and validly issued in compliance with applicable Laws and the Organizational Documents of the applicable Person and are nonassessable
and were not issued in violation of any Preferential Purchase Rights.
(e) No
former direct or indirect holder of any Equity Interest of any Company Entity has commenced or Threatened any Litigation, or Right against
or in respect of any Company Entity that remains unresolved or as to which any Company Entity has any Liability. No Company Entity has
otherwise violated, any applicable securities Laws or any Preferential Purchase Right, Consent, or other Right applicable to any Company
Entity or any of their Equity Interests.
(f) The
Company Entities do not have any Liability for, or obligation with respect to, the payment of dividends, distributions, or similar participation
interests, whether or not declared or accumulated, and there are no contractual restrictions of any kind which prevent the payment of
the foregoing by the Company Entities except as set forth in the Organizational Documents of the Company Entities.
23
Section
4.04 Financial Statements.
(a) With
respect to the Company and any consolidated Subsidiaries of the Company, the Company has made available to Purchaser true, correct, and
complete copies of the following (collectively the “Financial Statements”) with respect to the Company and
any consolidated Subsidiaries of the Company: (A) the audited balance sheets of the Company and any consolidated Company Subsidiaries
for the years ending on December 31, 2023, December 31, 2024, and December 31, 2025, respectively (each, a “Reporting Period”),
and the audited income statements of the Company and such consolidated Subsidiaries for the twelve (12) month periods ending on each
such Reporting Period, respectively, and the related audited statements of cash flows and members’ interest for each such Reporting
Period, and (B) the unaudited consolidated balance sheet and statement of income or operations and cash flows of the Company and its
applicable consolidated Subsidiaries as of and for the three (3) month period ending on June 30, 2026 (the “Balance Sheet
Date”).
(b) The
Financial Statements (i) have been prepared from the books and records of the applicable Company Entities in accordance with GAAP other
than the Antigua Joint Venture, for which the Financial Statements have been prepared from the books and records in accordance with IFRS,
(ii) are accurate and complete in all material respects, and (iii) present fairly the consolidated financial position, statements
and results of operations, and cash flows, income, and members’ equity of the applicable Company Entities as of and for the
respective periods indicated. No change in accounting policies has been made in preparing the Financial Statements except for any accounting
policy changes specifically referred to or described in such Financial Statements. There are no material off-balance sheet transactions
arrangements, obligations, or relationships involving any Company Entities, including those from which the Financial Statements were
prepared, are accurate and complete in all material respects.
(c) To
the Knowledge of the Company, there are no material deficiencies or material weaknesses in the Company Entity’s ability to record,
process, and summarize its financial data. The Company Entities have financial reporting systems and maintain internal control procedures
over financial reporting that, in each case, provide reasonable assurances regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with GAAP, or IFRS with respect to the Antigua Joint Venture, including internal
accounting controls designed to provide reasonable assurance that (i) transactions are executed in accordance with managements’
general or specific authorization and (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity
with GAAP, or IFRS with respect to the Antigua Joint Venture, and to maintain accountability for its assets. The internal controls of
the Company Entities over financial reporting are effective to perform the functions for which they were established and are reasonable
and sufficient for a business of its size and age to record transactions as necessary in order to permit preparation of financial statements
in accordance with GAAP, or IFRS with respect to the Antigua Joint Venture.
(d) (i)
There have been no instances of Fraud or, to the Knowledge of the Company, corporate misappropriation with respect to any Company Entity
and (ii) there have been no claims or allegations of Fraud or corporate misappropriation with respect to any Company Entity. There has
been no actual Litigation or, to the Knowledge of the Company, Threatened Litigation regarding Fraud or corporate misappropriation with
respect to any Company Entity.
(e) As
of the Balance Sheet Date, to the Knowledge of the Company there were no material weaknesses or deficiencies in the internal controls
of the Company Entities.
24
Section
4.05 Absence of Certain Changes or Events. Except as set forth on Schedule 4.05, since the Balance Sheet Date, the Company
and each Company Subsidiary has conducted the Business in the Ordinary Course of Business, and there has not occurred (a) any Material
Adverse Effect, (b) any material change by the Company in its accounting methods, principles, policies, or practices, (c) any material
revaluation of any of the Company’s or any Company Subsidiary’s assets, including, without limitation, writing off of notes
or accounts receivable other than in the Ordinary Course of Business, (d) any sale, pledge, disposition of or Lien (other than any Permitted
Asset Lien) upon a material amount of property of the Company or any Company Subsidiary, other than in the Ordinary Course of Business,
(e) any Casualty Loss affecting the assets or properties, of the Company or any Company Subsidiary, (f) any amendment, termination, or
repudiation by any Company Entity of any Material Contract, material Permit, or Vesting Instrument (other than administrative amendments
to, and extensions or terminations of, a Material Contract in the Ordinary Course of Business), (g) any institution, Threat, or settlement
of any material Litigation by a Company Entity, or (h) any entry by a Company Entity into a Contract or similar arrangement to do any
of the foregoing.
Section
4.06 No Undisclosed Liabilities; Indebtedness.
(a) The
Company and the Company Subsidiaries do not have any Liabilities (absolute, accrued, contingent or otherwise) which are required under
GAAP, or IFRS with respect to the Antigua Joint Venture, to be set forth or reserved against on a balance sheet of the Company prepared
in accordance with GAAP, or IFRS with respect to the Antigua Joint Venture, except Liabilities, that: (i) are set forth in, reflected
in, or disclosed in the Financial Statements and are adequately provided for in the Company’s balance sheet (including any related
notes thereto) as of the Balance Sheet Date and for which adequate accruals or reserves have been established on the Financial Statements
in accordance with GAAP, or IFRS with respect to the Antigua Joint Venture; (ii) were incurred since the Balance Sheet Date in the Ordinary
Course of Business and would not have a Material Adverse Effect; (iii) do not result from a material breach or violation of any Contract,
Permit, or applicable Law; (iv) are executory obligations under any Contract (other than as a result of any material breach thereof or
default thereunder by any Company Entity); or (v) are Liabilities incurred in connection with the Transactions contemplated hereby.
(b) Except
as set forth on Schedule 4.06(b), no Company Entity has any Indebtedness for borrowed money or any reimbursement obligations with
respect to draws under outstanding letters of credit of the Company Entities as of the Balance Sheet Date or the Closing Date.
(c) Since
the Balance Sheet Date, no Company Entity has declared or paid any dividends or other capital distributions, declared or made any other
distribution with respect to the Equity Interests of the Company Entities, or directly or indirectly redeemed, purchased, or otherwise
acquired any Equity Interests of any Company Entity or agreed to do any of the foregoing.
Section
4.07 Employment and Labor Matters. The Company and all Controlled Company Entities do not have, and have never had, any
employees. All services to the Company and to Controlled Company Entities are provided pursuant to a Management Services Agreement between
Eagle LNG Partners LLC and Ferus Natural Gas Fuels LP. The Company and all Controlled Company Entities are in compliance with all applicable
Laws relating to employment, social security, employee classification, employee benefits, and employee matters.
25
Section
4.08 Intentionally Left Blank.
Section
4.09 Taxes.
(a) Except
as set forth in Schedule 4.09(a), each Company Entity has filed all Income Tax Returns and all other material Tax Returns required
to be filed by it, and all such Tax Returns are true, correct, and complete in all material respects. All Income Taxes and all other
material Taxes shown as due and owing on any such Tax Return have been paid.
(b) Within
the last three (3) years, no Company Entity has received written notice of any Litigation by any Taxing Authority in any jurisdiction
where it does not file Tax Returns that it is required to file Tax Returns in such jurisdiction.
(c) Each
Company Entity has withheld or has caused to be withheld all material Taxes required to have been so withheld under applicable Tax
Laws in connection with any amounts actually paid to any employee, independent contractor, lender or other third party, and has
otherwise materially complied with applicable Tax Laws relating to the withholding and deduction of Taxes.
(d) Except
as set forth in Schedule 4.09(d), none of the Income Tax Returns or other material Tax Returns filed by any Company Entity have
been the subject of an audit, action, suit, Litigation, examination, deficiency, or assessment by any Taxing Authority, in each
case, within the past three (3) years, and no such audit, action, suit, proceeding, Litigation, examination, deficiency, or
assessment is currently pending or, to the Knowledge of the Company, Threatened in writing. No Company Entity has waived in writing
any statute of limitation period with respect to any Tax or otherwise agreed in writing with a Taxing Authority to extend the time with
respect to any Tax assessment, in each case, which waiver or agreement is currently effective or outstanding.
(e) No
Company Entity has participated in any “listed transaction” within the meaning of Treasury Regulations Section 1.6011-4
or any other corresponding or similar provision of Tax Law.
(f) No
Company Entity has been a member of an affiliated, consolidated, combined or unitary group (other than any group consisting solely of
Company Entities) or has any Liability for the Taxes of any Person (other than another Company Entity) under Treasury Regulation Section
1.1502-6 or any similar provision of any U.S. state or local or non-U.S. Law or as a transferee or successor.
(g) The
Company will not be required to include any item of income in, or exclude any item of deduction from, taxable income for any taxable
period (or portion thereof) ending after the Closing Date as a result of any (i) change in or use of an improper method of accounting
for a taxable period ending on or prior to the Closing Date; (ii) “closing agreement” as described in Code Section 7121 (or
any corresponding or similar provision of state, local or non-U.S. Tax law) entered into on or prior to the Closing Date; (iii) installment
sale made on or prior to the Closing Date; or (iv) prepaid amount or deferred revenue received or accrued on or prior to the Closing
Date.
26
(h)
The entity classification of each Company Entity for U.S. federal income tax purposes is set forth on Schedule 4.09(h). Except
as set forth on Schedule 4.09(h), no Company Entity has previously been classified for U.S. federal income tax purposes in a manner
different from the classification specified on Schedule 4.09(h).
(i)
Notwithstanding anything to the contrary in this Agreement, the representations and warranties set forth in this Section
4.09 and Section 4.08 (to the extent expressly related to Taxes) are the sole and exclusive representations and warranties
in this Agreement with respect to Taxes and compliance (or non-compliance) with Tax-related Laws (including the Code).
Other than Section 4.09(h), nothing in this Section 4.09 or otherwise in this Agreement shall be construed
as a representation or warranty with respect to the amount or availability in a taxable period (or portion thereof)
beginning on or after the Closing Date of any Tax attribute, asset, or benefit of any Company Entity.
Section
4.10 Litigation. Except as set forth on Schedule 4.10, the Company and each Company Subsidiary is not a party to any, and
there are no pending or, to the Knowledge of the Company, Threatened Litigation nor has any Company Entity received written notice
of any, actions, proceedings, investigations, audits, examinations, or inquiries or other Litigation by or before any Governmental
Authority against the Company or any Company Subsidiary, any of their respective assets or properties, or, to the Knowledge of the Company,
any of their current or former officers, directors, managers, or employees (in their capacity as such), and there is no Order by which
any Company Entity or any of their respective assets or properties or, to the Knowledge of the Company, any of their current or former
officers, directors, managers, or employees (in their capacity as such) is bound, that, in any such case, (i) challenges or seeks to
prevent, materially delay, restrain, enjoin, make illegal, materially interfere with, or otherwise prohibit, the Transactions or the
performance by the Company Entities of their applicable obligations under this Agreement that could otherwise reasonably be expected
to have the effect of so doing, or that could otherwise reasonably be expected to result in a diminution of the benefits contemplated
by this Agreement, or (ii) is otherwise a material Litigation or Order against or involving, affecting, or otherwise relating to any
of the Company Entities or any of their respective assets or properties or the use, ownership, or operation thereof.
Section
4.11 Intellectual Property.
(a)
Schedule 4.11(a) hereto identifies (i) each United States and foreign Patent or registration which has been issued to the Company
or any Company Subsidiary with respect to any material Intellectual Property, (ii) each United States and foreign pending Patent application
or application for registration which the Company or any Company Subsidiary has made with respect to any material Intellectual Property,
(iii) each license, sublicense or agreement which the Company or any Company Subsidiary has granted to any third party with respect to
any material Intellectual Property (together with any exceptions), and (iv) all other material Intellectual Property owned by the Company
or any Company Subsidiary.
27
(b)
The Company has made available to Purchaser true, correct, and complete copies of all such Patents, registrations, applications, licenses,
sublicenses, and agreements. Except as set forth in Schedule 4.11(b), (i) the Company or a Company Subsidiary owns, free and clear
of all Liens (other than Permitted Asset Liens), licenses, or has a valid and enforceable right to use, all of the material Intellectual
Property owned or used by the Company and each Company Subsidiary, as currently conducted and as currently required for the Projects,
immediately after the consummation of the Transactions will continue to own, license, or have such rights to all such Intellectual Property
on the same terms, (ii) neither the Company nor any Company Subsidiary pays or receives any royalty from any Person with respect to any
of the material Intellectual Property owned or used by the Company or any Company Subsidiary, and (iii) the Company Entities do not have
any material proprietary software.
(c)
To the Knowledge of the Company, no material Intellectual Property owned, used, or under development by the Company or any Company Subsidiary
conflicts with, interferes, misappropriates, infringes upon, or violates any Intellectual Property of any other Person, and there has
been no written Threatened Litigation or Litigation alleging any such conflict, interference, infringement, misappropriation, or violation
(including any claim that the Company or any Company Subsidiary must license or refrain from using any Intellectual Property rights of
any third party). Except as set forth on Schedule 4.11(c), to the Knowledge of the Company, no third party has interfered with,
infringed upon, misappropriated, or otherwise come into conflict with any material Intellectual Property rights of the Company or any
Company Subsidiary. There is no Litigation pending or, to the Knowledge of the Company, Threatened against any Company with regard to
any Intellectual Property, and the Company Entities have taken all reasonable actions to protect their Intellectual Property (including
trade secrets and confidential information).
(d)
Schedule 4.11(d) identifies each item of material Intellectual Property that any third party owns and that the Company or any
Company Subsidiary uses pursuant to license, sublicense, or agreement (other than commercially available off-the-shelf software purchased
or licensed for less than a total cost to the Company of $50,000 annually) (“License Agreements”). With respect
to all such License Agreements, neither the Company nor any Company Subsidiary nor to the Knowledge of the Company, any other party to
any such License Agreement is in material breach thereof or material default thereunder and there has not occurred any event that, with
the giving of notice or the lapse of time or both, would constitute such a material breach or material default.
(e)
The Company Entities take commercially reasonable actions to maintain and protect the integrity, security, and operation of the Company
Systems. The Company Systems are sufficient in all material respects for the current needs of the businesses of the Company Entities
and for the current needs of the Projects, given their state of development. Except as set forth on Schedule 4.11(e), during the
past two (2) years, there have been no failures, breakdowns, security breaches, or other unauthorized access, continued substandard performance
or other adverse events related to the Company Systems materially affecting any such Company Entity, the Projects, or the conduct of
the Company Entities’ businesses or which required notification of individuals, law enforcement, or any Governmental Authority
(each, a “Company System Interruption”). The Company Entities maintain commercially reasonable security, disaster
recovery, and business continuity plans, procedures and facilities and uses commercially reasonable efforts to act in compliance therewith,
and such plans and procedures are designed, in the event of a Company System Interruption, to operate to restore the Company Systems
for use in the conduct of the Company Entities’ businesses and the Projects in all material respects within a commercially reasonable
period of time. The Company Entities have taken sufficient measures consistent with industry best practices to protect the confidentiality,
integrity, and security of the Company Systems (and all information and transactions stored or contained therein or transmitted thereby)
against any unauthorized use, access, interruption, modification, or corruption. There have been no material unauthorized intrusions
or breaches of the security of such Company Systems or other adverse events affecting the Company Entities which require notification
of individuals, law enforcement, or any Governmental Authority.
28
Section
4.12 Brokers. Except as set forth on Schedule 4.12, (a) no Person has acted, directly or indirectly, as a broker, finder,
investment banker, financial advisor, or other similar advisor for the Company or any Company Subsidiary in connection with the
Transactions contemplated by this Agreement, and (b) no Person is entitled to any broker’s, finder’s, financial advisor’s,
agent’s or similar fee, compensation, or commission or like payment in respect thereof in connection with the execution and delivery
by the Company Entities of this Agreement or the consummation by the Company Entities of the Transactions, in each case, that is or will
be payable directly or indirectly by Purchaser or any of its Affiliates or by any of the Company Entities.
Section
4.13 Real Property.
(a)
Schedule 4.13(a) sets forth a complete and accurate description of all real property owned in fee by the Company or any Company
Subsidiary (the “Owned Real Property”). The Company and the Company Subsidiaries have good and marketable fee
simple title to all of the Owned Real Property, free and clear of all Liens, other than Permitted Asset Liens.
(b)
Schedule 4.13(b) sets forth a complete and accurate description of all real property leased or subleased by the Company or any
Company Subsidiary (the “Leased Real Property”, and together with the Owned Real Property, the “Real
Property”), together with a description of the leases and subleases pursuant to which each of the Company and/or Company
Subsidiaries hold such interests (such leases and subleases, together with all amendments, waivers and guaranties thereto, the “Real
Property Leases”). The Company has delivered to Purchaser a true and correct copy of each Real Property Lease. The Company
and the Company Subsidiaries hold a good and valid leasehold or subleasehold interest, as applicable, in each Leased Real Property pursuant
to the applicable Real Property Lease, free and clear of all Liens, except Permitted Asset Liens. As of the date hereof, all the Real
Property Leases are in full force and effect, valid, and enforceable in accordance with their respective terms, except as such enforceability
may be limited by applicable bankruptcy, insolvency, moratorium, reorganization, or similar laws in effect which affect the enforcement
of creditors’ rights generally and by limitations on the availability of equitable remedies and by equitable principles. As of
the date hereof, there exist no defaults on the part of the Company or any Company Subsidiary, nor, to the Knowledge of the Company,
any other party, under any Real Property Lease, nor do any state of facts or circumstances exist which, upon notice or lapse of time,
or both, would constitute a default under any Real Property Lease.
29
(c)
Neither the Company nor any Company Subsidiary owns, leases or otherwise holds any rights or interests in any real property other than
the Real Property.
(d)
Except as set forth on Schedule 4.13(d), the Real Property is not subject to any option, purchase and sale agreement, right of
first refusal, lease, license, sublease, or other occupancy agreement granting to any third party any right to use, occupy or enjoy any
portion of the Real Property or to obtain title or an interest in or to any portion of the Real Property. There is no pending or, to
the Knowledge of the Company, threatened condemnation, requisition or taking by any public authority of the Company’s or any Company
Subsidiary’s interest in the Real Property or any portion thereof or interest therein, and neither the Company nor any Company
Subsidiary has received any written notice of any such condemnation, requisition or taking by a Governmental Authority with respect to
any such interest.
(e)
As of the date hereof, to the Knowledge of the Company, the activities carried on by the Company or a Company Subsidiary in all buildings,
plants, facilities, installations, fixtures and other structures or improvements included as part of, or located on or at, the Real Property
are not in material violation of, or in material conflict with, any applicable zoning regulations or ordinances. To the Knowledge of
the Company, as of the date hereof, the buildings, plants, facilities, installations, fixtures and other structures or improvements themselves
included as part of, or located on or at, any Real Property, are not in material violation of, or in material conflict with, any applicable
zoning regulations or ordinances.
(f)
Neither the Company nor any Company Subsidiary has received written notice of any, and to the Knowledge of the Company there is no, default
under any restrictive covenants or other encumbrances pertaining to the Real Property, nor will the Projects (or the construction, operation,
or maintenance thereof) constitute any such default under any such restrictive covenants or other encumbrances.
Section
4.14 Environmental Matters.
(a)
Except as set forth on Schedule 4.14(a), the Company and the Company Subsidiaries are and, for the last five years, have been
in material compliance with all Environmental Laws and Permits issued pursuant to any Environmental Law.
(b)
The Company and the Company Subsidiaries have all Permits that they are required to hold under any applicable Environmental Law
for the ownership and operation of the Projects as currently owned and operated, and all such Permits are in full force and effect.
(c)
There is no fact, circumstance, condition, event, or occurrence at any parcel of real property owned, leased, occupied, operated by,
or otherwise controlled by the Company or any Company Subsidiary that could reasonably form the basis of any Environmental Claim
against the Company or any Company Subsidiary that could reasonably be expected to result in a Material Adverse Effect.
(d)
There is no Environmental Claim pending or, to the Knowledge of the Company, Threatened (i) by or against the Company or any Company
Subsidiary, or (ii) otherwise, to the Knowledge of the Company, in relation to the Business as currently conducted by the Company and
the Company Subsidiaries.
30
(e)
Neither the Company nor any of the Company Subsidiaries, and to the Knowledge of the Company, no other Person controlled by the Company
or the Company Subsidiaries, has Released any Hazardous Substances in a manner or concentration that requires remediation pursuant to
Environmental Law and has not been fully resolved (excluding Releases of de minimis quantities in connection with ordinary operations
which were promptly addressed in accordance with Environmental Law), or that could reasonably be expected to have a Material Adverse
Effect.
(f)
The Company and the Company Subsidiaries have not received any letter or request for information under Section 104 of CERCLA, or comparable
state Laws, and are not subject to any investigation, audit, injunction, Order, decree, judgment or settlement of an adversarial proceeding
with any Governmental Authority relating to any Environmental Law or Release or threatened Release of Hazardous Substances, in each case,
which is not fully resolved.
(g)
Neither the Company nor any of the Company Subsidiaries has received any notice from any Governmental Authority asserting that any information
set forth in any application submitted by or on behalf of it in connection with any Permit issued pursuant to any Environmental Law was
inaccurate or incomplete that could reasonably be expected to have a Material Adverse Effect, and, to the Knowledge of the Company, there
has not been any such inaccurate or incomplete application that could reasonably be expected to have a Material Adverse Effect.
Section
4.15 Material Contracts.
(a)
Schedule 4.15(a) sets forth a true, correct and complete list of the following Contracts (collectively, the “Material
Contracts”):
(i)
all Applicable Contracts (A) for the purchase, sale, exchange, gathering, storage, treating, processing, marketing, transportation, or
disposition (including calls or options) of Natural Gas, LNG, or other Hydrocarbons, in each case which cannot be terminated without
penalty by the applicable Company Entity party thereto on thirty (30) days’ or less notice, (B) for throughput or terminal services,
(C) that are a pipeline interconnection or pipeline or facility operating agreement, or (D) that are a lease under which any Company
Entity is the lessor or the lessee of any real or personal property which cannot be terminated by such Company Entity without penalty
upon thirty (30) days or less notice and involves an annual base rental of more than $1,000,000;
(ii)
all Applicable Contracts (or a group of related Applicable Contracts) that (A) can reasonably be expected to involve or give rise to
future expenditures, payments, receipts, or revenues of more than $5,000,000 during a calendar year or $25,000,000 in the aggregate over
the term of such Applicable Contract, (B) relate to the acquisition, disposition, lease, or exchange any material asset (including any
options to so do) with respect to which the Company Entities have any outstanding rights or obligations (excluding any indemnity obligations
owed to or from the Company Entities that customarily survive the closing of such transactions and for which no Litigation is currently
pending), (C) relate to the acquisition or divestiture, or potential acquisition or divestiture (by merger, divisive merger, consolidation,
business combination, reorganization, joint venture or partnership transaction, purchase of Equity Interests or assets, or otherwise)
by any Company Entity of any operating business or Equity Interests of any other Person, whether in a single transaction or a series
of related transactions, or (D) committing to capital expenditures in excess of $7,500,000;
31
(iii)
all Applicable Contracts that constitute (A) a partnership, agreement, joint venture or co-investment arrangement, limited liability
company agreement, strategic alliance, or similar Contract (including any tax partnership agreement), (B) a participation agreement,
joint development agreement, area of mutual interest agreement, joint operating agreement, franchise agreement, or data license agreement,
or otherwise involves a sharing of assets, facilities, or services and/or profits, losses, costs, or Liabilities with any other Person
(including any tax partnership agreement), (C) stockholders, investors rights, registration rights, voting rights, or similar Contracts
of any Company Entity (including the EMG Purchase Agreement), (D) a Related Party Contract, and/or (E) Organizational Documents of any
Company Entity;
(iv)
all Applicable Contracts (A) relating to or evidencing Indebtedness of any Company Entity (in any case, whether incurred, assumed, guaranteed,
or secured by any asset) or that is otherwise an indenture, mortgage, loan, credit, or sale-leaseback arrangement, and any related Contracts
or instruments creating Liens securing such obligations, (B) guaranteeing or assuming any obligation of another Person, or (C) that constitute
Hedge Contracts;
(v)
all Applicable Contracts (other than confidentiality agreements entered into in the Ordinary Course of Business) containing (A) any covenant
that limits the freedom of or otherwise prohibits, limits, or restricts any Company Entity or, following Closing, Purchaser, from (1)
engaging in or competing with any Person in any line of business, (2) soliciting in any market, (3) operating the Business or other assets
of the Company Entities in any way or in any geographic area, (4) conducting the Business as presently conducted, (5) obtaining products
or services from any Person, or (6) setting prices and terms for the provision, sale, lease, or license of any products, services, or
technologies; (B) any existing area of mutual interest agreement or agreement to enter into an area of mutual interest agreement in the
future; (C) any exclusivity provision; (D) any restriction on the ability or obligation to pay dividends or make distributions after
the date hereof (for the avoidance of doubt, not including this Agreement); (E) any minimum offtake commitment, “take or pay provision”
or other similar provision; or (F) any “most favored nation” or equivalent preferential pricing terms for the benefit of
any third party;
32
(vi)
all Applicable Contracts that grant any Person a Lien, Preferential Purchase Right, Right, or similar right with respect to any Equity
Interests or assets or properties of a Company Entity, other than to the extent arising under applicable Law or the Organizational Documents
of such Company Entity and other than a Permitted Asset Lien;
(vii)
all Applicable Contracts (A) for which the principal purpose thereof is to provide indemnification of any other Person, and/or (B) with
a Governmental Authority;
(viii)
all Applicable Contracts pursuant to which the Company Entities (A) license to or from any Person or otherwise have the right to use
or have granted the right to use any Intellectual Property (other than non-exclusive licenses of un-customized, commercially-available
or off-the-shelf software licensed or procured for annual fees of $100,000 or less), (B) have contracted any Person to develop any Intellectual
Property for the Company Entities, or (C) have settled or resolved any Intellectual Property-related dispute;
(ix)
all Applicable Contracts relating to abatement or reduction of property taxes of any Company Entity and all Applicable Contracts underlying
or implementing such Contract (including related lease agreements); and
(x)
all Applicable Contracts that involve any settlement or resolution of any actual or Threatened Litigation.
(b)
Except as set forth on Schedule 4.15(b), (i) each Material Contract is in all material respects in full force and effect, (ii)
each Material Contract constitutes a legal, valid, and binding agreement of the applicable Company Entity and, to the Knowledge of the
Company, of the counterparty to such Material Contract, enforceable in accordance with its terms (except as the enforceability thereof
may be limited by any applicable bankruptcy, insolvency, reorganization, moratorium and other similar Laws affecting creditors’
rights generally and to general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity
or at law), (iii) no Company Entity, nor, to the Knowledge of the Company, any other party to a Material Contract, is, in material breach
of, material default under, or material violation of any Material Contract or has received written notice that it is in material default
of or material breach under the terms of such Material Contract, (iv) to the Knowledge of the Company, no event has occurred that (with
or without notice, lapse of time or both) would reasonably be expected to result in a material breach of, material default under, or
material violation of any Material Contract or to accelerate any material rights of a party pursuant to the terms of any Material Contract,
(v) no Company Entity has, and to the Knowledge of the Company no other Person party to a Material Contract has, (A) caused a right to
invoke or has received notice of the termination of any Material Contract or (B) exercised or Threatened any termination or cancellation
of material rights with respect thereto, (vi) no Company Entity has waived in any material respect any of its rights or benefits under
any Material Contract, and (vii) the Company has made available to Purchaser true, correct, and complete copies of each of the Material
Contracts, and any amendments, supplements, modifications, waivers, and/or attachments thereto, and of any notifications of any force
majeure events thereunder or with respect thereto.
33
(c)
The Company has made available to Purchaser true and complete copies of the EMG Purchase Agreement, and the purchase and sale of Class
A Common Units contemplated thereby is on the same economic terms (including the same price per unit) as the purchase and sale of Class
A Common Units pursuant to this Agreement. Other than the EMG Purchase Agreement, there are no other agreements, letters, arrangements
or other documents that have been, are being or are contemplated to be entered into by and among any of the Company Entities, on the
one hand, and EMG Eagle LNG Co-Investment, LP or any of their respective affiliates on the other hand. The consummation of two percent
(2%) of the funding transactions contemplated by the EMG Purchase Agreement shall occur prior to or substantially concurrently with the
Funding under this Agreement and the remainder of the funding transactions contemplated by the EMG Purchase Agreement shall occur within
forty-five (45) days after the Funding under this Agreement.
Section
4.16 Insurance.
(a)
Schedule 4.16(a) sets forth (i) an accurate, true, and complete list of all current insurance policies covering the Company,
the Company Subsidiaries, and their respective assets and properties and the Projects as of the date hereof, whether as a named insured
or otherwise as a beneficiary of coverage (collectively, the “Insurance Policies”), copies of all of which
have been provided to Purchaser, and (ii) the policy holder, policy number, policy period, and amounts and scope of coverage thereof.
(b)
Each such Insurance Policy in full force and effect, and all premiums that have become due and payable thereunder have been paid prior
to Closing. Neither the Company nor any Company Subsidiary is in material default, breach, or violation with respect to any Insurance
Policy, and neither the Company nor any Company Subsidiary has received any written notice of a cancellation or termination with
respect to any Insurance Policy (other than those that have been replaced with policies with comparable coverage prior to the date
of such cancellation or termination). Except as set forth on Schedule 4.16(b), no carrier or underwriter of any Insurance
Policy has denied or disputed any coverage, reserved their rights, or asserted any denial of coverage, in each case, in writing, and
no Litigation relating to any Company Entity or any assets or properties of a Company Entity is outstanding under or in respect of any
Insurance Policies.
(c)
Insurance has been maintained by or on behalf of the Company Entities and the Projects as required pursuant to the Material Contracts,
Permits, and Vesting Instruments and as otherwise required by applicable Law for the Projects.
Section
4.17 Compliance with Laws; Permits.
(a)
Except as set forth on Schedule 4.17(a), the Company and each Company Subsidiary is, and since formation has been, in compliance
in all material respects with any applicable Law or Order, except for such violations which would not have a Material Adverse Effect.
Neither the Company nor any Company Subsidiary has received any written notice of any actual or alleged material violation, material
non-compliance with or material Liability pursuant to any applicable Law, other than notices with respect to matters that have been resolved
or for which the Company and Company Subsidiaries has no further obligations outstanding.
34
(b)
Except as set forth in Schedule 4.17(b), the Company and each Company Subsidiary has all Permits required under applicable Law
with the conduct of the Business as currently conducted, except for such Permits the absence of which would not have a Material Adverse
Effect.
Section
4.18 Anti-Bribery; Sanctions.
(a)
Except as set forth on Schedule 4.18(a), neither the Company nor any Company Subsidiary, nor to the Knowledge of the Company,
any Affiliate, director, officer, employee, agent, representative, consultant or any other Representative or other Person acting on behalf
of the Company or the Company Subsidiaries (each a “Company Representative”) has directly or indirectly violated
any Anti-Bribery Laws; nor has the Company or any Company Subsidiaries or to the Knowledge of the Company has any Company Representative
corruptly offered, paid, promised to pay, authorized, solicited, or received the payment of money or anything of value, directly or indirectly,
to or from any Person, including any Government Official (i) to influence any official act or decision of a Government Official, (ii)
to induce a Government Official to do or omit to do any act in violation of a lawful duty, (iii) to induce a Government Official to influence
the act or decision of a Governmental Authority, (iv) to secure any improper business advantage, (v) to obtain or retain business, or
(vi) that would otherwise constitute a bribe, kickback, or other improper or illegal payment or benefit.
(b)
Except as set forth on Schedule 4.18(b), neither the Company nor the Company Subsidiaries, nor to the Knowledge of the Company
has any Company Representative been the subject of any actual or Threatened allegations, investigations (internal or government), Litigation,
voluntary or directed disclosures to any government authority (including but not limited to the U.S. Department of Justice, or U.K. Securities
Fraud Office), whistleblower reports, or other issues in any way related to the Anti-Bribery Laws.
(c)
Except as set forth on Schedule 4.18(c), in the five (5) years preceding the date of this Agreement, the Company has maintained
and enforced policies and procedures reasonably designed to ensure compliance by the Company, each Company Subsidiary and each Company
Representative with the Anti-Bribery Laws.
(d)
The Company, each Company Subsidiary, and to the Knowledge of the Company each Company Representative is, and has been for the last five
years, in compliance with all Sanctions applicable to it. Neither the Company nor any Company Subsidiary, nor to the Knowledge of the
Company has any Company Representative engaged in a transaction or dealing, direct or indirect, with or involving a Sanctioned Country
or Sanctioned Person. Neither the Company nor any Company Subsidiary, nor to the Knowledge of the Company, is any Company Representative
the subject of any investigation, enforcement, or inquiry relating to Trade Controls or Sanctions or Sanctioned Persons by a Governmental
Authority and no such investigation or inquiry is pending or has been Threatened. Neither the Company nor any Company Subsidiary nor
to the Knowledge of the Company, is any Company Representative (i) a Sanctioned Person; (ii) subject to debarment or any list-based designations
under any Trade Controls; or (iii) engaged in transactions, dealings, or activities that might reasonably be expected to cause such Person
to become a Sanctioned Person.
35
Section
4.19 Related Parties. Except as set forth on Schedule 4.19, (a) neither the Company nor any Company Subsidiary has any
Liabilities for or Indebtedness for borrowed money owing to any Related Party of the Company Entities (except for amounts due as Board
fees or reimbursements of ordinary business expenses to employees, officers, Managers, or Ferus as set forth on Schedule 4.19 hereto),
(b) no Related Party now has, or on the Closing Date will have, any Liability or other Liability for any Indebtedness for borrowed
money owing to the Company or any Company Subsidiary, (c) no Related Party has received any funds from any Company Entity since
the Balance Sheet Date other than reimbursements of ordinary business expenses, (d) no Related Party is the obligee or beneficiary of
any Liability of the Company Entities other than employment related compensation, (e) no Related Party licenses Intellectual Property
(either to or from the Company Entities), and (f) no Related Party is a party to any Contract with the Company or any Company Subsidiary
(except for Contracts for employment) or has an interest in any material property, asset, or right, tangible or intangible, owned
by or used by the Company or any Company Subsidiary or that is otherwise necessary for the Business as currently conducted or as conducted
in the twelve months preceding the date hereof or otherwise for the Projects. As used herein, (x) the term “Related Party”
means any Affiliate of the Company (other than a Company Subsidiary) or any member, director or officer of the Company or any Company
Subsidiary or of any equity holder of any Company Entity, and (y) the term “Related Party Contract” shall mean
any Contract, relationship, Liability, and right described in this Section 4.19.
Section
4.20 Personal Property. Except as set forth in Schedule 4.20:
(a)
Each Company Entity has good and marketable title to, or valid leasehold interests in, or license or other right to use, all of its respective
material tangible personal property and other assets, free and clear of all Liens other than Permitted Asset Liens. All material facilities,
equipment, and other items of tangible personal property and tangible assets of the Company Entities, and all material improvements that
constitute real property under the Laws of the applicable jurisdiction in which they are located, are in a good operating condition and
capable of being used for their ordinary purposes (ordinary wear and tear excepted), and are usable in the Ordinary Course of Business
and for the Business and the Projects. No member or other equity holder of any Company Entity (other than another Company Entity) owns,
legally or beneficially, any assets which are or were used in the Business prior to Closing or are contemplated for use in the Business
or the Projects at or after Closing.
(b)
The assets, properties (including Real Property and Intellectual Property) and rights of the Company Entities constitute all of the assets,
properties, and rights which are necessary and sufficient for the Company Entities to pursue the Projects (given their state of development),
to access, own, and operate the Business and the other assets of the Company Entities, and to otherwise conduct the Business in the Ordinary
Course of Business and further the Projects consistent with past practices and as currently conducted and in accordance with all applicable
Laws, and all Material Contracts, Permits, and Vesting Instruments. The Company reasonably expects the Company Entities will be able
to obtain on commercially reasonable terms all additional material assets necessary for the Projects and otherwise for the continued
operation of the Business in the Ordinary Course of Business.
Section
4.21 Financial Condition. There are no bankruptcy, insolvency, receivership or reorganization Litigation pending, Threatened in
writing or, to the Knowledge of the Company, Threatened orally against any Company Entity. No Company Entity is Insolvent or will be
rendered Insolvent as a result of the Transactions.
36
Section
4.22 Bonds; Letters of Credit and Guarantees.
(a)
Schedule 4.22(a) identifies the bonds, letters of credit, cash collateral and guarantees posted (or supported) by the Company
or any other Company Entity with respect to the assets and properties of the Company Entities.
(b)
Schedule 4.22(b) identifies all surety and fidelity bonds, letters of credit, sinking funds, reserves, escrows, cash deposits,
financial instruments, surety agreements and similar agreements, guarantees and other items of credit support for which any Company Entity
is liable or which is binding on any of the assets and properties of the Company Entities.
(c)
No Company Entity has any obligation (whether pursuant to applicable Law or contract or otherwise) to post any surety bond, letter of
credit, cash collateral, guarantee or other form of support (credit or otherwise) with respect to any Company Entity or the assets and
properties of the Company Entities or to guarantee the performance or obligations of any Person (other than the Company Entities). As
of the Closing, Purchaser shall not have any such obligation.
Section
4.23 Privacy and Data Security.
(a)
The Company Entities, and, to the Knowledge of the Company, all third parties Processing Personal Information on behalf of the Company
Entities (each, individually, a “Data Partner”), materially comply with and have at all times materially complied
with, all applicable (i) Privacy Laws and (ii) contractual commitments related to the Processing of Personal Information (collectively,
the “Privacy Requirements”). The execution, delivery, and performance of this Agreement do not and will not
conflict with or result in a violation or breach of any Privacy Requirements.
(b)
Each Company Entity has at all times implemented and maintained technical, physical, and organizational measures designed to protect
Personal Information against any accidental, unlawful, or unauthorized access, use, loss, disclosure, alteration, destruction, or compromise
(a “Security Incident”). Except as set forth on Schedule 4.23(b), none of the Company Entities has (i)
experienced any material Security Incident, or (ii) paid any perpetrator of a Security Incident, including a ransomware attack or denial-of-service
attack. The Company Entities have not received any written notice from a Data Partner regarding a material Security Incident involving
the Company Entities’ Personal Information.
(c)
Except as set forth on Schedule 4.23(c), in relation to any Privacy Requirement, none of the Company Entities has (i) notified
or been required to notify any Person, or (ii) received any written, or to the Knowledge of the Company, oral Threatened Litigation.
To the Knowledge of the Company, there are no facts or circumstances that could give rise to the occurrence of the matters described
in clauses (i) or (ii).
37
Article
V
Representations and Warranties of Purchaser
Purchaser
represents and warrants to the Company as of the date hereof (except, as to any representation and warranty which specifically relates
to an earlier date, as of such earlier date), as follows:
Section
5.01 Organization and Good Standing. Purchaser is:
(a)
duly organized, validly existing, and in good standing under the laws of its state of formation; and
(b)
has all requisite corporate power authority to own, operate, use and/or lease its assets and conduct its business as it is now being
conducted.
Section
5.02 Authority. Purchaser has all requisite power, authority, and legal capacity to execute and deliver this Agreement, and each
other agreement, document, instrument, or certificate contemplated by this Agreement or to be executed by Purchaser in connection
with the consummation of the Transactions contemplated hereby (collectively, the “Purchaser Documents”),
and to consummate the Transactions contemplated hereby and thereby. The execution, delivery, and performance by Purchaser of this
Agreement and each other such Purchaser Document, and the consummation of the Transactions, have been duly authorized by all necessary
corporate action on behalf of Purchaser. This Agreement has been, and each other such Purchaser Document will be at or prior to the Closing,
duly and validly executed and delivered by Purchaser and (assuming the due authorization, execution, and delivery by the other parties
hereto and thereto) constitute (or when so executed and delivered will constitute) the legal, valid, and binding obligation
of Purchaser, enforceable against Purchaser in accordance with their terms, subject to (a) bankruptcy, insolvency, reorganization,
fraudulent transfer, rehabilitation, receivership, moratorium or other similar laws affecting the enforcement of creditors’
rights generally and the rights of creditors of insurance companies generally and (b) general principles of equity (regardless
of whether enforcement is sought in a proceeding at law or in equity).
Section
5.03 Conflicts; Consents of Third Parties. The execution, delivery, and performance by Purchaser of this Agreement and the Purchaser
Documents, and the consummation by Purchaser of the Transactions contemplated hereby and thereby, does not and will not, with or without
notice, lapse of time, or both:
(a)
conflict with, result in a violation or breach of any provision of, constitute a default under, result in the modification or cancellation
of, or give rise to any right of termination, cancellation, payment, modification, or acceleration in respect of, in each case in any
material respect and with or without notice, lapse of time or both, any Contract of any kind to which Purchaser is a party or to which
Purchaser or any of its assets or property is bound;
(b)
violate, breach, or conflict with, in each case in any material respect, any Law to which Purchaser or any of its assets or property
is subject;
38
(c)
require any authorization, consent, Order, Permit, or approval or other Consent of, or notice to, or filing, registration or qualification
with, or other material action by or before, any Governmental Authority; or
(d)
conflict with or result in any breach or violation of any of the terms, conditions, or other provisions of Purchaser’s Organizational
Documents.
Section
5.04 Litigation. There is no Litigation pending or, to Purchaser’s Knowledge, Threatened against Purchaser at law or in
equity before any Governmental Authority, or by or on behalf of any third party, which, if adversely determined, would materially impair
Purchaser’s ability to consummate the Transactions contemplated hereby, and there are no outstanding Orders of any Governmental
Authority affecting Purchaser or its assets, at law or in equity, which would materially impair Purchaser’s ability to consummate
the Transactions contemplated hereby.
Section
5.05 Investment. Purchaser is acquiring the Purchased Class A Common Units for its own account, for investment purposes only and
not with a view to the distribution of the Purchased Class A Common Units in violation of applicable securities Laws. Purchaser
understands that the Purchased Class A Common Units have not been registered under the Securities Act and cannot be sold under the
Securities Act unless subsequently registered under the Securities Act or an exemption from such registration is available. Purchaser
has such knowledge and experience in financial and business matters and investments in general that make it capable of evaluating
the merits and risks of this Agreement. Purchaser is an “accredited investor” within the meaning of Rule 501 of Regulation
D promulgated under the Securities Act.
Section
5.06 Brokers. Neither Purchaser nor any of its Affiliates, partners, officers, employees, Representatives, or agents have incurred
any Liability, contingent or otherwise, for any brokerage fee, commission, or financial advisory fee in connection with the Transactions
contemplated by this Agreement for which the Company Entities shall have any Liability.
Section
5.07 Investigation. Purchaser (a) has conducted its own independent review and analysis of, and, based thereon, has formed
an independent judgment concerning, the business, assets, condition, operations, and prospects of the Company and the Company Subsidiaries,
and (b) has been furnished with or given access to such documents and information about the Company, the Company Subsidiaries, and their
respective business and operations as it and its Representatives and advisors have deemed necessary to enable it to make an informed
decision with respect to the execution, delivery, and performance of this Agreement and the Transactions contemplated hereby.
Article
VI
Covenants of the Parties
Section
6.01 Expenses.
(a)
Except as otherwise expressly provided in this Agreement, each Party and its Affiliates shall pay its own costs, fees, and expenses (including,
without limitation, the fees of any attorneys, accountants, investment bankers, brokers, or others engaged by such Party) incurred
in connection with the preparation, negotiation, execution, and performance of this Agreement and the Transactions hereunder and
thereunder, whether or not consummated.
39
Section
6.02 Confidentiality. Each Party acknowledges that the obligations of the Parties set forth in the Confidentiality Agreement
(including with respect to any Confidential Information (as defined therein)) shall terminate as of the Closing.
Section
6.03 Public Announcements. Any press release or other public statements with respect to the Transactions shall be issued
solely in compliance with Section 13.8 of the Second A&R LLC Agreement.
Section
6.04 Tax Matters.
(a)
Tax Allocations. For all Income Tax purposes, Purchaser’s acquisition of the Purchased Class A Common Units will be treated
as a contribution to the Company of the Purchase Price for the issuance of the Purchased Class A Common Units. Except as otherwise required
by applicable Law, or as required by a final, binding determination of a Taxing Authority, neither Purchaser nor the Company will take
any position (whether in a Tax audit, examination, or other proceeding (whether administrative or judicial), on any Tax Return,
or otherwise) that is inconsistent with such intended treatment.
(b)
Transfer Taxes. All transfer, documentary, sales, use, stamp, registration, value added, real property gains, and other similar
Taxes and fees (including any penalties, interest, and additional amounts related thereto) incurred by the Company in connection with
the consummation of the Transactions contemplated by this Agreement shall be borne and paid 100% by the Company when due. The Company
shall, at its own expense, timely file any Tax Return or other document with respect to such Taxes or fees.
(c)
With respect to any tax audit (or similar proceeding) of any Company Entity that is governed by the Budget Act for a Tax period ending
on or before the Closing Date, the Company shall use its reasonable best efforts to make an election described in Section 6226 of the
Code (or similar provision of state or local law, as applicable) unless Purchaser gives its prior written consent not to make such election.
(d)
Cooperation. Purchaser will reasonably cooperate, and shall cause its Affiliates, agents, auditors, Representatives, officers,
and employees to reasonably to cooperate, in preparing and filing all Tax Returns (including amended returns and claims for refund) of
the Company, the making of any election for the Company related to Taxes, the preparation for or conduct of any audit or other
proceeding Taxes or any Tax Return of the Company by any Taxing Authority, or the prosecution or defense of any claim,
suit or proceeding relating to any Taxes or any Tax Return of the Company. Any information obtained under this Section 6.04(d)
shall be kept confidential, except as may be otherwise necessary in connection with the filing of Tax Returns or claims with respect
to any Tax.
40
Section
6.05 No Other Company Entity Representations or Warranties.
(a)
Except for Fraud, any claim that Purchaser may have under this Agreement for any breach of or inaccuracy in any representation or
warranty shall be based solely on breaches or inaccuracies of the representations and warranties of the Company set forth in Article
IV (as modified by the Schedules hereto).
(b)
Except to the extent set forth in the representations and warranties of the Company contained in Article IV (as modified by the
Schedules), and except for Fraud, none of the Company, any Company Subsidiary, or any other Person (including any stockholder, manager,
member, director, employee, or agent of any of the foregoing, whether in any individual, corporate, or any other capacity), will have
or be subject to any Liability to Purchaser or any other Person resulting from the distribution to Purchaser or its Affiliates
or their Representatives of, or Purchaser’s use of, any information provided to Purchaser or its Affiliates by or on behalf of
Company Entities in connection with the negotiation of this Agreement and the consummation of the Transactions, including any confidential
information memorandum distributed on behalf of the Company or any Company Subsidiary or other publications, representations, warranties,
forecasts, statements, or information, including any information provided in a “data room”, “management presentation”,
“break-out session”, or otherwise to Purchaser or its Affiliates or their Representatives, or any other document or
information in any form provided to Purchaser or its Affiliates or their Representatives in connection with the issuance and sale
of the Purchased Class A Common Units and the other Transactions contemplated hereby.
(c)
NOTWITHSTANDING ANYTHING CONTAINED IN THIS AGREEMENT TO THE CONTRARY, PURCHASER SPECIFICALLY ACKNOWLEDGES AND AGREES THAT, EXCEPT
FOR THE REPRESENTATIONS AND WARRANTIES OF THE COMPANY CONTAINED IN Article IV
(AS MODIFIED BY THE SCHEDULES HERETO), (i) NONE OF THE COMPANY, ANY COMPANY SUBSIDIARY, OR ANY OTHER PERSON (INCLUDING, ANY STOCKHOLDER,
MANAGER, MEMBER, OFFICER, DIRECTOR, EMPLOYEE OR AGENT OF ANY OF THE FOREGOING, WHETHER IN ANY INDIVIDUAL, CORPORATE OR ANY
OTHER CAPACITY), IS MAKING, AND PURCHASER IS NOT RELYING ON, ANY REPRESENTATIONS, WARRANTIES, OR OTHER STATEMENTS OF ANY KIND
WHATSOEVER, WHETHER ORAL OR WRITTEN, EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE, AS TO ANY MATTER CONCERNING THE COMPANY OR
ANY COMPANY SUBSIDIARY, THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED HEREBY, OR THE ACCURACY OR COMPLETENESS OF ANY INFORMATION
PROVIDED TO (OR OTHERWISE ACQUIRED BY) PURCHASER OR ANY OF PURCHASER’S AFFILIATES OR REPRESENTATIVES. HOWEVER, NOTHING
IN THIS Section 6.05 SHALL LIMIT ANY CLAIM FOR ANY BREACH OF THE SECOND A&R
LLC AGREEMENT (INCLUDING IN RESPECT OF THE REPRESENTATIONS AND WARRANTIES IN SECTION 15.16 THEREIN OR THE INFORMATION REQUIRED BY SECTION
15.17 THEREOF).
Section
6.06 No Other Purchaser Representations or Warranties.
(a)
Except for Fraud, any claim that the Company Entities or Ferus may have under this Agreement for any breach of or inaccuracy in any representation
or warranty shall be based solely on breaches or inaccuracies of the representations and warranties of Purchaser set forth in Article
V (as modified by the Schedules hereto).
41
(b)
Except as set forth in the representations and warranties contained in Article V (as modified by the Schedules hereto), and except
for Fraud, none of Purchaser or any other Person (including any stockholder, manager, member, director, employee, or agent of any of
the foregoing, whether in any individual, corporate, or any other capacity), will have or be subject to any Liability to the Company
Entities, Ferus, or any other Person resulting from the distribution to the Company Entities, Ferus, or their Affiliates or their
respective Representatives of, or the Company Entities’ of Ferus’s use of, any information provided to the Company Entities,
Ferus, or their Affiliates or their respective Representatives by or on behalf of Purchaser in connection with the negotiation of this
Agreement and the consummation of the Transactions, including any confidential information memorandum distributed by or on behalf
of Purchaser or any other publications, representations, warranties, forecasts, statements, or information, including any information
provided in a “data room”, “management presentation”, “break-out session”, or otherwise to the
Company Entities, Ferus, or their Affiliates or their respective Representatives, or any other document or information in any form
provided to the Company Entities, Ferus, or their Affiliates or their respective Representatives in connection with the issuance and
sale of the Purchased Class A Common Units and the other Transactions contemplated hereby.
(c)
NOTWITHSTANDING ANYTHING CONTAINED IN THIS AGREEMENT TO THE CONTRARY, THE COMPANY SPECIFICALLY ACKNOWLEDGES AND AGREES THAT, EXCEPT
FOR THE REPRESENTATIONS AND WARRANTIES OF PURCHASER CONTAINED IN Article V
(AS MODIFIED BY THE SCHEDULES HERETO), (i) NONE OF PURCHASER OR ANY OTHER PERSON (INCLUDING, ANY STOCKHOLDER, MANAGER, MEMBER, OFFICER,
DIRECTOR, EMPLOYEE OR AGENT OF ANY OF THE FOREGOING, WHETHER IN ANY INDIVIDUAL, CORPORATE OR ANY OTHER CAPACITY), IS MAKING,
AND THE COMPANY ENTITIES AND FERUS ARE NOT RELYING ON, ANY REPRESENTATIONS, WARRANTIES, OR OTHER STATEMENTS OF ANY KIND WHATSOEVER,
WHETHER ORAL OR WRITTEN, EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE, AS TO ANY MATTER CONCERNING PURCHASER, THIS AGREEMENT, OR THE
TRANSACTIONS CONTEMPLATED HEREBY, OR THE ACCURACY OR COMPLETENESS OF ANY INFORMATION PROVIDED TO (OR OTHERWISE ACQUIRED BY)
THE COMPANY ENTITIES, FERUS, THEIR AFFILIATES, OR THEIR RESPECTIVE REPRESENTATIVES. HOWEVER, NOTHING IN THIS Section
6.06 SHALL LIMIT ANY CLAIM FOR ANY BREACH OF THE SECOND A&R LLC AGREEMENT (INCLUDING IN RESPECT OF THE REPRESENTATIONS
AND WARRANTIES IN SECTION 15.16 THEREIN OR THE INFORMATION REQUIRED BY SECTION 15.17 THEREOF).
Section
6.07 Further Assurances. After the execution of this Agreement, each Party shall, and shall cause its Affiliates to, in each case
at the other Party’s request and without further consideration, (a) execute and/or deliver such other notifications, documents,
certificates, agreements, instruments, and other writings and (b) take such other actions or otherwise cooperate, in each case, as may
be reasonably necessary or desirable in order to consummate or document the consummation of the Transactions.
42
Section
6.08 Most Favored Nations. From the date hereof until the date that is the three (3) month anniversary of the Closing Date, upon
any offering or issuance by the Company of any Equity Interests in the Company, if in such financing there are any contractual provisions
or side letters that provide terms more favorable to the investors therein than the terms provided for hereunder, then the Company shall
specifically notify the Purchaser of such additional or more favorable terms and such terms, at the Purchaser’s option, shall become
a part of this Agreement.
Section
6.09 Participation in Future Financing.
(a)
From the date hereof until the date that is the twelve (12) month anniversary of the Closing Date, upon any issuance by the Company or
any of its Subsidiaries of Indebtedness (a “Subsequent Financing”), subject to the existing preferential rights
of the HPS Parties and the OIC Parties, the Purchaser shall have the right to participate in the Subsequent Financing in an amount up
to its Pro Rata Portion (as defined below) (the “Participation Maximum”) on the same terms, conditions and
price provided for in such Subsequent Financing. “Pro Rata Portion” means the quotient obtained by dividing
(x) the Capital Contribution made by the Purchaser under this Agreement or hereafter by (y) the sum of all Capital Contributions made
by any holders of the Company’s Equity Interests issued and outstanding on any date of determination (excluding the Subsequent
Financing in which the Purchaser is electing to participate).
(b)
At least five (5) Business Days prior to the closing of the Subsequent Financing, the Company shall deliver to the Purchaser a written
notice of its intention to effect a Subsequent Financing (“Pre-Notice”), which Pre-Notice shall ask the Purchaser
if it wants to review the details of such financing and include the Participation Maximum (such additional notice, a “Subsequent
Financing Notice”). Upon the request of the Purchaser, and only upon a request by the Purchaser, for a Subsequent Financing
Notice, the Company shall promptly, but no later than one (1) Business Day after such request, deliver a Subsequent Financing Notice
to the Purchaser. The Subsequent Financing Notice shall describe in reasonable detail the proposed terms of the Subsequent Financing,
the amount of proceeds intended to be raised thereunder, the Purchaser’s Participation Maximum, and the Person or Persons through
or with whom such Subsequent Financing is proposed to be effected and shall include a term sheet or similar document relating thereto
as an attachment.
(c)
If the Purchaser desires to participate in such Subsequent Financing, it must provide written notice to the Company by not later than
5:30 p.m. (New York City time) on the fifth (5th) Business Day after the Purchaser has received the Pre-Notice that the Purchaser
is willing to participate in the Subsequent Financing, the amount of the Purchaser’s participation up to the Purchaser’s
Participation Maximum, and representing and warranting that the Purchaser has such funds ready, willing, and available for investment
on the terms set forth in the Subsequent Financing Notice. If the Company receives no such notice from the Purchaser as of such fifth
(5th) Business Day, the Purchaser shall be deemed to have notified the Company that it does not elect to participate.
(d)
If the Purchaser notifies the Company by 5:30 p.m. (New York City time) on the fifth (5th) Business Day after the Purchasers
has received the Pre-Notice of its willingness to participate in the Subsequent Financing (or to cause their designees to participate)
the Purchaser may participate in an amount up to the Purchaser’s Participation Maximum. The Company may effect the remaining portion
of such Subsequent Financing on the terms and with the Persons set forth in the Subsequent Financing Notice.
43
(e)
The Company must provide the Purchaser with a second Subsequent Financing Notice, and the Purchasers will again have the right of participation
set forth above in this Section 6.09, if the Subsequent Financing subject to the initial Subsequent Financing Notice is not consummated
for any reason on the terms set forth in such Subsequent Financing Notice within thirty (30) Business Days after the date of the initial
Subsequent Financing Notice.
(f)
The Company and the Purchaser agree that if the Purchaser elects not to participate in the Subsequent Financing, the transaction documents
related to the Subsequent Financing shall not include any term or provision that, directly or indirectly, will, or is intended to, exclude
the Purchaser from participating in a Subsequent Financing, including, but not limited to, provisions whereby the Purchaser shall be
required to agree to any restrictions on selling any of the Class A Common Units purchased hereunder or be required to consent to any
amendment to or termination of, or grant any waiver, release or the like under or in connection with, this Agreement, without the prior
written consent of the Purchaser.
Article
VII
Indemnification
Section
7.01 Indemnification by Purchaser. Subject to the other terms of this Agreement, Purchaser shall and hereby does indemnify, defend,
and hold harmless the Company Indemnified Parties from and against, and shall pay and reimburse any Company Indemnified Party for, any
and all Damages incurred or suffered by any Company Indemnified Party, whether or not relating to Third Person Claims, to the extent
directly or indirectly arising from, based upon, resulting out of, or relating to:
(a)
any inaccuracy in or breach of any of Purchaser’s representations or warranties contained in this Agreement; and
(b)
any breach of any covenant, agreement, or obligation to be performed by Purchaser after the Closing pursuant to this Agreement;
but
excepting, in each case, Liabilities incurred or suffered by any Company Indemnified Party resulting, directly or indirectly, from matters
with respect to which the Company is required to indemnify Purchaser and the other Purchaser Indemnified Parties pursuant to Section
7.02 or otherwise pursuant to this Agreement.
44
Section
7.02 Indemnification by the Company. Subject to the other terms of this Agreement, the Company shall and hereby does indemnify,
defend, release, and hold harmless the Purchaser Indemnified Parties from and against, and shall pay and reimburse any Purchaser Indemnified
Party for, any and all Damages incurred or suffered by any Purchaser Indemnified Party, whether or not relating to Third Person Claims,
to the extent directly or indirectly arising from, based upon, resulting out of, or relating to:
(a)
any inaccuracy in or breach of any of the Company’s representations or warranties contained in this Agreement; or
(b)
any breach of any covenant, agreement, or obligation to be performed by the Company after the Closing pursuant to this Agreement;
but
excepting, in each case, Liabilities incurred or suffered by any Purchaser Indemnified Party resulting, directly or indirectly, from
matters with respect to which the Purchaser is required to indemnify Company and the other Company Indemnified Parties pursuant to Section
7.01 or otherwise pursuant to this Agreement.
Section
7.03 Limitations on Liability.
(a)
Company Limitations.
(i)
The Company shall not be liable to the Purchaser Indemnified Parties for indemnification under Section 7.02(a) until such time
as the aggregate amount of all Damages sustained by the Purchaser Indemnified Parties under Section 7.02(a) collectively exceeds
$[***] (the “Indemnity Threshold”); provided, that the Indemnity Threshold shall not apply
to Damages that are due to or arise out of (A) Fraud or willful and intentional misrepresentation by any Company Entity, Ferus, any of
their Affiliates, or any of their respective Representatives or (B) a breach of any Company Fundamental Representations (collectively,
the “Company Excluded Matters”).
(ii)
The aggregate amount of all Damages for which the Company shall be liable pursuant to Section 7.02(a) shall not exceed $[***]
(the “Cap”) except for Damages that are due to or arise out of the Company Excluded Matters.
(iii)
The aggregate amount of all Damages for which the Company shall be liable pursuant to Section 7.02 shall not exceed an amount
equal to the Purchase Price except for Damages that are due to or arise out of the Company Excluded Matters.
(b)
Purchaser Limitations.
(i)
Purchaser shall not be liable to the Company Indemnified Parties for indemnification under Section 7.01(a) until such time as
the aggregate amount of all Damages sustained by the Company Indemnified Parties under Section 7.01(a) collectively exceeds the
Indemnity Threshold; provided, that the Indemnity Threshold shall not apply to Damages that are due to or arise out of (A) Fraud
or willful and intentional misrepresentation by Purchaser or any of its Affiliates, or any of their respective Representatives, or (B)
a breach of any Purchaser Fundamental Representations (collectively, the “Purchaser Excluded Matters”).
45
(ii)
The aggregate amount of all Damages for which Purchaser shall be liable pursuant to Section 7.01(a) shall not exceed the Cap except
for Damages that are due to or arise out of the Purchaser Excluded Matters.
(iii)
The aggregate amount of all Damages for which Purchaser shall be liable pursuant to Section 7.01 shall not exceed an amount equal
to the Purchase Price except for Damages that are due to or arise out of the Purchaser Excluded Matters.
(c)
Payment of Damages. If any Damages are determined to be payable to a Purchaser Indemnified Party pursuant to this Article VII,
then Purchaser and the Company shall negotiate in good faith as to the manner of such payment, taking into account the facts and circumstances
at such time, including the Company’s access to cash and other obligations.
(d)
Calculation and Application of Damages. For the avoidance of doubt, the calculation of the amount of any Damages pursuant to Section
7.02 or this Section 7.03 shall properly take into account the amount and nature of Purchaser’s Equity Interests in
the Company. In furtherance of the foregoing and notwithstanding anything in this Agreement to the contrary, recognizing that, following
the Closing, Purchaser will be an equity holder of the Company and thus bear a portion of the cost of any indemnification payments made
by the Company hereunder, the Parties hereby agree that, subject to the preceding sentence and the limitations set forth in Section
7.03(a), the amount of any indemnification to be provided to any Purchaser Indemnified Party pursuant to Section 7.02 shall
be equitably adjusted to offset any Damages incurred by the Purchaser Indemnified Parties arising from the payment of an indemnity claim
to the Purchaser Indemnified Parties hereunder by the Company.
(e)
Materiality. For the purposes of calculating the amount of Damages for which a Purchaser Indemnified Party is entitled under this
Agreement with respect thereto, in each case, the terms “material”, “materiality”, “material adverse effect”,
and words of similar import, including knowledge standards or qualifications, qualifications, or requirements that a matter be or not
be “reasonably expected” or “reasonably likely” to occur and similar qualifications, are to be disregarded; provided,
that the references to Material Adverse Effect in Section 4.05(a) shall not be disregarded; and further provided, that
none of the terms identified above shall be disregarded for the purpose of determining the existence of an inaccuracy or breach of a
representation or warranty contained in this Agreement.
(f)
Recovery. The Purchaser Indemnified Parties and the Company Indemnified Parties shall be entitled to seek recovery under such
provisions of this Agreement that maximize their recovery but in no event will the Purchaser Indemnified Parties or the Company Indemnified
Parties, respectively, be entitled to double recovery in respect of any particular Damages.
Section
7.04 Reliance on Agreement. Each Party hereby acknowledges that, regardless of any investigation made (or not made) by or on behalf
of any other Party, and regardless of the results of any such investigation, such other Party has entered into the Transactions in express
reliance upon the representations, warranties and covenants of such Party made in this Agreement. Accordingly, the rights of a Party
to indemnification or any other remedy under this Agreement shall not be impacted or limited by any actual, constructive, or imputed
knowledge that such Party or any of its Affiliates may have acquired, or could have acquired, whether before or after Closing, nor by
any investigation or diligence by or on behalf of such Party or any of its Affiliates or other Representatives.
46
Section
7.05 Survival. The Company Fundamental Representations and Purchaser Fundamental Representations shall survive the Closing and
shall continue in full force and effect until ninety (90) days after the expiration of the applicable statute of limitations (including
any applicable extensions), the representations and covenants of the Company set forth in Section 4.09 shall survive the Closing
and shall continue in full force and effect until 90 days after the expiration of the applicable statute of limitations (including any
applicable extensions), and the other representations and warranties of each Party shall survive the Closing for a period of twelve (12)
months after Closing. Those covenants and agreements that by their terms contemplate performance in whole or in part prior to or at the
Closing shall survive the Closing for a period of six (6) months, and those covenants and agreements that by their terms contemplated
performance in whole or in part after the Closing shall survive the Closing (but only to the extent such covenants or agreements by their
terms contemplated performance after the Closing) until fully performed. Subject to the foregoing, the remainder of this Agreement shall
survive the Closing without time limitation. Representations, warranties, covenants, and agreements shall be of no further force and
effect after the date of their expiration except with respect to any bona fide claim asserted pursuant to this Agreement with respect
to such a representation, warranty, covenant, or agreement prior to its expiration date.
Section
7.06 Indemnification Procedures. All claims for indemnification under this Article VII shall be asserted and resolved as
follows:
(a)
For purposes of this Agreement, (i) the term “Indemnifying Person” when used in connection with particular
Damages shall mean the Party having an obligation to indemnify another Person or Persons with respect to such Damages pursuant to this
Article VII and (ii) the term “Indemnified Person” when used in connection with particular Damages shall
mean the Person or Persons having the right to be indemnified with respect to such Damages by another Party pursuant to this Article
VII.
(b)
To make a claim for indemnification under this Article VII, an Indemnified Person shall notify in writing the Indemnifying Person
of its claim, including (i) the specific details of and specific basis under this Agreement for its claim, (ii) copies of all material
written evidence thereof in possession of and readily accessible by such Indemnified Person and (iii) the estimated amount, if reasonably
practicable, of the Damages that have been or may be sustained by the Indemnified Person (the “Claim Notice”).
In the event that the claim for indemnification is based upon a claim or Litigation by a third party against the Indemnified Person (a
“Third Person Claim”), the Indemnified Person shall provide its Claim Notice promptly after such Indemnified
Person has actual knowledge of the Third Person Claim and shall enclose a copy of all papers (if any) served with respect to the Third
Person Claim; provided, that the failure of any Party or any Indemnified Person to give notice of a Third Person Claim as provided
in this Section 7.06 shall not relieve the Indemnifying Person of its obligations under this Article VII except to the
extent such failure materially prejudices the Indemnifying Person’s ability to defend against the Third Person Claim. In the event
that the claim for indemnification is based upon an inaccuracy or breach of a representation, warranty, covenant, obligation, or agreement,
the Claim Notice shall specify the representation, warranty, covenant, obligation, or agreement which was inaccurate or breached.
47
(c)
In the case of a claim for indemnification based upon a Third Person Claim, the Indemnifying Person shall have thirty (30) days from
its receipt of the Claim Notice to notify the Indemnified Person whether it agrees or denies that it has an obligation to defend such
Indemnified Person against such Third Person Claim under this Article VII. If the Indemnifying Person does not notify such Indemnified
Person within such thirty (30)-day period whether the Indemnifying Person agrees or denies it has any obligation to defend such Indemnified
Person, it shall be conclusively deemed to have denied any such indemnification obligation hereunder. The Indemnified Person (or its
designee) is authorized, prior to and during such thirty (30)-day period, to file any motion, answer, or other pleading that it shall
deem necessary or appropriate to protect its interests or those of the Indemnifying Person and that is not materially prejudicial to
the Indemnifying Person.
(d)
If the Indemnifying Person agrees it has an obligation to defend an Indemnified Person against a Third Person Claim, it shall have the
right and obligation to diligently defend, at its sole cost and expense, such Third Person Claim. Subject to the remainder of this Section
7.06, the Indemnifying Person shall have full control of such defense and proceedings (“Control of the Defense”),
including any compromise or settlement thereof. If requested by the Indemnifying Person, the Indemnified Person agrees to cooperate,
at the sole cost and expense of the Indemnifying Person, in contesting any Third Person Claim which the Indemnifying Person elects to
contest (provided, that the Indemnified Person shall not be required to bring any counterclaim or cross-complaint against any
Person). The Indemnified Person may at its own expense participate in, but not control, any defense or settlement of any Third Person
Claim controlled by the Indemnifying Person pursuant to this Section 7.06. Notwithstanding the foregoing, the Indemnifying Person
shall not be entitled to control the defense of any audit (or similar proceeding) of a Tax Return of Purchaser (or Purchaser’s
direct or indirect owners).
(e)
An Indemnifying Person that has assumed Control of the Defense shall not, without the written consent of the Indemnified Person, settle
any Third Person Claim or consent to the entry of any judgment with respect thereto unless such settlement or judgment (i) provides for
the payment by the Indemnifying Person of money as sole relief for the claimant, (ii) involves no finding or admission of any violation
of Law or breach of contract or the rights of any Indemnified Person, (iii) does not encumber any of the assets of any Indemnified Person
or agree to any restriction or condition that would apply to or adversely affect any Indemnified Person or the conduct of any Indemnified
Person’s business, and (iv) includes a complete and unconditional release of each Indemnified Person subject thereto from any and
all Damages in respect of such Third Person Claim.
(f)
Notwithstanding anything to the contrary herein, if (x) the Indemnifying Person agrees it has an obligation to defend an Indemnified
Person against a Third Person Claim and (y) such Third Person Claim (i) seeks injunctive or equitable relief as the primary remedy for
such Third Person Claim or (ii) arises in connection with a criminal proceeding, then, at the Indemnified Person’s election, such
Indemnified Person shall have full control of such defense and proceedings, including any compromise or settlement thereof, at the sole
cost and expense of the Indemnifying Person, subject to the limitations on the Liability of the Indemnifying Person set forth in this
Article VII.
48
(g)
If the Indemnifying Person does not admit any obligation to defend an Indemnified Person against a Third Person Claim, or agrees it has
an obligation but fails to diligently defend or settle such Third Person Claim, then the Indemnified Person shall have the right to defend
against such Third Person Claim (at the sole cost and expense of the Indemnifying Person, if the Indemnified Person is entitled to indemnification
hereunder, subject to the limitations on the Liability of the Indemnifying Person set forth in this Article VII), with counsel
of the Indemnified Person’s choosing, subject to the right of the Indemnifying Person to agree it has an obligation to so defend
and assume the defense of such Third Person Claim at any time prior to settlement or final determination thereof. If the Indemnifying
Person has not yet agreed it has an obligation to defend such Indemnified Person against such Third Person Claim, the Indemnified Person
shall send written notice to the Indemnifying Person of any proposed settlement and the Indemnifying Person shall have the option for
ten (10) Business Days following receipt of such notice to (i) agree in writing it has obligation to defend such Indemnified Person against
such Third Person Claim and (ii) if such obligation is so admitted, reject, in its reasonable judgment, the proposed settlement.
(h)
In the case of a claim for indemnification not based upon a Third Person Claim, the Indemnifying Person shall have 20 days from its receipt
of the Claim Notice to (i) cure the Liabilities that have caused the Damages cited by the Indemnified Person in the applicable Claim
Notice, (ii) agree it has obligation to provide indemnification with respect to such Damages, or (iii) dispute the claim for such indemnification.
If the Indemnifying Person does not notify the Indemnified Person within such 20-day period that it has cured such Damages or that it
disputes the claim for such indemnification, the Indemnifying Person shall be conclusively deemed to have denied any indemnification
obligation hereunder.
Section
7.07 Certain Limitations. Notwithstanding any provision in this Agreement to the contrary,
and in addition to all other limitations of liability contained in this Agreement, under no circumstances shall either Party, or either
Party’s Affiliates, or any of their respective shareholders, members, partners, managers, directors, officers, employees, consultants,
agents, or other Representatives, be responsible or liable for, and no such Persons shall be entitled to seek or recover, any indirect,
incidental, punitive, exemplary, speculative, remote, special, or consequential damages, damages related to diminution in value, lost
business, lost profits, lost revenue, lost income, loss of use or business reputation or opportunity, loss of data, failure to realize
savings or benefits, or any damages based on or measured by any type of multiple (collectively, “Consequential Damages”),
arising under or in connection with this Agreement or any of the Transactions contemplated hereby, except (a) for any damages arising
out of or resulting from Fraud, willful or intentional misconduct and/or gross negligence, (b) damages that are reasonably foreseeable,
and (c) to the extent a Party or its Affiliate pays to a Third Party any Consequential Damages that are awarded to such Third Party by
a Governmental Authority, in which case such Consequential Damages shall constitute direct damages hereunder.
49
Section
7.08 Exclusive Remedy. Notwithstanding anything to the contrary contained in this Agreement, except as with respect to Fraud by
a Party, this Article VII contains the Parties’ sole and exclusive remedies against each other (whether in contract or tort)
with respect to the Transactions contemplated by this Agreement, including inaccuracies in or breaches of the representations, warranties,
covenants and agreements of the Parties contained in this Agreement. For the avoidance of doubt, remedies in respect of any breach of
the Second A&R LLC Agreement will be governed by the rights and remedies thereunder, and the provisions set forth in this Article
VII shall not be applicable to such breach.
Article
VIII
Miscellaneous
Section
8.01 Notices.
(a)
All notices, requests, claims, demands, and other communications required or permitted to be given hereunder shall be in writing and
shall be (i) delivered by hand, (ii) sent by email, (iii) sent postage prepaid, by registered, certified, or express mail, or (iv) delivered
by overnight courier service, in each case as follows:
if
to Purchaser,
Datacentrex,
Inc.
470
W 200 N STE 18
Salt
Lake City, UT 84103
Attn:
Parker Scott, Chief Executive Officer
with
a copy (which shall not constitute notice) to:
Sheppard,
Mullin, Richter & Hampton LLP
30
Rockefeller Plaza
New
York, NY 10012
Attn:
Richard A. Friedman, Esq.
if
to the Company,
ELNG
Equity LLC
4400
Post Oak Parkway
Suite
420
Houston,
TX 77027
Attn:
President & CEO
50
with
a copy (which shall not constitute notice) to:
ELNG
Equity LLC
4400
Post Oak Parkway
Suite
420
Houston,
TX 77027
Attn:
General Counsel
(b)
A Party may change other address or email address by delivering notice to the other Party.
(c)
All such notices, requests, claims, demands, and other communications shall be deemed received (i) on the date of receipt by the recipient
thereof if received prior to 5:00 p.m. on a Business Day in the place of receipt, and (ii) otherwise, on the next succeeding Business
Day in the place of receipt.
Section
8.02 Amendments and Waivers.
(a)
This Agreement may only be amended or otherwise modified by an instrument in writing duly signed by Parties and expressly identified
as an amendment or modification.
(b)
No waiver of any provision of this Agreement shall be valid or binding against a Party unless set forth in writing and duly executed
by the Party against whom enforcement of such waiver may be sought, and then only to the extent expressly specified therein. Any such
waiver shall constitute a waiver only with respect to the specific matter described in such writing and shall in no way impair the rights
of the party granting such waiver in any other respect or at any other time. Neither the waiver by any Party of a breach of or a default
under any of the provisions of this Agreement, nor the failure by any of the Party, on one or more occasions, to enforce any of the provisions
of this Agreement or to exercise any right or privilege hereunder, shall be construed as a waiver of any other breach or default of a
similar nature or of any succeeding breach of the same or any obligation, or as a waiver of any such provisions, rights, or privileges
hereunder, and a failure by any of the Party, on one or more occasions, to enforce any of the provisions of this Agreement shall not
affect the right to require such performance at any time thereafter. No course of dealing, delay, failure, or omission on the part of
any Party in exercising any right, power, remedy, or privilege under this Agreement or under any other documents furnished in connection
with or under this Agreement or otherwise available to such Person under applicable Law shall impair any such right, power, remedy, or
privilege, or affect the right of such Person thereafter to exercise the same, or be construed as a waiver of any default or any acquiescence
therein. No single or partial exercise of any such right, power, remedy, or privilege shall preclude the further exercise of such right,
power, remedy or privilege, or the exercise of any other right, power, remedy, or privilege. Any extension of time or other indulgence
granted to any Party under this Agreement shall not otherwise alter or affect any power, remedy, or right of any other Party, or the
obligations of the Party to whom such extension or indulgence is granted.
51
Section
8.03 Governing Law, etc.
(a)
THIS AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS, INCLUDING AS TO VALIDITY, INTERPRETATION, AND EFFECT, BY THE LAWS OF THE STATE OF DELAWARE,
WITHOUT GIVING EFFECT TO ANY PRINCIPLES OR RULES OF CONFLICT OF LAWS THAT WOULD PERMIT OR REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION.
(b)
Each of Purchaser and the Company hereby irrevocably submits to the jurisdiction of the Court of Chancery, New Castle County, Delaware,
or, to the extent the Court of Chancery lacks jurisdiction over the matter, the state and federal courts of the United States of America
located within New Castle County, Delaware (and in each case, any appellate court having jurisdiction over the applicable lower court)
(as applicable, the “Chosen Court”), in any Litigation arising out of or relating to this Agreement or any
of the Transactions.
(c)
Each of Purchaser and the Company hereby (i) agrees not to commence any Litigation in respect of the interpretation and enforcement of
the provisions of this Agreement or the Transactions contemplated hereby except in the Chosen Court, (ii) agrees that all Litigation
in respect of the interpretation and enforcement of the provisions of this Agreement or the Transactions contemplated hereby shall be
heard and determined in the Chosen Court, (iii) agrees that the jurisdiction of the Chosen Court shall be exclusive, except solely to
the extent that all Chosen Courts decline to exercise jurisdiction, (iv) waives, to the fullest extent it may legally and effectively
do so, (A) any objection that it may now or hereafter have to the laying of venue of any such Litigation in the Chosen Court, (v) waives,
to the fullest extent it may legally and effectively do so, and shall not plead or claim, the defense of an inconvenient forum to the
maintenance of such Litigation in the Chosen Court, and (vi) consents to and grants any such Chosen Court jurisdiction over the person
of such parties and the subject matter of any such Litigation, and (vii) agrees that mailing of process or other papers in connection
with any such Litigation in the manner provided in Section 8.01, or in such other manner as may be permitted by applicable Law,
shall be valid and sufficient service thereof.
(d)
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY
HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY.
Section
8.04 Successors and Assigns; Assignment. Subject to the next sentence, this Agreement shall be binding upon and inure to the benefit
of the Parties and their respective heirs, successors, and permitted assigns. This Agreement shall not be assignable or otherwise transferable
by any Party without the prior written consent of the other Party; provided, that Purchaser may assign this Agreement to any transferee
of the Purchased Class A Common Units pursuant to and in accordance with the Second A&R LLC Agreement.
Section
8.05 Entire Agreement. This Agreement (together with the Schedules and Exhibits attached hereto) constitute the entire agreement
of the Parties with respect to the subject matter hereof and supersede all prior agreements, understandings, discussions, and representations,
both written and oral, between the Parties with respect to the subject matter hereof.
52
Section
8.06 Severability. If any term or provision, including any phrase, sentence, clause, section or subsection, of this Agreement
is determined by a court of competent jurisdiction or other Governmental Authority to be invalid, illegal, inoperative, or unenforceable
for any reason under any Law or as a matter of public policy, then such circumstances shall not have the effect of rendering such provision
in question invalid, illegal, inoperative, or unenforceable in any other case or circumstance, or of rendering any other provision herein
contained invalid, illegal, inoperative, or unenforceable to any extent whatsoever. Upon any such determination, each provision of this
Agreement shall be interpreted as to be effective and valid under applicable Law and the Parties shall negotiate in good faith to modify
this Agreement so as to effect the original intent of the Parties as closely as possible in order that the Transactions contemplated
by this Agreement be consummated as originally contemplated to the greatest extent possible.
Section
8.07 Counterparts; Effectiveness; No Third-Party Beneficiaries.
(a)
This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which shall together
constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by portable document
format (.pdf) or electronically using DocuSign, AdobeSign, or other digital signature provider shall be as effective as delivery of a
manually executed counterpart of this Agreement. This Agreement shall become effective when each Party shall have received a counterpart
hereof signed by all of the other Parties.
(b)
Except as provided in Article VII, or Section 8.09, (a) no provision of this Agreement, express or implied, is intended
to confer or shall have the effect of conferring any rights, benefits, remedies, obligations, or liabilities of any nature whatsoever
under or by reason of this Agreement upon any Person other than the Parties and their respective successors and permitted assigns,
and (b) this Agreement and all provisions and conditions hereof are intended to be, and shall be, for the sole and exclusive benefit
of such Persons and for the benefit of no other Person.
Section
8.08 Specific Performance. The Parties acknowledge and agree that: (a) irreparable damage would occur, (b) money Damages would
not provide an adequate remedy at law and (c) Damages would be difficult to determine, if any provision of this Agreement were not performed
in accordance with the terms hereof or were otherwise breached. Accordingly, it is agreed that the Party not in breach shall be entitled
to seek an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the terms and
provisions hereof in any court specified in Section 8.03, in each case without the necessity of proving the inadequacy of money
Damages as a remedy and in addition to any other remedy to which such non-breaching Party is entitled at law or in equity. Each
of the Parties hereby irrevocably waives any requirement for the security or posting of any bond in connection with any such relief.
Section
8.09 No Recourse or Personal Liability. Notwithstanding anything that may be expressed or implied in this Agreement to the contrary,
Purchaser agrees and acknowledges, both for itself and its Affiliates, that no recourse under this Agreement or any documents or instruments
delivered in connection with this Agreement shall be had against any of past, present or future director, officer, employee, incorporator,
member, manager, partner, equityholder, Affiliate, agent, attorney or representative of the Company or Ferus (in its capacity as the
sole member of the Company prior to the Closing) or any successor or assign thereof, whether in their capacity as such or otherwise,
whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other
applicable Law, it being expressly agreed and acknowledged that no personal Liability whatsoever shall attach to, be imposed on or otherwise
be incurred by any of such Persons, whether in their capacity as such or otherwise, for any obligation of the Company under this Agreement
or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such
obligations or their creation, except in the event of Fraud by such Person.
53
Section
8.10 Representation by Counsel. Each of the Parties hereby acknowledges that it has been represented by independent counsel of
its choice throughout all negotiations that have preceded the execution of this Agreement and that it has executed the same with consent
and upon the advice of said independent counsel. The Parties have participated jointly in the negotiation and drafting of this Agreement.
In the event an ambiguity or question of intent arises, this Agreement shall be construed as if drafted jointly by the Parties, and no
presumption or burden of proof shall arise, or rule of strict constriction applied, favoring or disfavoring any Party by virtue of the
authorship of any of the provisions of this Agreement. Accordingly, any rule of law or any legal decision that would require interpretation
of any ambiguities in this Agreement against the Party that drafted it is of no application and is hereby waived by the Parties.
Section
8.11 Deliveries to Purchaser. Any document or item will be deemed “delivered”, “provided”,
or “made available” within the meaning of this Agreement if such document or item: (a) is included in the Data
Room or (b) is actually delivered or provided to Purchaser or a Representative of Purchaser.
Section
8.12 Protected Communication. Neither Purchaser nor any of its Affiliates or any Person acting on their behalf shall, without
the prior written consent of the Company, assert or waive or attempt to assert or waive any protection against disclosure with respect
to any Protected Communications, including, but not limited to, the attorney-client privilege or work product protection, or to discover,
obtain, use or disclose or attempt to discover, obtain, use or disclose any Protected Communications; provided, that in connection with
any Litigation relating to or in connection with this Agreement, the events and negotiations leading to any of the Transactions contemplated
herein, the foregoing shall not prohibit Purchaser from seeking proper discovery of non-privileged, non-work product Protected Communications.
Section
8.13 Time of Essence. With regard to all dates and time periods set forth or referred to in this Agreement, time is of the essence.
[SIGNATURE
PAGE FOLLOWS]
54
IN
WITNESS WHEREOF, this Agreement has been executed by Purchaser and by the Company as of the date first above written.
PURCHASER:
DATACENTREX, INC.
By:
/s/
Parker Scott
Name:
Parker Scott
Title:
Chief Executive
Officer
THE COMPANY:
ELNG EQUITY LLC
By:
/s/
Jeffrey A. Ball
Name:
Jeffrey
A. Ball
Title:
President
& CEO
[Signature
Page to Common Unit Purchase Agreement]
EX-99.1
EX-99.1
Filename: ex99-1.htm · Sequence: 3
Exhibit
99.1
Datacentrex
Invests $30 Million in Eagle LNG Partners, a Supplier of Fuel for the U.S. Space Launch Industry
Investment
reflects 10.5% equity interest in Operating Aerospace-Spec LNG Producer Positioned for the U.S. Space Launch Buildout
● Eagle
LNG produces high-methane, aerospace-specification LNG required by the next generation of
American reusable launch vehicles
● Investment
is being made concurrently with, and at the same value per unit as, a $10 million commitment
by an affiliate of The Energy & Minerals Group (“EMG”). Funds managed by
EMG are Eagle LNG’s controlling sponsor and an existing investor in the business
Salt
Lake City, UT – August 31, 2026 – Datacentrex, Inc. (“Datacentrex” or the “Company”) (Nasdaq:
DTCX) today announced that it has entered into a Common Unit Purchase Agreement and invested $30 million in ELNG Equity LLC (“ELNG”),
the equity holding company of Eagle LNG Partners LLC (“Eagle LNG”), acquiring $30 million of Class A Common Units. Eagle
LNG is a vertically integrated producer of liquefied natural gas and a qualified supplier of the aerospace-specification liquid methane
used to fuel next-generation American launch vehicles.
An
Operating Business, Not a Development Project
Eagle
LNG has been producing and delivering LNG since 2017 and serves a contracted customer base across space propulsion, marine bunkering,
island utility and industrial end-markets under long-term take-or-pay supply agreements with a weighted average tenor of approximately
15 years. Since 2018 it has completed more than 700 LNG bunkering operations, both ship-to-shore and ship-to-ship, without incident.
“We
are focused on companies producing real revenue in ultra-high-growth sectors, and we intend to be at the forefront of them,” said
Parker Scott, Chief Executive Officer of Datacentrex. “Eagle LNG is not a concept. It has been producing and delivering LNG since
2017 and it is already under contract with a leading space propulsion customer. The United States is setting out to multiply its launch
cadence several times over this decade, and every one of those vehicles has to be fueled. We would rather own a position in the supply
chain underneath that growth than try to pick which vehicle wins.”
About
Datacentrex, Inc.
Datacentrex,
Inc. is a diversified technology-driven enterprise operating a digital asset mining business across high-growth sectors including digital-asset
infrastructure, data-center operations, and energy and space-launch infrastructure. Datacentrex, Inc. intends to pursue selective investments,
partnerships, and acquisitions to drive innovation and value creation. For additional information, please refer to the Company’s
filings with the U.S. Securities and Exchange Commission, which are available at www.sec.gov.
Visit
Datacentrex’s investor relations website at https://ir.datacentrex.com/.
About
Eagle LNG Partners
Eagle
LNG Partners is a Jacksonville, Florida–based developer and operator of small-scale LNG infrastructure serving space propulsion,
marine bunkering, island utility and industrial customers across the southeastern United States and the Caribbean. Eagle LNG was formed
in 2013 and is controlled by The Energy & Minerals Group.
Forward-Looking
Statements Disclaimer
This
press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release, including statements
regarding the anticipated benefits of the investment; Eagle LNG’s planned expansion projects and their expected cost, timing and
capacity impact; the expected commencement of contract volumes; projected growth in space propulsion, launch cadence, marine bunkering
or other LNG demand; the effect of governmental policy on commercial space activity; Eagle LNG’s ability to convert unfilled demand
or rights of first refusal into contracted volumes; the potential for future strategic transactions involving Eagle LNG; and Datacentrex’s
future financial condition, results of operations, business operations and business prospects, are forward-looking statements. These
statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,”
“estimate,” “expect,” “may,” “continue,” “predict,” “potential,”
“project” and similar expressions that are intended to identify forward-looking statements.
All
forward-looking statements are subject to important factors, risks, uncertainties, and assumptions, including industry and economic conditions
that could cause actual results to differ materially from those described in the forward-looking statements. Such factors, risks, uncertainties
and assumptions include, but are not limited to: the illiquid, non-controlling nature of the Company’s interest and the absence
of any public market for the Class A Common Units, and the resulting risk of loss of all or a portion of the investment; the absence
of any obligation or committed timetable for ELNG to pursue an initial public offering or other liquidity event, and the possibility
that no such transaction occurs, that it is delayed or completed on terms unfavorable to existing holders, or that it does not result
in liquidity for the Company’s units, which may remain subject to lock-up, conversion and transfer restrictions; the Company’s
limited ability to influence Eagle LNG’s management, strategy, capital structure or distribution policy; Eagle LNG’s substantial
existing indebtedness and preferred equity, and its ability to service, refinance or repay those obligations; delays, cost overruns or
permitting, siting or construction risk affecting the Talleyrand second berth, the Maxville de-bottlenecking program, or any future liquefaction
capacity; the possibility that de-bottlenecking does not achieve expected production capacity; customer concentration and the commencement,
renewal, modification, non-performance or early termination of customer contracts, including termination rights exercisable on limited
notice; the fact that a right of first refusal does not obligate any counterparty to purchase any volumes; the early-stage and capital-intensive
nature of the commercial space launch industry and its dependence on third-party launch cadence, vehicle qualification and government
programs outside Eagle LNG’s control; the possibility that announced governmental objectives regarding launch cadence are not achieved,
are modified, or do not translate into demand for Eagle LNG’s products; volatility in natural gas, LNG and competing marine fuel
prices; changes in tax credits, tariffs, export authorizations and other governmental policies affecting LNG; the reliance of statements
in this release regarding Eagle LNG on information provided by Eagle LNG, which the Company has not independently verified; the effect
of the investment on the Company’s liquidity and capital resources; volatility in the prices of Dogecoin, Litecoin, Bitcoin and
other digital assets and increases in Scrypt network difficulty; and volatility of Datacentrex’s stock price.
Forward-looking
statements also are affected by the risk factors described in the Company’s filings with the U.S. Securities and Exchange Commission
(the “SEC”), including in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports
on Form 8-K. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov.
The risks and uncertainties that Datacentrex has described are not the only ones Datacentrex faces. Additional risks and uncertainties
not presently known to Datacentrex or that Datacentrex currently deems immaterial may also affect Datacentrex’s operations. All
forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking
statements. Except as required by law, Datacentrex undertakes no obligation to update or revise publicly any forward-looking statements,
whether as a result of new information, future events or otherwise, after the date on which the statements are made.
This
press release does not constitute an offer to sell or the solicitation of an offer to buy any security.
Company
Contact
Datacentrex
Investor Relations
ir@datacentrex.com
800-403-6150
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
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