Lilis Energy Inc (fka LLEXQ)

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Merger Agreement. Certain additional covenants of the parties include: (i) Lilis converting its outstanding debentures and preferred stock into common stock of Lilis (the “Debenture and Preferred Conversion”), (ii) Lilis effecting a reverse stock split (the “Stock Split”), (iii) Lilis raising $15 million prior to consummation of the Merger (the “Capital Raise”) and (iv) Lilis making a $1 million payment, on behalf of Brushy, to Independent Bank.