JOINDER AGREEMENT
This Joinder Agreement confirms the understanding of Eos Petro, Inc. (“Eos”), 1975 Xxxxxxx, LLC (“Xxxxxxx”), Xxxxxxx Xxxxxx (“Sharma”) and Xxxxx Xxxxxxx (“Xxxxxxx”) as follows:
(i) Xxxxxxx is hereby made a party to that certain Consent, Subordination and Intercreditor Agreement, dated August 2, 2012, (the “Subordination Agreement”) between Eos, Xxxxxxx and Sharma;
(ii) where necessary and applicable, the Subordination Agreement shall be read to include and reference Xxxxxxx in the same manner as Sharma, such that Xxxxxxx shall be fully bound by, and subject to, all of the covenants, terms and conditions of the Subordination Agreement in the same manner as Sharma;
(iii) Xxxxxxx agrees that her existing loan to Eos and her security interest in its assets shall be subordinated to Xxxxxxx’x loan (made pursuant to that certain Loan Agreement and Secured Promissory Note, dated August 2, 2012), and Xxxxxxx’x related security interest in Eos’ assets;
(iv) Xxxxxxx and Sharma agree that they will share a subordinated, second priority security interest in Eos’ assets (i.e. they will stand in the same position in terms of priority of their loans and security interests);
(v) Xxxxxxx agrees to be fully bound by, and subject to, all of the other covenants, terms and conditions of the Subordination Agreement; and
(vi) this Joinder Agreement may be executed in counterparts and signatures received by electronic transmission shall have the same effect as original signatures.
IN WITNESS WHEREOF, the parties hereto have executed this Joinder Agreement as of September 26, 2012.
| /s/ Xxxxx Xxxxxxx | /s/ Xxxxxxx Xxxxxx | |
| Xxxxx Xxxxxxx, an individual | Xxxxxxx Xxxxxx, an individual |
| 1975 XXXXXXX, LLC, | EOS PETRO, INC., | |
| a Texas limited liability company | a Delaware corporation |
| By: | /s/ Xxxx Xxxxxxx | By: | /s/ Xxxxxxx Xxxxxxxx | |
| Name: | Xxxx Xxxxxxx | Name: | Xxxxxxx Xxxxxxxx | |
| Title: | Title: | Chairman |
