<SEC-DOCUMENT>0001193125-23-297715.txt : 20231218
<SEC-HEADER>0001193125-23-297715.hdr.sgml : 20231218
<ACCEPTANCE-DATETIME>20231218171459
ACCESSION NUMBER:		0001193125-23-297715
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20231218
DATE AS OF CHANGE:		20231218

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Flame Acquisition Corp.
		CENTRAL INDEX KEY:			0001831481
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				853514078
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40111
		FILM NUMBER:		231494708

	BUSINESS ADDRESS:	
		STREET 1:		700 MILAM STREET
		STREET 2:		SUITE 3300
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002
		BUSINESS PHONE:		(713) 579-8007

	MAIL ADDRESS:	
		STREET 1:		700 MILAM STREET
		STREET 2:		SUITE 3300
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>d784517ddefa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
<HTML><HEAD>
<TITLE>DEFA14A</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO SECTION 13 OR 15(D) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): December&nbsp;12, 2023 </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Flame Acquisition Corp. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>001-40111</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>85-3514078</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>(State or other jurisdiction<BR>of incorporation)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(I.R.S. Employer<BR>Identification No.)</B></TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>700 Milam Street, Suite 3300</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Houston, Texas</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><B>77002</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>(Address of Principal Executive Offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(713) <FONT STYLE="white-space:nowrap">579-6106</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions: </P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencements</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities registered pursuant to Section&nbsp;12(b) of the Act: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title of each class</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Trading</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Symbol(s)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Name of each exchange</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>on which registered</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Units, each consisting of one share of Class&nbsp;A common stock and one-half of one warrant</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">FLME.U</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">The New York Stock Exchange</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Class&nbsp;A common stock, par value $0.0001 per share</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">FLME</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">The New York Stock Exchange</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Warrants, each whole warrant exercisable for one share of Class&nbsp;A common stock at an exercise price of $11.50 per share</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">FLME.WS</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">The New York Stock Exchange</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of
1933 (&#167;230.405 of this chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company&nbsp;&nbsp;&#9746; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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&nbsp;13(a) of the Exchange
Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">IMPORTANT NOTICES </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additional Information and Where to Find It </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication
relates to the proposed Business Combination (as defined in the Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the SEC on November 2, 2022) by and among Flame Acquisition Corp., a Delaware corporation
(&#147;Flame&#148;), Sable Offshore Holdings LLC, a Delaware limited liability company (&#147;Holdco&#148;) and Sable Offshore Corp., a Texas corporation and a wholly owned subsidiary of Holdco (&#147;Sable&#148;). In connection with the proposed
Business Combination, Flame filed with the SEC a preliminary proxy statement on Schedule 14A on November 10, 2022 (as may be amended from time to time, the &#147;Proxy Statement&#148;). Flame may also file other documents regarding the proposed
Business Combination with the SEC. The Proxy Statement which will be sent or given to the Flame stockholders will contain important information about the proposed Business Combination and related matters. INVESTORS ARE URGED TO READ THE PROXY
STATEMENT (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO), WHICH IS CURRENTLY AVAILABLE, AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN, AND WILL CONTAIN, IMPORTANT INFORMATION WITH RESPECT
TO THE PROPOSED BUSINESS COMBINATION AND THE OTHER TRANSACTIONS CONTEMPLATED BY THE BUSINESS COMBINATION AGREEMENT (AS DEFINED IN THE PROXY STATEMENT). You may obtain a free copy of the Proxy Statement and other relevant documents filed by Flame
with the SEC at the SEC&#146;s website at www.sec.gov. You may also obtain Flame&#146;s documents on its website at <U>www.Flameacq.com</U>. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Participants
in the Solicitation </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Flame and its directors and officers may be deemed participants in the solicitation of proxies of Flame&#146;s stockholders in
connection with the Business Combination. Flame&#146;s stockholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of Flame in Flame&#146;s Registration Statement on Form <FONT
STYLE="white-space:nowrap">S-1,</FONT> which was initially filed with the SEC on February 5, 2021 and amended on February 18, 2021 and February 22, 2021, in Flame&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the
fiscal year ended December 31, 2022, which was filed with the SEC on March 31, 2023, and in the Proxy Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Information regarding the persons who
may, under SEC rules, be deemed participants in the solicitation of proxies of Flame&#146;s stockholders in connection with the Business Combination and other matters to be voted upon at the special meeting will be set forth in the definitive proxy
statement for the Business Combination. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Forward-Looking Statements </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication contains a number of &#147;forward-looking statements&#148; within the meaning of Section&nbsp;27A of the Securities Act of 1933, as amended
(the &#147;Securities Act&#148;), and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;). Forward-looking statements include information concerning the SYU Assets (as defined in the Proxy Statement),
Sable&#146;s, Holdco&#146;s or Flame&#146;s possible or assumed future results of operations, business strategies, debt levels, competitive position, industry environment, potential growth opportunities and effects of regulation, including
Sable&#146;s ability to close the transaction to acquire the SYU Assets and Flame&#146;s ability to close the transaction with Sable. When used in this communication, including any oral statements made in connection therewith, the words
&#147;could,&#148; &#147;should,&#148; &#147;will,&#148; &#147; may,&#148; &#147; believe,&#148; &#147; anticipate,&#148; &#147; intend,&#148; &#147; estimate,&#148; &#147; expect,&#148; &#147;project,&#148; &#147;continue,&#148; &#147;plan,&#148;
forecast,&#148; &#147;predict,&#148; &#147;potential,&#148; &#147;future,&#148; &#147;outlook,&#148; and &#147;target,&#148; the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not
all forward-looking statements will contain such identifying words. These forward-looking statements are based on Sable&#146;s, Holdco&#146;s and Flame&#146;s management&#146;s current expectations and assumptions about future events and are based
on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Sable, Holdco and Flame disclaim any duty to update any forward-looking statements, all of which are expressly
qualified by the statements in this section, to reflect events or circumstances after the date of this communication. Sable, Holdco and Flame caution you that these forward-looking statements are subject to all of the risks and uncertainties, most
of which are difficult to predict and many of which are beyond the control of Sable, Holdco and Flame, incidental to the development, production, gathering, transportation and sale of oil, natural gas and natural gas liquids. These risks include,
but are not limited to, (a)&nbsp;the occurrence of any event, change or other circumstance that could give rise to the termination of negotiations and any subsequent definitive agreements with respect to the Business Combination; (b)&nbsp;the
outcome of any legal proceedings that may be instituted against Sable, Holdco, Flame or others following the announcement of the Business Combination and any definitive agreements with respect thereto; (c)&nbsp;the inability to complete the Business
Combination due to the failure to obtain approval of the stockholders of Flame, to obtain financing to complete the Business Combination or to satisfy other conditions to closing the Business Combination; (d)&nbsp;the ability to meet the applicable
stock exchange listing standards following the consummation of the Business Combination; (e)&nbsp;the ability to recommence production of the SYU Assets and the cost and time required therefor, and production levels once recommenced;
(f)&nbsp;commodity price volatility, low prices for oil, natural gas and/or natural gas liquids, global economic conditions, inflation, increased operating costs, lack of availability of drilling and production equipment, supplies, services and
qualified personnel, processing volumes and pipeline throughput; (g)&nbsp;uncertainties related to new technologies, geographical concentration of operations, environmental risks, weather risks, security risks, drilling and other operating risks,
regulatory changes and regulatory risks; (h)&nbsp;the uncertainty inherent in estimating oil and natural gas reserves and in projecting future rates of production; (i)&nbsp;reductions in cash flow and lack of access to capital; (j)&nbsp;Flame&#146;s
ability to satisfy future cash obligations; (k)&nbsp;restrictions in existing or future debt agreements or structured or other financing arrangements; (l)&nbsp;the timing of development expenditures, managing growth and integration of acquisitions,
and failure to realize expected value creation from acquisitions; and (m)&nbsp;the ability to recognize the anticipated benefits of the Business Combination. While <FONT STYLE="white-space:nowrap">forward-looking</FONT> statements are based on
assumptions and analyses that management of Flame, Holdco and Sable believe to be reasonable under the circumstances, whether actual results and developments will meet such expectations and predictions depends on a number of risks and uncertainties
that could cause actual results, performance, and financial condition to differ materially from such expectations. Any forward-looking statement made in this communication speaks only as of the date on which it is made. Factors or events that could
cause actual results to differ may emerge from time to time, and it is not possible to predict all of them. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by
any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. You should carefully consider the foregoing factors and the other risks and uncertainties described in the &#147;Risk Factors&#148; section of
the Annual Report on Form <FONT STYLE="white-space:nowrap">10-K,</FONT> Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q,</FONT> Proxy Statement and other documents filed by Flame from time to time with the SEC. These filings identify
and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers
are cautioned not to put undue reliance on forward-looking statements, and Flame, Holdco and Sable assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or
otherwise, except as required by securities and other applicable laws. Neither Flame, Holdco nor Sable gives any assurance that any of Flame, Holdco, Sable or the combined company will achieve its expectations. </P>
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<TD WIDTH="11%" VALIGN="top" ALIGN="left">Item&nbsp;1.01</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Entry into a Material Definitive Agreement. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As previously disclosed, in connection with the transactions contemplated by that certain Agreement and Plan of Merger, dated as of November 2, 2022 (the
&#147;Merger Agreement&#148;), among Flame Acquisition Corp. (&#147;Flame&#148;), Sable Offshore Holdings LLC (&#147;Holdco&#148;), and Sable Offshore Corp. (&#147;SOC&#148; and, together with Holdco, &#147;Sable&#148;), Holdco entered into
subscription agreements (the &#147;Initial Sable PIPE Subscription Agreements&#148;) with certain investors (such investors, the &#147;Initial Sable PIPE Investors&#148;), pursuant to which the Initial Sable PIPE Investors agreed to purchase, in the
aggregate, 7,450,000 limited liability company membership interests in Holdco designated as Class&nbsp;B shares (&#147;Holdco Class&nbsp;B shares&#148;) at a price of $10.00 per share, for an aggregate commitment amount of approximately $74,500,000
(the &#147;Initial Sable PIPE Investment&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On December&nbsp;12, 2023, Holdco entered into subscription agreements (the &#147;Additional Sable PIPE
Subscription Agreements&#148; and, together with the Initial Sable PIPE Subscription Agreements, the &#147;Sable PIPE Subscription Agreements&#148;) with certain investors (such investors, the &#147;Additional Sable PIPE Investors&#148; and,
together with the Initial Sable PIPE Investors, the &#147;Sable PIPE Investors&#148;), pursuant to which the Additional Sable PIPE Investors agreed to purchase, in the aggregate, 18,045,000 Holdco Class&nbsp;B shares at a price of $10.00 per share,
for an aggregate commitment amount of approximately $180,450,000 (the &#147;Additional Sable PIPE Investment&#148; and, together with the Initial Sable PIPE Investment, the &#147;Sable PIPE Investment&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Sable PIPE Subscription Agreements provide, among other things, that, in the event the mergers contemplated by the Merger Agreement are consummated, the
Sable PIPE Investors will be deemed to have subscribed for and will purchase Flame Class&nbsp;A common stock at the same price per share and, by operation of law pursuant to the mergers contemplated by the Merger Agreement, Flame will have succeeded
to Holdco&#146;s obligations under the Sable PIPE Subscription Agreements. The Sable PIPE Subscription Agreement with Metamorphic Pecan, LLC (&#147;Metamorphic&#148;) provides that, for so long as Metamorphic continues to own not less than 10% of
the total issued and outstanding Flame Class&nbsp;A shares, Metamorphic will be entitled to designate one Class&nbsp;II director nominee to Flame&#146;s board of directors, and, following the consummation of the mergers, Flame will take all
necessary action to include such director nominee in the slate of nominees recommended by Flame&#146;s board of directors (or authorized committee thereof) to Flame&#146;s stockholders for election as a director at each annual meeting of
Flame&#146;s stockholders during which Class&nbsp;II directors are being nominated. None of the other Sable PIPE Subscription Agreements contain a similar provision entitling any Sable PIPE Investors to designate any director nominee to Flame&#146;s
board of directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Holdco intends to pursue additional commitments to purchase Holdco Class&nbsp;B shares under substantially similar subscription
agreements prior to the Closing, provided that such additional commitments, together with the Sable PIPE Investment, will not exceed $525,000,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A copy
of the form Additional Sable PIPE Subscription Agreement is filed with this Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> as Exhibit 10.1 and is incorporated herein by reference. The foregoing description of the Additional Sable
PIPE Subscription Agreements, including the Sable PIPE Subscription Agreement with Metamorphic, does not purport to be complete and is qualified in its entirety by reference to the full text of the form Additional Sable PIPE Subscription Agreement
filed with this report. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%" VALIGN="top" ALIGN="left">Item&nbsp;3.02.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Unregistered Sales of Equity Securities. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The disclosure set forth above in Item 1.01 of this Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> with respect to the Additional Sable
PIPE Subscription Agreements is incorporated by reference herein. The shares of Flame Class&nbsp;A common stock to be issued pursuant to the Additional Sable PIPE Subscription Agreements will not be registered under the Securities Act in reliance
upon the exemption provided in Section&nbsp;4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%" VALIGN="top" ALIGN="left">Item&nbsp;9.01.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Financial Statements and Exhibits. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;Exhibits. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center">Exhibit<BR>No.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Description of Exhibits</TD></TR>


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<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d784517dex101.htm">Form of Additional Sable PIPE Subscription Agreement. </A></TD></TR>
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<TD VALIGN="top" NOWRAP>104</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Cover Page Interactive Data File (embedded within Inline XBRL document)</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Flame Acquisition Corp.</TD></TR>
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<TD VALIGN="bottom">Date: December&nbsp;18, 2023</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Gregory D. Patrinely</P></TD></TR>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Gregory D. Patrinely</TD></TR>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Executive Vice President and Chief Financial Officer</TD></TR>
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d784517dex101.htm
<DESCRIPTION>EX-10.1
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Execution Version </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUBSCRIPTION AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">This SUBSCRIPTION AGREEMENT (this &#147;<U>Subscription Agreement</U>&#148;) is entered into this [&#149;] day of [&#149;], 2023, by and
between Sable Offshore Holdings LLC, a Delaware limited liability company (&#147;<U>Sable</U>&#148;), and the subscriber party set forth on the signature page hereto (&#147;<U>Subscriber</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, on November&nbsp;1, 2022, Sable Offshore Corp., a Texas corporation and wholly owned subsidiary of Sable (&#147;<U>SOC</U>&#148;),
entered into a purchase and sale agreement (the &#147;<U>Purchase Agreement</U>&#148;) with Exxon Mobil Corporation, a New Jersey corporation (&#147;<U>Exxon</U>&#148;), and Mobil Pacific Pipeline Company, a Delaware corporation
(&#147;<U>MPPC</U>&#148;, together with Exxon, the &#147;<U>Seller</U>&#148;), pursuant to which SOC will acquire certain assets (including equity interests) from the Seller (the &#147;<U>Acquisition</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, on November&nbsp;2, 2022, Sable and SOC entered into an agreement and plan of merger (the &#147;<U>Merger Agreement</U>&#148;) with
Flame Acquisition Corp., a Delaware corporation (&#147;<U>Flame</U>&#148;), pursuant to which (i)&nbsp;Sable will merge with and into Flame, with Flame as the surviving company in the merger (the &#147;<U>Sable Merger</U>&#148;), and
(ii)&nbsp;immediately following the effective time of the Sable Merger, SOC will merge with and into Flame, with Flame as the surviving company in the merger (the &#147;<U>SOC Merger</U>&#148; and together with the Sable Merger, the
&#147;<U>Merger</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, upon the consummation of, and by virtue of, the Merger, Flame will succeed by operation of law to
all of the rights, privileges, liabilities and obligations of Sable and SOC under the Purchase Agreement and the agreements ancillary thereto; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, in connection with the Acquisition and the Merger, Subscriber desires to subscribe for and, upon the occurrence of and concurrently
with the closing of the Acquisition, to purchase from Sable that number of Sable&#146;s <FONT STYLE="white-space:nowrap">non-voting</FONT> Class&nbsp;B shares (the &#147;<U>Class</U><U></U><U>&nbsp;B Shares</U>&#148;), set forth on the signature
page hereto (the &#147;<U>Acquired Shares</U>&#148;) for a purchase price of $10.00 per share and an aggregate purchase price set forth on the signature page hereto (the &#147;<U>Purchase Price</U>&#148;), and Sable desires to issue and sell to the
Subscriber the Acquired Shares in consideration of the payment of the Purchase Price by or on behalf of Subscriber to Sable, all on the terms and conditions set forth herein, substantially concurrently with the closing of the Acquisition and the
Merger; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, in connection with the Acquisition and the Merger, Sable has entered into separate subscription agreements (the
&#147;<U>Existing Subscription Agreements</U>&#148;) with certain other &#147;qualified institutional buyers&#148; (as defined in Rule 144A under the Securities Act of 1933, as amended (the &#147;<U>Securities Act</U>&#148;)) and &#147;accredited
investors&#148; (as such term is defined in Rule 501 under the Securities Act) (such persons, collectively, the &#147;<U>Existing PIPE Investors</U>&#148;), on substantially the same terms as those set forth in this Subscription Agreement, pursuant
to which such investors have subscribed for and agreed to purchase Class&nbsp;B Shares on the Closing Date (as defined herein); provided that in the event the Merger is consummated, the Existing PIPE Investors will be deemed to have subscribed for
and will purchase shares of Class&nbsp;A common stock, par value $0.0001 per share, of Flame (the &#147;<U>Flame Class</U><U></U><U>&nbsp;A Common Stock</U>&#148;) at the same price per share and, by operation of law pursuant to the Merger, Flame
will succeed to Sable&#146;s obligations under the Existing Subscription Agreements; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, in connection with the Acquisition and the Merger, Sable may enter into separate
subscription agreements (the &#147;<U>Other Subscription Agreements</U>&#148;) with certain other &#147;qualified institutional buyers&#148; and &#147;accredited investors&#148; (such persons, collectively, the &#147;<U>Other PIPE
Investors</U>&#148;) on substantially the same terms as those set forth in this Subscription Agreement, pursuant to which such investors will subscribe for and agree to purchase the Class&nbsp;B Shares on the Closing Date; provided that in the event
the Merger is consummated, the Other PIPE Investors will be deemed to have subscribed for and will purchase shares of Flame Class&nbsp;A Common Stock at the same price per share and, by operation of law pursuant to the Merger, Flame will succeed to
Sable&#146;s obligations under the Other Subscription Agreements; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, the aggregate number of Class&nbsp;B Shares to be sold by
Sable pursuant to this Subscription Agreement, the Existing Subscription Agreements and the Other Subscription Agreements will not exceed 52.5&nbsp;million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions,
herein contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Subscription</U>. Subject to
the terms and conditions hereof, Subscriber hereby agrees to subscribe for and purchase, and Sable hereby agrees to issue and sell to Subscriber, the Acquired Shares at the Subscription Closing (as defined below) in consideration for the payment of
the Purchase Price to Sable or its designee (such subscription and issuance, the &#147;<U>Subscription</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Closing</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The closing of the Subscription contemplated hereby (the &#147;<U>Subscription</U> <U>Closing</U>&#148;) is contingent upon the
substantially concurrent consummation of the Acquisition and shall occur substantially concurrently therewith. Not less than three (3)&nbsp;business days prior to the scheduled closing date of the Acquisition (the &#147;<U>Closing Date</U>&#148;),
Sable shall provide written notice to Subscriber (the &#147;<U>Closing Notice</U>&#148;) of (i)&nbsp;such Closing Date and (ii)&nbsp;the wire instructions for delivery of the Purchase Price. On the Closing Date, Sable shall deliver, or cause to be
delivered, to Subscriber (A)&nbsp;the Acquired Shares in book entry form, free and clear of any liens or other restrictions whatsoever (other than those arising under state or federal securities laws), in the name of Subscriber (or its nominee in
accordance with its delivery instructions) or to a custodian designated by Subscriber, as applicable, and (B)&nbsp;a copy of the records of Sable showing Subscriber as the owner of the Acquired Shares on and as of the Closing Date. No less than two
(2)&nbsp;business days prior to the Closing Date, Subscriber shall deliver to Sable (1)&nbsp;the Purchase Price for the Acquired Shares by wire transfer of U.S. dollars in immediately available funds to the account specified by Sable in the Closing
Notice, such funds to be held in escrow until the Subscription Closing[, (2) if Sable notifies Subscriber in the Closing Notice that Sable does not intend to consummate the Merger, a duly executed counterpart of the limited liability company
agreement of Sable enclosed herewith (the &#147;<U>Limited Liability Company Agreement</U>&#148;)]<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> and (3)&nbsp;such information as is reasonably requested in the Closing Notice in order for
Sable to cause the Acquired Shares to be issued and delivered to Subscriber. In the event the closing of the Acquisition does not occur within one (1)&nbsp;business day of the Closing Date, unless otherwise </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Bracketed language is not included in certain Sable PIPE Subscription Agreements
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
agreed to in writing by Sable and the Investor, Sable shall promptly (but not later than one (1)&nbsp;business day thereafter) return the Purchase Price to Subscriber by wire transfer of U.S.
dollars in immediately available funds to the account specified by Subscriber, and any book entries shall be deemed cancelled; <I>provided</I>, that unless this Subscription Agreement has been terminated pursuant to
<U>Section</U><U></U><U>&nbsp;6</U> hereof, such return of the Purchase Price shall not terminate the Subscription Agreement or relieve the Subscriber of its obligation to purchase the Acquired Shares at the Subscription Closing following
Sable&#146;s delivery to Subscriber of a new Closing Notice. Prior to the Closing Date, Subscriber shall deliver to Sable a duly completed and executed Internal Revenue Service Form <FONT STYLE="white-space:nowrap">W-9</FONT> or appropriate Internal
Revenue Service Form <FONT STYLE="white-space:nowrap">W-8.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) In addition to the conditions set forth in
<U>Section</U><U></U><U>&nbsp;2(a)</U>, the Subscription Closing shall be subject to the satisfaction (or waiver (to the extent legally permissible) in writing by the party having the benefit of the applicable condition) of the conditions that, on
the Closing Date: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) solely with respect to Sable, the representations and warranties made by Subscriber in this Subscription Agreement
shall be true and correct in all material respects as of the Subscription Closing (other than those representations and warranties expressly made as of an earlier date, which shall be true and correct in all material respects as of such date) (other
than representations and warranties that are qualified as to materiality, which representations and warranties shall be true in all respects), in each case without giving effect to the consummation of the Acquisition or the Merger; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) solely with respect to Subscriber, the representations and warranties made by Sable in this Subscription Agreement (other than the
representations and warranties set forth in <U>Section</U><U></U><U>&nbsp;3(b)</U>, <U>Section</U><U></U><U>&nbsp;3(d)</U> and <U>Section</U><U></U><U>&nbsp;3(h)</U>) shall be true and correct in all material respects as of the Subscription Closing
(other than those representations and warranties expressly made as of an earlier date, which shall be true and correct in all material respects as of such date) (other than representations and warranties that are qualified as to materiality, which
representations and warranties shall be true in all respects), and the representations and warranties made by Sable set forth in <U>Section</U><U></U><U>&nbsp;3(b)</U>, <U>Section</U><U></U><U>&nbsp;3(d)</U> and
<U>Section</U><U></U><U>&nbsp;3(h)</U> shall be true and correct in all respects as of the Subscription Closing (other than those representations and warranties expressly made as of an earlier date, which shall be true and correct in all respects as
of such date) in each case without giving effect to the consummation of the Acquisition or the Merger; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) solely with respect to
Subscriber, Sable shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this Subscription Agreement to be performed, satisfied or complied with by it at or prior to the
Subscription Closing; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) solely with respect to Sable, Subscriber shall have performed, satisfied and complied in all material
respects with all covenants, agreements and conditions required by this Subscription Agreement to be performed, satisfied or complied with by it at or prior to the Subscription Closing; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(v) [solely with respect to Subscriber, the California State Lands Commission shall have
approved for execution (1)&nbsp;Lease 7163 by and between the State of California, as Lessor, and ExxonMobil Corporation or Pacific Offshore Pipeline Company, as Lessee, and (2)&nbsp;Lease 4977 by and between the State of California, as Lessor, and
Pacific Offshore Pipeline Company, as Lessee;]<SUP STYLE="font-size:75%; vertical-align:top">2</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vi) there shall not be any law or
order of any governmental authority having jurisdiction restraining, enjoining or otherwise prohibiting or making illegal the consummation of the transactions contemplated by this Subscription Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vii) no suspension of the qualification of the Acquired Shares for offering or sale or trading in any jurisdiction, or initiation or
threatening of any proceedings for any of such purposes, shall have occurred; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(viii) all conditions precedent to the closing of the
Acquisition shall have been satisfied or waived (other than those conditions that may only be satisfied at the closing of the Acquisition, but subject to satisfaction of such conditions as of the closing of the Acquisition). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) At the Subscription Closing, the parties hereto shall execute and deliver such additional documents and take such additional actions as
the parties reasonably may deem to be practical and necessary in order to consummate the transactions contemplated by this Subscription Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Representations and Warranties of Sable</U>. Sable represents and warrants to Subscriber that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Sable has been duly formed and is validly existing as a limited liability company in good standing under the laws of the State of Delaware,
with entity power and authority to own, lease and operate its properties and conduct its business as presently conducted and to enter into, deliver and perform its obligations under this Subscription Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) As of the Subscription Closing, the Acquired Shares shall have been duly authorized and, when issued and delivered to Subscriber against
full payment for the Acquired Shares in accordance with the terms of this Subscription Agreement, the Acquired Shares will be validly issued, fully paid and, except as required to the contrary by the Delaware Limited Liability Company Act, <FONT
STYLE="white-space:nowrap">non-assessable</FONT> and will not have been issued in violation of or subject to any preemptive or similar rights created under Sable&#146;s certificate of formation and limited liability company agreement or under the
laws of the State of Delaware. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) There are no securities or instruments issued by or to which Sable is a party containing anti-dilution
or similar provisions that will be triggered by the issuance of (i)&nbsp;the Acquired Shares or (ii)&nbsp;the Class&nbsp;B Shares to be issued pursuant to the Existing Subscription Agreements or the Other Subscription Agreements. </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Bracketed clause is included in one Sable PIPE Subscription Agreement.
</P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) This Subscription Agreement has been duly authorized, executed and delivered by Sable
and is enforceable against it in accordance with its terms, except as may be limited or otherwise affected by (i)&nbsp;bankruptcy, insolvency, fraudulent conveyance, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, and (ii)&nbsp;principles of equity, whether considered at
law or equity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) The execution, delivery and performance of this Subscription Agreement, and the consummation of the transactions
contemplated hereby, will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the properties
or assets of Sable pursuant to the terms of (i)&nbsp;any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which Sable is a party or by which Sable is bound or to which any of its property or
assets is subject; (ii)&nbsp;the organizational documents of Sable; or (iii)&nbsp;any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over Sable or any of its
properties that, in the case of clauses (i)&nbsp;and (iii), would reasonably be expected to have a material adverse effect on the business, properties, assets, liabilities, operations, condition (including financial condition) or results of
operations of Sable or materially and adversely affect the validity of the Acquired Shares or the legal authority or ability of Sable to perform in any material respects its obligations hereunder (a &#147;<U>Sable Material Adverse Effect</U>&#148;).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) Sable is not in default or violation (and no event has occurred which, with notice or the lapse of time or both, would constitute a
default or violation) of any term, condition or provision of (i)&nbsp;the organizational documents of Sable, (ii)&nbsp;any loan or credit agreement, note, bond, mortgage, indenture, lease or other agreement, permit, franchise or license to which, as
of the date of this Subscription Agreement, Sable is a party or by which Sable&#146;s properties or assets are bound or (iii)&nbsp;any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or
foreign, having jurisdiction over Sable or any of its properties, except, in the case of clauses (ii)&nbsp;and (iii), for defaults or violations that have not had and would not be reasonably likely to have, individually or in the aggregate, a Sable
Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) Assuming the accuracy of Subscriber&#146;s representations and warranties set forth in
<U>Section</U><U></U><U>&nbsp;4</U>, Sable is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental
authority, self-regulatory organization or other person in connection with the execution, delivery and performance by Sable of this Subscription Agreement (including, without limitation, the issuance of the Acquired Shares), other than
(i)&nbsp;filings required by applicable state securities laws, (ii)&nbsp;the filing of a Notice of Exempt Offering of Securities on Form D with the Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) under Regulation D under the
Securities Act, and (iii)&nbsp;the failure of which to obtain would not be reasonably likely to have, individually or in the aggregate, a Sable Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) Sable has two classes of membership interests: voting Class&nbsp;A shares (&#147;<U>Class</U><U></U><U>&nbsp;A Shares</U>&#148;) and <FONT
STYLE="white-space:nowrap">non-voting</FONT> Class&nbsp;B Shares.&nbsp;As of the date hereof: (i) 3.0&nbsp;million Class&nbsp;A Shares and no Class&nbsp;B Shares were issued and outstanding; and (ii)&nbsp;no membership interests were subject to
issuance upon exercise of outstanding options or warrants. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) Sable has not received any written communication from a governmental entity that alleges
that Sable is not in compliance with or is in default or violation of any applicable law, except where such <FONT STYLE="white-space:nowrap">non-compliance,</FONT> default or violation would not, individually or in the aggregate, be reasonably
likely to have a Sable Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) Assuming the accuracy of Subscriber&#146;s representations and warranties set forth
in <U>Section</U><U></U><U>&nbsp;4</U>, no registration under the Securities Act is required for the offer and sale of the Acquired Shares by Sable to Subscriber. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) Neither Sable nor any person acting on its behalf has engaged or will engage in any form of general solicitation or general advertising
(within the meaning of Regulation D of the Securities Act) in connection with any offer or sale of the Acquired Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) Except for
such matters as have not had and would not be reasonably likely to have, individually or in the aggregate, a Sable Material Adverse Effect, there is no proceeding pending, or, to Sable&#146;s knowledge, threatened against Sable or any judgment,
decree, injunction, ruling or order of any governmental entity or arbitrator outstanding against Sable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) Except for placement fees
payable to each Financial Advisor (as defined herein), Sable has not paid, and is not obligated to pay, any brokerage, finder&#146;s or other fee or commission in connection with its issuance and sale of the Acquired Shares, including, for the
avoidance of doubt, any fee or commission payable to any equityholder or affiliate of Sable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n) Except as provided in this Subscription
Agreement, the Existing Subscription Agreements and the Other Subscription Agreements, none of Sable, its subsidiaries or any of their affiliates, nor any person acting on their behalf has, directly or indirectly, made any offers or sales of any
security or solicited any offers to buy any security, under circumstances that would require registration of the issuance of any of the Acquired Shares under the Securities Act, whether through integration with prior offerings or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o) As of the Subscription Closing, Sable has taken all necessary action, if any, in order to render inapplicable any control share
acquisition, interested shareholder, business combination, poison pill (including, without limitation, any distribution under a rights agreement) or other similar anti-takeover provision under its organizational documents or the laws of the
jurisdiction of its formation which is or could become applicable to Subscriber as a result of Sable&#146;s issuance of the Acquired Shares and Subscriber&#146;s ownership of the Acquired Shares. Sable has not adopted a shareholder rights plan or
similar arrangement relating to accumulations of beneficial ownership of Sable&#146;s equity or a change in control of Sable or any of its subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p) Neither Sable nor any of its subsidiaries has taken any steps to seek protection pursuant to any law or statute relating to bankruptcy,
insolvency, reorganization, receivership, liquidation or winding up, nor does Sable or any subsidiary have any knowledge or reason to believe that any of their respective creditors intend to initiate involuntary bankruptcy proceedings or any actual
knowledge of any fact which would reasonably lead a creditor to do so. Sable and its subsidiaries, individually and on a consolidated basis, are not as of the date hereof, and after giving effect to the transactions contemplated hereby to occur at
the Subscription Closing, will not be Insolvent (as defined below). For purposes hereof, &#147;<U>Insolvent</U>&#148; means, with respect to any person, (i)&nbsp;the present fair saleable value of such person&#146;s assets is less than the amount
required to pay such person&#146;s total indebtedness, (ii)&nbsp;such person is unable to pay its debts and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured, (iii)&nbsp;such person intends to incur or believes that it will incur debts that
would be beyond its ability to pay as such debts mature or (iv)&nbsp;such person has unreasonably small capital with which to conduct the business in which it is engaged as such business is now conducted and is proposed to be conducted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Subscriber Representations and Warranties</U>. Subscriber represents and warrants that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Subscriber has been duly formed or incorporated and is validly existing and in good standing under the laws of its jurisdiction of
incorporation or formation, which is a State, territory or possession of the United States or the District of Columbia (or in the case of an individual, is a citizen of the United States), with power and authority (or in the case of an individual,
the legal capacity) to enter into, deliver and perform its obligations under this Subscription Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) This Subscription Agreement
has been duly authorized, executed and delivered by Subscriber and is enforceable against it in accordance with its terms, except as may be limited or otherwise affected by (i)&nbsp;bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or other laws relating to or affecting the rights of creditors generally, and (ii)&nbsp;principles of equity, whether considered at law or equity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The execution, delivery and performance by Subscriber of this Subscription Agreement, including the consummation of the transactions
contemplated hereby, will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property
or assets of Subscriber or any of its subsidiaries pursuant to the terms of (i)&nbsp;any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which Subscriber or any of its subsidiaries is a party or
by which Subscriber or any of its subsidiaries is bound or to which any of the property or assets of Subscriber or any of its subsidiaries is subject; (ii)&nbsp;the organizational documents of Subscriber; or (iii)&nbsp;any statute or any judgment,
order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over Subscriber or any of its subsidiaries or any of their respective properties that, in the case of clauses (i)&nbsp;and (iii), would
reasonably be expected to have a material adverse effect on the legal authority or ability of the Subscriber to perform in any material respects its obligations hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Subscriber (i)&nbsp;is a &#147;qualified institutional buyer&#148; (as defined in Rule 144A under the Securities Act) or an
&#147;accredited investor&#148; (within the meaning of Rule 501(a) under the Securities Act) satisfying the applicable requirements set forth on <U>Schedule A</U>, (ii)&nbsp;is acquiring the Acquired Shares only for its own account and not for the
account of others, or if Subscriber is subscribing for the Acquired Shares as a fiduciary or agent for one or more investor accounts, each owner of such account is a &#147;qualified institutional buyer&#148; (as defined in Rule 144A under the
Securities Act) or an &#147;accredited investor&#148; (within the meaning of Rule 501(a) under the Securities Act) and Subscriber has full investment discretion with respect to each such account, and the full power and authority to make the
acknowledgements, representations and agreements herein on behalf of each owner of each such account, and (iii)&nbsp;is not acquiring the Acquired Shares with a view to, or for offer or sale in connection with, any distribution thereof in violation
of the Securities </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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Act (and shall provide the requested information on <U>Schedule A</U> following the signature page hereto in addition to certain other customary information reasonably requested by Sable).
Subscriber is not an entity formed for the specific purpose of acquiring the Acquired Shares, unless such newly formed entity is an entity in which all of the equity owners are &#147;accredited investors&#148; (within the meaning of Rule 501(a)
under the Securities Act). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Subscriber understands that the Acquired Shares are being offered in a transaction not involving any
public offering within the meaning of the Securities Act and that the Acquired Shares have not been registered under the Securities Act. Subscriber understands that the Acquired Shares may not be resold, transferred, pledged or otherwise disposed of
by Subscriber absent an effective registration statement under the Securities Act, except (i)&nbsp;to Sable or a subsidiary thereof, (ii)&nbsp;to <FONT STYLE="white-space:nowrap">non-U.S.</FONT> persons pursuant to offers and sales that occur
outside the United States within the meaning of Regulation S under the Securities Act or (iii)&nbsp;pursuant to another applicable exemption from the registration requirements of the Securities Act, and, in each of cases (i)&nbsp;and (iii), in
accordance with any applicable securities laws of the states and other jurisdictions of the United States, and that any certificates or book entries representing the Acquired Shares shall contain a legend to such effect. Subscriber acknowledges that
the Acquired Shares will not be eligible for resale pursuant to Rule 144A promulgated under the Securities Act. Subscriber understands and agrees that the Acquired Shares will be subject to transfer restrictions set forth in the Limited Liability
Company Agreement of Sable and, as a result of these transfer restrictions, Subscriber may not be able to readily resell the Acquired Shares and may be required to bear the financial risk of an investment in the Acquired Shares for an indefinite
period of time, and that any certificates or book entries representing the Acquired Shares shall contain a legend to such effect. Subscriber understands and agrees that there is no public market for the Class&nbsp;B Shares, that Sable does not
currently intend to apply for listing of the Class&nbsp;B Shares on any securities exchange and that Sable is not obligated to establish a trading market for the Class&nbsp;B Shares. Subscriber understands that it has been advised to consult legal
counsel prior to making any offer, resale, pledge or transfer of any of the Acquired Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) Subscriber understands and agrees that
Subscriber is purchasing the Acquired Shares directly from Sable. Subscriber further acknowledges that there have been no representations, warranties, covenants and agreements made to Subscriber by Sable or any of its officers, managers or
representatives, expressly or by implication, other than those representations, warranties, covenants and agreements included in this Subscription Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) Subscriber understands and acknowledges that Sable has entered into the Merger Agreement, and that in the event the Merger is consummated,
upon the closing of the Merger, the Acquired Shares purchased by Subscriber hereto shall be an equivalent number of shares of Flame Class&nbsp;A Common Stock[; provided, however, that Subscriber acknowledges and agrees that Subscriber&#146;s
obligations hereunder are in no way contingent upon Sable consummating the Merger. If Sable consummates the Merger, then]<SUP STYLE="font-size:75%; vertical-align:top">3</SUP> Subscriber covenants and agrees that it will consent to and raise no
objections to the consummation of the Merger. </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">3</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Bracketed language is not included in certain Sable PIPE Subscription Agreements.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) Subscriber represents and warrants that its acquisition and holding of the Acquired
Shares will not constitute or result in a <FONT STYLE="white-space:nowrap">non-exempt</FONT> prohibited transaction under Section 406 of the Employee Retirement Income Security Act of 1974, as amended, Section&nbsp;4975 of the Internal Revenue Code
of 1986, as amended (the &#147;<U>Code</U>&#148;), or any applicable similar law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) In making its decision to purchase the Acquired
Shares, Subscriber represents that it has relied solely upon independent investigation made by Subscriber. Subscriber acknowledges and agrees that Subscriber has received such information as Subscriber deems necessary in order to make an investment
decision with respect to the Acquired Shares, including with respect to Flame, Sable, the Acquisition and the Merger. Without limiting the generality of the foregoing, Subscriber acknowledges that, as the Subscriber deems necessary, it has reviewed
(i)&nbsp;a presentation with respect to Sable, Flame, the Acquisition and the Merger provided to Subscriber by Sable, and (ii)&nbsp;summary key risks related to Sable, Flame, the Acquisition and the Merger provided to Subscriber by Sable. Subscriber
represents and agrees that Subscriber and Subscriber&#146;s professional advisor(s), if any, have had the full opportunity to ask such questions, receive such answers and obtain such information as Subscriber and such Subscriber&#146;s professional
advisor(s), if any, have deemed necessary to make an investment decision with respect to the Acquired Shares. Subscriber acknowledges and agrees that it has not relied on any Financial Advisor or any affiliate of a Financial Advisor with respect to
its decision to purchase the Acquired Shares. Subscriber further acknowledges that there have been no, and in purchasing the Acquired Shares Subscriber is not relying on any, representations, warranties, covenants or agreements made to Subscriber by
the Financial Advisors or any of their respective affiliates or any control persons, officers, directors, partners, agents or representatives of any of the foregoing, or any other person or entity, expressly or by implication. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) Subscriber became aware of this offering of the Acquired Shares solely by means of direct contact between Subscriber and Sable or SOC, or
by means of contact from Jefferies LLC, Cowen and Company, LLC, or Intrepid Partners, LLC, acting as financial advisors for Sable (the &#147;<U>Financial Advisors</U>&#148;), and the Acquired Shares were offered to Subscriber solely by direct
contact between Subscriber and Sable or SOC, or by contact between Subscriber and a Financial Advisor. Subscriber did not become aware of this offering of the Acquired Shares, nor were the Acquired Shares offered to Subscriber, by any other means.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) Subscriber acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Acquired
Shares. Subscriber has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Acquired Shares, and Subscriber has sought such accounting, legal and tax advice as
Subscriber has considered necessary to make an informed investment decision. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) Subscriber has adequately analyzed and fully considered
the risks of an investment in the Acquired Shares and determined that the Acquired Shares are a suitable investment for Subscriber, and Subscriber is able at this time and in the foreseeable future to bear the economic risk of a total loss of
Subscriber&#146;s investment in Sable. Subscriber acknowledges specifically that a possibility of total loss exists. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) Subscriber
understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Acquired Shares or made any findings or determination as to the fairness of this investment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n) Subscriber is not (i)&nbsp;a person or entity named on the List of Specially Designated
Nationals and Blocked Persons, the Executive Order 13599 List, the Foreign Sanctions Evaders List, or the Sectoral Sanctions Identification List, each of which is administered by the U.S. Treasury Department&#146;s Office of Foreign Assets Control
(&#147;<U>OFAC</U>&#148;), or any other Executive Order issued by the President of the United States and administered by OFAC (collectively &#147;<U>OFAC Lists</U>&#148;), (ii) owned or controlled by, or acting on behalf of, a person, that is named
on an OFAC List; (iii)&nbsp;organized, incorporated, established, located, resident or born in, or a citizen, national, or the government, including any political subdivision, agency, or instrumentality thereof, of, Cuba, Iran, North Korea, Syria,
the Crimea region of Ukraine, the <FONT STYLE="white-space:nowrap">so-called</FONT> Donetsk People&#146;s Republic, the <FONT STYLE="white-space:nowrap">so-called</FONT> Luhansk People&#146;s Republic, or any other country or territory embargoed or
subject to substantial trade restrictions by the United States, (iv)&nbsp;a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (v)&nbsp;a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> shell bank or
providing banking services indirectly to a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> shell bank (collectively, a &#147;<U>Prohibited Investor</U>&#148;). Subscriber agrees to provide law enforcement agencies, if requested thereby, such
records as required by applicable law, provided that Subscriber is permitted to do so under applicable law. Subscriber represents that if it is a financial institution subject to the Bank Secrecy Act (31 U.S.C. section 5311 et seq.) (the
&#147;<U>BSA</U>&#148;), as amended by the USA PATRIOT Act of 2001 (the &#147;<U>PATRIOT Act</U>&#148;), and its implementing regulations (collectively, the &#147;<U>BSA/PATRIOT Act</U>&#148;), that Subscriber maintains policies and procedures
reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. Subscriber also represents that, to the extent required, it maintains policies and procedures reasonably designed to ensure compliance with OFAC-administered
sanctions programs, including for the screening of its investors against the OFAC Lists. Subscriber further represents and warrants that, to the extent required, it maintains policies and procedures reasonably designed to ensure that the funds held
by Subscriber and used to purchase the Acquired Shares were legally derived. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o) If Subscriber is an employee benefit plan that is
subject to Title I of the Employee Retirement Income Security Act of 1974, as amended (&#147;<U>ERISA</U>&#148;), a plan, an individual retirement account or other arrangement that is subject to section 4975 of the Code or an employee benefit plan
that is a governmental plan (as defined in section 3(32) of ERISA), a church plan (as defined in section 3(33) of ERISA), a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> plan (as described in section 4(b)(4) of ERISA) or other plan that is not
subject to the foregoing but may be subject to provisions under any other federal, state, local, <FONT STYLE="white-space:nowrap">non-U.S.</FONT> or other laws or regulations that are similar to such provisions of ERISA or the Code (collectively,
&#147;<U>Similar Laws</U>&#148;), or an entity whose underlying assets are considered to include &#147;plan assets&#148; of any such plan, account or arrangement (each, a &#147;<U>Plan</U>&#148;) subject to the fiduciary or prohibited transaction
provisions of ERISA or section 4975 of the Code, Subscriber represents and warrants that (i)&nbsp;neither Sable, nor any of its affiliates (the&nbsp;&#147;<U>Transaction Parties</U>&#148;), has acted as the Plan&#146;s fiduciary, or has been relied
on for advice, with respect to its decision to acquire and hold the Acquired Shares, and none of the Transaction Parties shall at any time be relied upon as the Plan&#146;s fiduciary with respect to any decision to acquire, continue to hold or
transfer the Acquired Shares; (ii)&nbsp;the decision to invest in the Acquired Shares has been made at the recommendation or direction of an &#147;independent fiduciary&#148; (&#147;<U>Independent Fiduciary</U>&#148;) within the meaning of US Code
of Federal Regulations 29 C.F.R. section 2510.3 21(c), as amended from time to time (the &#147;<U>Fiduciary Rule</U>&#148;) who is (1)&nbsp;independent of the Transaction Parties; (2)&nbsp;is capable of evaluating investment risks independently,
both in general and with respect to particular transactions and investment strategies (within the meaning of the Fiduciary Rule); (3) is a fiduciary (under ERISA and/or section 4975 of the Code) with respect to Subscriber&#146;s investment in the
</P>
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Acquired Shares and is responsible for exercising independent judgment in evaluating the investment in the Acquired Shares; and (4)&nbsp;is aware of and acknowledges that none of the Transaction
Parties is undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the purchaser&#146;s or transferee&#146;s investment in the Acquired Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p) Subscriber has, and at the Subscription Closing will have, sufficient funds to pay the Purchase Price. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(q) Subscriber acknowledges and agrees that neither the Financial Advisors, nor any of their respective affiliates, has provided Subscriber
with any information or advice with respect to the Acquired Shares nor is such information or advice necessary or desired. Neither the Financial Advisors nor any of their respective affiliates has made or makes any representation as to Sable, SOC,
Flame or the quality or value of the Acquired Shares. Further, the Financial Advisors and any of their respective affiliates may have acquired <FONT STYLE="white-space:nowrap">non-public</FONT> information with respect to Sable, SOC or Flame, which
Subscriber agrees need not be provided to it. On behalf of itself and its affiliates, Subscriber (i)&nbsp;acknowledges that the Financial Advisors shall not have any liability or any obligation to Subscriber or its affiliates in respect of this
Subscription Agreement or the transactions contemplated hereby including, but not limited to, any action heretofore or hereafter taken or omitted to be taken by any of them in connection with Subscriber&#146;s purchase of the Acquired Shares and
(ii)&nbsp;releases each Financial Advisor in respect of any losses, claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses or disbursements related to this Subscription Agreement or the transactions contemplated
hereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(r) Subscriber acknowledges and agrees that it has not received any recommendation with respect to the Subscription from the
Financial Advisors and thus will not be deemed to form a relationship with the Financial Advisors in connection with the Subscription that would require the Financial Advisors to treat Subscriber as a &#147;retail customer&#148; for purposes of
Regulation Best Interest pursuant to Rule 11-1 of the Exchange Act, or a &#147;retail investor&#148; for purposes of Form CRS pursuant to Rule <FONT STYLE="white-space:nowrap">17a-14</FONT> of the Exchange Act. Accordingly, Subscriber acknowledges
and agrees that it is not entitled to the protections or disclosures required by Regulation Best Interest or Form CRS with respect to the Subscription. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(s) Subscriber acknowledges and agrees that the Financial Advisors, and their respective affiliates, are acting solely as placement agents in
connection with the Subscription and are not acting as underwriters or in any other capacity and are not and shall not be construed as a financial advisor, tax advisor or fiduciary for Subscriber, Flame or any other person or entity in connection
with the Subscription; <I>provided however</I>, that the Financial Advisors are acting as financial advisors for Sable in connection with the Transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(t) Subscriber acknowledges that no disclosure or offering document has been prepared by the Financial Advisors or any of their respective
affiliates in connection with the offer and sale of the Acquired Shares. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(u) Subscriber acknowledges that it has not relied on the Financial Advisors in connection
with its determination as to the legality of its acquisition of the Acquired Shares or as to the other matters referred to herein, and the Subscriber has not relied on any investigation that the Financial Advisors, any of their affiliates or any
person acting on their behalf have conducted with respect to the Acquired Shares, Sable, SOC or Flame. Subscriber further acknowledges that it has not relied on any information contained in any research reports prepared by the Financial Advisors or
any of their affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) Subscriber represents and warrants that its acquisition of the Acquired Shares will not, when aggregated
with any stock of Sable, SOC or Flame acquired by Subscriber (or deemed to have been acquired pursuant to the attribution rules of Section&nbsp;318(a) of the Code) during the <FONT STYLE="white-space:nowrap">12-month</FONT> period immediately
preceding the Closing Date, represent 20% or more of the total voting power of the stock of Flame as of the Closing Date after giving effect to the consummation of the Merger. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Registration Rights</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Sable agrees that, if the Merger is consummated, it will cause Flame to use commercially reasonable efforts to, within thirty
(30)&nbsp;calendar days after the closing date of the Merger (the &#147;<U>Filing Date</U>&#148;), file with the Commission (at Flame&#146;s sole cost and expense) a registration statement (the &#147;<U>Registration Statement</U>&#148;) registering
the resale of the shares of Flame Class&nbsp;A Common Stock constituting the Acquired Shares as a result of the consummation of the Merger (the &#147;<U>Flame Class</U><U></U><U>&nbsp;A Shares</U>&#148;), and Flame shall use its commercially
reasonable efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof, but no later than the earlier of (i)&nbsp;the 90th calendar day (or 120th calendar day if the Commission notifies Flame that it
will &#147;review&#148; the Registration Statement) following the closing date of the Merger and (ii)&nbsp;the tenth business day after the date Flame is notified (orally or in writing, whichever is earlier) by the Commission that the Registration
Statement will not be &#147;reviewed&#148; or will not be subject to further review (such earlier date, the &#147;<U>Effectiveness Date</U>&#148;); <I>provided, however</I>, that Flame&#146;s obligations to include Flame Class&nbsp;A Shares in the
Registration Statement are contingent upon Subscriber furnishing in writing to Flame such information regarding Subscriber, the securities of Flame held by Subscriber and the intended method of disposition of Flame Class&nbsp;A Shares as shall be
reasonably requested by Flame to effect the registration of Flame Class&nbsp;A Shares, and Subscriber shall execute such documents in connection with such registration as Flame may reasonably request that are customary of a selling stockholder in
similar situations, including providing that Flame shall be entitled to postpone and suspend the effectiveness or use of the Registration Statement during any customary blackout or similar period or as permitted hereunder; <I>provided</I> that
Subscriber shall not in connection with the foregoing be required to execute any new <FONT STYLE="white-space:nowrap">lock-up</FONT> or similar agreement with Flame on the ability to transfer Flame Class&nbsp;A Shares. Any failure by Flame to file
the Registration Statement by the Filing Date or to effect such Registration Statement by the Effectiveness Date shall not otherwise relieve Flame of its obligations to file or effect the Registration Statement as set forth above in this
<U>Section</U><U></U><U>&nbsp;5</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) In the case of the registration, qualification, exemption or compliance effected by
Flame pursuant to this Subscription Agreement, Flame shall, upon reasonable request, inform Subscriber as to the status of such registration, qualification, exemption and compliance. At its expense Flame shall: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) except for such times as Flame is permitted hereunder to suspend the use of the prospectus forming part of a Registration Statement, use
its commercially reasonable efforts to keep such registration, and any qualification, exemption or compliance under state securities laws which Flame determines to obtain, continuously effective with respect to Subscriber, and to keep the applicable
Registration Statement or any subsequent shelf registration statement free of any material misstatements or omissions, until the earlier of the following: (i)&nbsp;Subscriber ceases to hold any Flame Class&nbsp;A Shares, (ii)&nbsp;the date all Flame
Class&nbsp;A Shares held by Subscriber may be sold without restriction under Rule 144, including without limitation, any volume and manner of sale restrictions which may be applicable to affiliates under Rule 144 and without the requirement for
Flame to be in compliance with the current public information required under Rule 144(c)(1) (or Rule 144(i)(2), if applicable), and (iii)&nbsp;two years from the Effective Date of the Registration Statement. The period of time during which Flame is
required hereunder to keep a Registration Statement effective is referred to herein as the &#147;<U>Registration Period</U>&#148;; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii)
advise Subscriber within five (5)&nbsp;business days: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(1) when a Registration Statement or any amendment thereto has been filed with the
Commission and when such Registration Statement or any post-effective amendment thereto has become effective; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(2) of the issuance by the
Commission of any stop order suspending the effectiveness of any Registration Statement or the initiation of any proceedings for such purpose; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(3) of the receipt by Flame of any notification with respect to the suspension of the qualification of Flame Class&nbsp;A Shares included
therein for sale in any jurisdiction; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(4) subject to the provisions in this Subscription Agreement, of the occurrence of any event
that requires the making of any changes in any Registration Statement or prospectus so that, as of such date, the statements therein are not misleading and do not omit to state a material fact required to be stated therein or necessary to make the
statements therein (in the case of a prospectus, in the light of the circumstances under which they were made) not misleading. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding anything
to the contrary set forth herein, Flame shall not, when so advising Subscriber of such events, provide Subscriber with any material, nonpublic information regarding Flame other than to the extent that providing notice to Subscriber of the occurrence
of the events listed in (1)&nbsp;through (4)&nbsp;above constitutes material, nonpublic information regarding Flame; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) use its
commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement as soon as reasonably practicable; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) upon the occurrence of any event contemplated above, except for such times as Flame is permitted hereunder to suspend, and has
suspended, the use of a prospectus forming part of a Registration Statement, Flame shall use its commercially reasonable efforts to as soon as reasonably practicable prepare a post-effective amendment to such Registration Statement or a supplement
to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers of Flame Class&nbsp;A Shares included therein, such prospectus will not include any untrue statement of a material fact or omit to state
any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(v) use its commercially reasonable efforts to cause all Flame Class&nbsp;A Shares to be
listed on each securities exchange or market, if any, on which Flame Class&nbsp;A Common Stock issued by Flame has been listed; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vi)
use its commercially reasonable efforts to take all other steps necessary to effect the registration of Flame Class&nbsp;A Shares contemplated hereby and to enable Subscriber to sell Flame Class&nbsp;A Shares under Rule 144. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Notwithstanding anything to the contrary in this Subscription Agreement, Flame shall be entitled to delay or postpone the effectiveness of
the Registration Statement, and from time to time to require Subscriber not to sell under the Registration Statement or to suspend the effectiveness thereof, (i)&nbsp;during any customary blackout or similar period, (ii)&nbsp;if any information
(e.g., compensation data) is not readily available and the <FONT STYLE="white-space:nowrap">non-disclosure</FONT> of which in the Registration Statement would be expected, in the reasonable determination of Flame&#146;s board of directors, upon the
advice of legal counsel, to cause the Registration Statement to fail to comply with applicable disclosure requirements, (iii)&nbsp;at any time Flame is required to file a post-effective amendment to the Registration Statement and the Commission has
not declared such amendment effective and (iv)&nbsp;if the negotiation or consummation of a transaction by Flame or its subsidiaries is pending or an event has occurred, which negotiation, consummation or event, Flame&#146;s board of directors
reasonably believes, upon the advice of legal counsel, would require additional disclosure by Flame in the Registration Statement of material information that Flame has a bona fide business purpose for keeping confidential and the <FONT
STYLE="white-space:nowrap">non-disclosure</FONT> of which in the Registration Statement would be expected, in the reasonable determination of Flame&#146;s board of directors, upon the advice of legal counsel, to cause the Registration Statement to
fail to comply with applicable disclosure requirements (each such circumstance, a &#147;<U>Suspension Event</U>&#148;); <I>provided</I>, <I>however</I>, that Flame may not delay or suspend the Registration Statement on more than two occasions or for
more than sixty (60)&nbsp;consecutive calendar days, or more than one hundred and twenty (120)&nbsp;total calendar days, in each case during any twelve-month period. Upon receipt of any written notice from Flame of the happening of any Suspension
Event during the period that the Registration Statement is effective or if as a result of a Suspension Event the Registration Statement or related prospectus contains any untrue statement of a material fact or omits to state any material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made (in the case of the prospectus) not misleading, Subscriber agrees that (i)&nbsp;it will immediately discontinue
offers and sales of Flame Class&nbsp;A Shares under the Registration Statement (excluding, for the avoidance of doubt, sales conducted pursuant to Rule 144) until Subscriber receives copies of a supplemental or amended prospectus (which Flame agrees
to promptly prepare) that corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has become effective or unless otherwise notified by Flame that it may resume such offers and sales, and
(ii)&nbsp;it will maintain the confidentiality of any information included in such written notice delivered by Flame unless otherwise required by law or subpoena. If so directed by Flame, Subscriber will deliver to Flame or, in Subscriber&#146;s
sole discretion destroy, all copies of the prospectus covering Flame Class&nbsp;A Shares in Subscriber&#146;s possession; provided, however, that this obligation to deliver or destroy all copies of the prospectus covering Flame Class&nbsp;A Shares
shall not apply (i)&nbsp;to the extent Subscriber is required to retain a copy of such prospectus (a)&nbsp;in order to comply with applicable legal, regulatory, self-regulatory or professional requirements or (b)&nbsp;in accordance with a bona fide <FONT
STYLE="white-space:nowrap">pre-existing</FONT> document retention policy or (ii)&nbsp;to copies stored electronically on archival servers as a result of automatic data <FONT STYLE="white-space:nowrap">back-up.</FONT> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Indemnification. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) Sable agrees to cause Flame to indemnify, to the extent permitted by law, Subscriber, its directors and officers and agents and each
person who controls Subscriber (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses (including attorneys&#146; fees) caused by any untrue or alleged untrue statement of material fact contained in
any Registration Statement, prospectus included in any Registration Statement (&#147;<U>Prospectus</U>&#148;) or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to
be stated therein or necessary to make the statements therein not misleading, except insofar as the same are caused by or contained in any information furnished in writing to Flame by Subscriber expressly for use therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) In connection with any Registration Statement in which Subscriber is participating, Subscriber shall furnish to Flame in writing such
information and affidavits as Flame reasonably requests for use in connection with any such Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify Flame, its directors and officers and agents and each person who
controls Flame (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses (including without limitation reasonable attorneys&#146; fees) resulting from any untrue statement of material fact contained in
the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to
the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by Subscriber expressly for use therein; <I>provided</I>, <I>however</I>, that the liability of Subscriber shall be several and
not joint with any other holders of Flame Class&nbsp;A Common Stock and shall be in proportion to and limited to the net proceeds received by Subscriber from the sale of Flame Class&nbsp;A Shares pursuant to such Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) Any person entitled to indemnification herein shall (1)&nbsp;give prompt written notice to the indemnifying party of any claim with
respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person&#146;s right to indemnification hereunder to the extent such failure has not prejudiced the indemnifying party) and
(2)&nbsp;unless in such indemnified party&#146;s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim
with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent shall not
be unreasonably withheld). An indemnifying party who elects not to assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such
claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying party shall,
</P>
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without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money (and such money is
so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in
respect to such claim or litigation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) The indemnification provided for under this Subscription Agreement shall remain in full force
and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive the transfer of securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(v) If the indemnification provided under this <U>Section</U><U></U><U>&nbsp;5(d)</U> from the indemnifying party is unavailable or
insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount
paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any
other relevant equitable considerations. The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of
a material fact or omission or alleged omission to state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party&#146;s and indemnified party&#146;s relative
intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations
set forth in <U>Sections5(d)(i)</U>, (ii) and (iii)&nbsp;above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. No person guilty of fraudulent misrepresentation
(within the meaning of Section&nbsp;11(f) of the Securities Act) shall be entitled to contribution pursuant to this <U>Section</U><U></U><U>&nbsp;5(d)</U> from any person who was not guilty of such fraudulent misrepresentation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Notwithstanding anything to the contrary in this Subscription Agreement, this <U>Section</U><U></U><U>&nbsp;5</U> shall be of no force and
effect unless and until the Merger is consummated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Termination</U>. This Subscription Agreement shall terminate and be void and of
no further force and effect, and all rights and obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earliest to occur of (a)&nbsp;such date and time as the Purchase
Agreement is terminated in accordance with its terms, (b)&nbsp;upon the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement, or (c)&nbsp;if the Subscription Closing is not consummated on or before
March&nbsp;1, 2024; <I>provided</I>, that nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination, and each party will be entitled to any remedies at law or in equity to recover losses,
liabilities or damages arising from such breach. Sable shall notify Subscriber of the termination of the Purchase Agreement promptly after the termination of such agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <U>Trust Account Waiver</U>. Subscriber acknowledges that Flame is a blank check company
with the powers and privileges to effect a merger, asset acquisition, reorganization or similar business combination involving Flame and one or more businesses or assets. Subscriber further acknowledges that, as described in Flame&#146;s final
prospectus relating to its initial public offering dated February&nbsp;24, 2021 (the &#147;<U>IPO Prospectus</U>&#148;) available at www.sec.gov, Flame&#146;s sole assets consist of the cash proceeds of Flame&#146;s initial public offering and
private placements of its securities, and substantially all of those proceeds have been deposited in a trust account (the &#147;<U>Trust Account</U>&#148;) for the benefit of Flame, its public stockholders and certain parties (including the
underwriters of Flame&#146;s initial public offering). Except with respect to interest earned on the funds held in the Trust Account that may be released to Flame to pay its tax obligations, if any, the cash in the Trust Account may be disbursed
only for the purposes set forth in the IPO Prospectus. For and in consideration of Sable entering into this Subscription Agreement, the receipt and sufficiency of which are hereby acknowledged, Subscriber, on behalf of itself and its affiliates and
representatives, hereby irrevocably waives any and all right, title and interest, or any claim of any kind they had, have or may have in the future as a result of, or arising out of, this Subscription Agreement, in or to any monies held in the Trust
Account, and agrees not to seek recourse or make or bring any action, suit, claim or other proceeding against the Trust Account as a result of, or arising out of, this Subscription Agreement, the transactions contemplated hereby, the Acquired Shares
or any Flame Class&nbsp;A Shares, regardless of whether such claim arises based on contract, tort, equity or any other theory of legal liability. Subscriber acknowledges and agrees that it shall not have any redemption rights with respect to any
Flame Class&nbsp;A Common Stock pursuant to Flame&#146;s certificate of incorporation in connection with the Merger or any other business combination, any subsequent liquidation of the Trust Account or Flame or otherwise. In the event Subscriber has
any claim against Flame as a result of, or arising out of, this Subscription Agreement, the transactions contemplated hereby, the Acquired Shares or any Flame Class&nbsp;A Shares, it shall pursue such claim solely against Flame and its assets
outside the Trust Account and not against the Trust Account or any monies or other assets in the Trust Account. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U>Covenants</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Sable</U><U>&#146;</U><U>s Covenants</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) Except as contemplated herein, Sable, its subsidiaries and their respective affiliates shall not, and shall cause any person acting on
behalf of any of the foregoing to not, take any action or steps that would require registration of the issuance of any of the Acquired Shares under the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) With a view to making available to Subscriber the benefits of Rule 144 promulgated under the Securities Act or any other similar rule or
regulation of the Commission that may at any time permit Subscriber to sell securities of Sable to the public without registration, Sable agrees, from and after the time the benefits of such rules or regulations may be available to Subscriber until
the Acquired Shares are registered for resale under the Securities Act, to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(1) make and keep public information available, as those
terms are understood and defined in Rule 144; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(2) file with the Commission in a timely manner all reports and other documents required
of Sable under the Securities Act and the Exchange Act if Sable becomes, and for so long as Sable remains, subject to such requirements and the filing of such reports and other documents is required for the applicable provisions of Rule 144; and
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(3) furnish to Subscriber so long as it owns Acquired Shares, promptly upon request,
(x)&nbsp;an electronic statement by Sable, if true, that it has complied with the reporting requirements of the Exchange Act as required under Rule 144, (y) an electronic copy of the most recent annual or quarterly report of Sable and such other
reports and documents so filed by Sable and (z)&nbsp;such other information as may be reasonably requested to permit Subscriber to sell such securities pursuant to Rule 144 without registration. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) The legend described in <U>Section</U><U></U><U>&nbsp;4(e)</U> relating to securities law transfer restrictions shall be removed and
Sable shall issue a certificate without such legend to the holder of the Acquired Shares upon which it is stamped or issue to such holder by electronic delivery at the applicable balance account at The Depository Trust Company
(&#147;<U>DTC</U>&#148;), if (i)&nbsp;such Acquired Shares are registered for resale under the Securities Act, (ii)&nbsp;in connection with a sale, assignment or other transfer, such holder provides Sable with an opinion of counsel, in a form
reasonably acceptable to Sable, to the effect that such sale, assignment or transfer of the Acquired Shares may be made without registration under the applicable requirements of the Securities Act, or (iii)&nbsp;the Acquired Shares can be sold,
assigned or transferred pursuant to Rule 144. Sable shall be responsible for the fees of its transfer agent and all DTC fees associated with such issuance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Subscriber</U><U>&#146;</U><U>s Covenants</U>. Subscriber hereby agrees that, until the first anniversary of the Closing Date,
Subscriber shall not acquire (or be deemed to acquire pursuant to the attribution rules of Section&nbsp;318(a) of the Code) stock of Flame that, when aggregated with stock of Flame already owned by Subscriber (or be deemed to own pursuant to the
attribution rules of Section&nbsp;318(a) of the Code), represents 20% or more of the voting power of the stock of Flame. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) [<U>Director
Designation</U>. Following the effective time of the Merger and continuing for so long as Subscriber holds Flame Class&nbsp;A Shares representing not less than 10% of the total issued and outstanding Flame Class&nbsp;A Shares: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) Subscriber shall have the right to designate one Class&nbsp;II director to Flame&#146;s board of directors; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) Sable will take all necessary action to cause the individual designated by Subscriber pursuant to this
<U>Section</U><U></U><U>&nbsp;8(c)</U> to be included in the slate of nominees recommended by Flame&#146;s board of directors (or any authorized committee thereof) to Flame&#146;s stockholders for election as a director at each annual meeting of the
stockholders of Flame during which Class&nbsp;II directors are being elected and hall use commercially reasonable efforts to cause the election of such designee, including nominating such individual to be elected as a director of Flame, recommending
such individual&#146;s election and soliciting proxies in favor of the election of such designee.]<SUP STYLE="font-size:75%; vertical-align:top">4</SUP> </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">4</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Bracketed section is only included in the Sable PIPE Subscription Agreement with Metamorphic Pecan, LLC.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <U>Miscellaneous</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Each party hereto acknowledges that the other party and others will rely on the acknowledgments, understandings, agreements,
representations and warranties contained in this Subscription Agreement. Prior to the Subscription Closing, Subscriber agrees to promptly notify Sable (which agrees to then promptly notify Flame and the Financial Advisors) if any of the
acknowledgments, understandings, agreements, representations and warranties of Subscriber set forth herein are no longer accurate in all material respects. Subscriber and Sable further acknowledge and agree that each of the Financial Advisors is a
third-party beneficiary with the right to enforce <U>Section</U><U></U><U>&nbsp;3</U>, <U>Section</U><U></U><U>&nbsp;4</U> and <U>Section</U><U></U><U>&nbsp;9</U> of this Subscription Agreement on its behalf and not, for the avoidance of doubt, on
behalf of Sable or Flame, and that each of the Financial Advisors will rely on the acknowledgments, understandings, agreements, representations and warranties made by Subscriber and Sable contained in this Subscription Agreement. Subscriber and
Sable further acknowledge and agree that Flame is a third-party beneficiary with the right to enforce <U>Section</U><U></U><U>&nbsp;7</U> and <U>Section</U><U></U><U>&nbsp;9</U> of this Subscription Agreement on its behalf. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Sable, Subscriber and the Financial Advisors (with respect to Section&nbsp;3, Section&nbsp;4 and Section&nbsp;9 hereof) are entitled to
rely upon this Subscription Agreement and are irrevocably authorized to produce this Subscription Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered
hereby. The Financial Advisors are entitled to rely upon the acknowledgments, understandings, agreements, representations and warranties made by Subscriber and Sable in this Subscription Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Subscriber may not assign this Subscription Agreement and any of Subscriber&#146;s rights and obligations hereunder without the prior
consent of Sable. Subject to the foregoing, Subscriber&#146;s permitted assignee(s) agrees to be bound by the terms hereof. Upon such permitted assignment by Subscriber, the assignee(s) shall become Subscriber hereunder and have the rights and
obligations provided for herein to the extent of such assignment. Neither this Subscription Agreement nor any rights that may accrue to Sable or Flame (as applicable) hereunder or any of Sable&#146;s or Flame&#146;s respective obligations may be
transferred or assigned (except in connection with the Merger). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) All the agreements, covenants, representations and warranties made by
each party hereto in this Subscription Agreement shall survive the Subscription Closing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Sable may request from Subscriber such
additional information as Sable may deem reasonably necessary to evaluate the eligibility of Subscriber to acquire the Acquired Shares, and Subscriber shall provide such information as may be reasonably requested, to the extent readily available and
to the extent consistent with its internal policies and procedures; <I>provided</I>, that, that upon receipt of such additional information, Sable shall be allowed to convey such information to each Financial Advisor and such Financial Advisor shall
keep the information confidential, except as may be required by applicable law, rule, regulation or in connection with any legal proceeding or regulatory request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) This Subscription Agreement may not be modified, waived or terminated except by an instrument in writing, signed by the party against whom
enforcement of such modification, waiver, or termination is sought. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) This Subscription Agreement constitutes the entire agreement, and supersedes all other
prior agreements, understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof. This Subscription Agreement shall not confer any rights or remedies upon any person other than the
parties hereto and their respective successor and assigns. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) Except as otherwise provided herein, this Subscription Agreement shall be
binding upon, and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations, warranties, covenants and acknowledgments
contained herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators, successors, legal representatives and permitted assigns. For the avoidance of doubt, upon the consummation of the Merger, if ever, Flame
shall assume this Subscription Agreement and shall succeed to all of Sable&#146;s rights and obligations hereunder except as otherwise expressly set forth herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) If any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability of
the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue in full force and effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) This Subscription Agreement may be executed in one or more counterparts (including by facsimile or electronic mail or in .pdf) and by
different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document. All counterparts so executed and delivered shall be construed together and shall constitute one and the same agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) Subscriber shall pay all of its own expenses in connection with this Subscription Agreement and the transactions contemplated by this
Subscription Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) Any notice or communication required or permitted hereunder shall be in writing and either delivered
personally, or emailed, sent by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid, and shall be deemed to be given and received (a)&nbsp;when so delivered personally, (b)&nbsp;when sent, with
no mail undeliverable or other rejection notice, if sent by email, or (c)&nbsp;five (5)&nbsp;business days after the date of mailing to the address below or to such other address or addresses as such person may hereafter designate by notice given
hereunder: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">if to Subscriber, to such address or addresses set forth on the signature page hereto; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">if to Sable, to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Sable Offshore
Holdings LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">700 Milam Street, Suite 3300 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Houston, Texas 77002 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn:
Anthony C. Duenner </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Phone: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">713-579-8023</FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Email: aduenner@sableminerals.com </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) The parties hereto agree that irreparable damage would occur in the event that any of
the provisions of this Subscription Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of
this Subscription Agreement and to enforce specifically the terms and provisions of this Subscription Agreement, this being in addition to any other remedy to which such party is entitled at law, in equity, in contract, in tort or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n) This Subscription Agreement, and any claim or cause of action hereunder based upon, arising out of or related to this Subscription
Agreement (whether based on law, in equity, in contract, in tort or any other theory) or the negotiation, execution, performance or enforcement of this Subscription Agreement, shall be governed by and construed in accordance with the Laws of the
State of Delaware, without giving effect to the principles of conflicts of laws thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE
EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE, AND, IF SUCH FEDERAL COURT DOES NOT HAVE JURISDICTION, THE COURTS OF THE STATE OF DELAWARE SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE
PROVISIONS OF THIS SUBSCRIPTION AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS SUBSCRIPTION AGREEMENT AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING
FOR INTERPRETATION OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS
SUBSCRIPTION AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED BY SUCH FEDERAL OR DELAWARE
STATE COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR
PROCEEDING IN THE MANNER PROVIDED IN <U>SECTION</U><U></U><U>&nbsp;9(l)</U> OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH 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 SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS SUBSCRIPTION AGREEMENT. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I)&nbsp;NO REPRESENTATIVE, FINANCIAL ADVISOR, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II)&nbsp;SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III)&nbsp;SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV)&nbsp;SUCH
PARTY HAS BEEN INDUCED TO ENTER INTO THIS SUBSCRIPTION AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS <U>SECTION</U><U></U><U>&nbsp;9(n)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Pages Immediately Follow</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, each of Sable and Subscriber has executed or caused this
Subscription Agreement to be executed by its duly authorized representative as of the date set forth below. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="79%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B>SABLE OFFSHORE HOLDINGS LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">James C. Flores</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Executive Officer&nbsp;&amp; President</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: [&#149;], 2023 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to
Subscription Agreement </I></P>

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<TD WIDTH="5%"></TD>

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<TD WIDTH="41%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SUBSCRIBER:</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Signature of Subscriber:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Signature of Joint Subscriber, if applicable:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Date:&nbsp;____________, 2023</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Signature of Subscriber:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Signature of Joint Subscriber, if applicable:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD COLSPAN="3" VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">(Please print.&nbsp;Please indicate name and capacity of person signing above)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">(Please print.&nbsp;Please indicate name and capacity of person signing above)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD COLSPAN="3" VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name in which securities are to be registered <BR>(if different)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Email Address:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">If there are joint investors, please check one:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">&#9744; Joint Tenants with Rights of Survivorship</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">&#9744; <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Tenants-in-Common</FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">&#9744; Community Property</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Subscriber&#146;s
EIN:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Joint Subscriber&#146;s EIN:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD COLSPAN="3" VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Business
Address-Street:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Mailing Address-Street (if different):</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD COLSPAN="3" VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD COLSPAN="3" VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">City, State, Zip:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">City, State, Zip:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Attn:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Attn:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Telephone No.:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Telephone
No.:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Facsimile No.:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Facsimile
No.:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Aggregate Number of Acquired Shares subscribed for:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD COLSPAN="3" VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Aggregate Purchase Price:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You must pay the Purchase Price by wire transfer of United States dollars in immediately available funds to the account
specified by Sable in the Closing Notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to Subscription Agreement </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE A </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">QUALIFIED INSTITUTIONAL BUYER STATUS </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(Please check the applicable subparagraphs): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#9744; We are a &#147;qualified institutional buyer&#148; (as defined in Rule 144A under the Securities Act (a
&#147;QIB&#148;)). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#9744; We are subscribing for the Acquired Shares as a fiduciary or agent for one or more investor accounts,
and each owner of such account is a QIB. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">*** OR *** </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">ACCREDITED INVESTOR STATUS </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(Please check the applicable subparagraphs): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#9744; We are an &#147;accredited investor&#148; (within the meaning of Rule 501(a) under the Securities Act)
or an entity in which all of the equity holders are accredited investors within the meaning of Rule 501(a) under the Securities Act, and have marked and initialed the appropriate box on the following page indicating the provision under which we
qualify as an &#147;accredited investor.&#148; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#9744; We are not a natural person. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">*** AND *** </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">C.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">AFFILIATE STATUS </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(Please check the applicable box) </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">SUBSCRIBER: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">is: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">is not: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">an &#147;affiliate&#148; (as defined in Rule 144 under the Securities Act) of Sable or Flame or acting on behalf of an affiliate of Sable or
Flame. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>This page should be completed by Subscriber </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>and constitutes a part of the Subscription Agreement. </I></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule A-1 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule A-1 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Rule 501(a), in relevant part, states that an &#147;accredited investor&#148; shall mean any person who comes within any of the below listed categories, or
who the issuer reasonably believes comes within any of the below listed categories, at the time of the sale of the securities to that person. Subscriber has indicated, by marking and initialing the appropriate box below, the provision(s) below which
apply to Subscriber and under which Subscriber accordingly qualifies as an &#147;accredited investor.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ENTITY </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#9744; Any bank as defined in section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in
section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary capacity; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#9744; Any broker or dealer registered
pursuant to section 15 of the Securities Exchange Act of 1934; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#9744; Any insurance company as defined in section 2(a)(13) of the
Securities Act; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#9744; Any investment company registered under the Investment Company Act of 1940 or a business development company as
defined in section 2(a)(48) of that Act; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#9744; Any Small Business Investment Company licensed by the U.S. Small Business Administration
under section 301(c) or (d)&nbsp;of the Small Business Investment Act of 1958; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#9744; Any plan established and maintained by a state, its
political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#9744; Any employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 if the investment decision is made
by a plan fiduciary, as defined in section 3(21) of such act, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if
a self-directed plan, with investment decisions made solely by persons that are accredited investors; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#9744; Any private business
development company as defined in section 202(a)(22) of the Investment Advisers Act of 1940; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#9744; Any organization described in section
501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or similar business trust, or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#9744; Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose
purchase is directed by a sophisticated person as described in &#167; 230.506(b)(2)(ii); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#9744; Any &#147;family office,&#148; as defined
in rule 202(a)(11)(G)&#150;1 under the Investment Advisers Act of 1940: (i) with assets under management in excess of $5,000,000, (ii) that is not formed for the specific purpose of acquiring the securities offered, and (iii)&nbsp;whose prospective
investment is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule A-2 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#9744; Any &#147;family client,&#148; as defined in rule 202(a)(11)(G)&#150;1 under the
Investment Advisers Act of 1940, of a family office meeting the requirements described above and whose prospective investment in the issuer is directed by such family office pursuant to clause (iii)&nbsp;above; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#9744; Any entity in which all of the equity owners are accredited investors meeting one or more of the above and below tests. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>This page should be completed by Subscriber </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>and constitutes a part of the Subscription Agreement. </I></B></P>
</DIV></Center>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>INDIVIDUAL </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#9744; Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive
officer, or general partner of a general partner of that issuer. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#9744; Any natural person whose individual net worth, or joint net worth
with that person&#146;s spouse, at the time of his or her purchase exceeds $1,000,000.&nbsp;For purposes of calculating a natural person&#146;s net worth: (a)&nbsp;the person&#146;s primary residence must not be included as an asset;
(b)&nbsp;indebtedness secured by the person&#146;s primary residence up to the estimated fair market value of the primary residence must not be included as a liability (except that if the amount of such indebtedness outstanding at the time of
calculation exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess must be included as a liability); and (c)&nbsp;indebtedness that is secured by the
person&#146;s primary residence in excess of the estimated fair market value of the residence must be included as a liability; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#9744;&nbsp;Any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with
that person&#146;s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>This page should be completed by Subscriber </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>and constitutes a part of the Subscription Agreement. </I></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule A-4 </P>

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