Document:

Exhibit 10.1

 

TRIANGLE PETROLEUM CORPORATION

AMENDED AND RESTATED 2011 OMNIBUS INCENTIVE PLAN

 

		1.	Establishment and Purpose.

 

The purpose of the Triangle Petroleum Corporation
Amended and Restated 2011 Omnibus Incentive Plan (the “Plan”) is to promote the interests of the Company and
the stockholders of the Company by providing directors, officers, employees and consultants of the Company with appropriate incentives
and rewards to encourage them to enter into and continue in the employ or service of the Company, to acquire a proprietary interest
in the long-term success of the Company and to reward the performance of individuals in fulfilling short-term and long-term corporate
objectives.

 

		2.	Administration of the Plan.

 

The Plan shall be administered by a Committee
appointed by the Board of Directors. The Committee shall have the authority, in its sole discretion, subject to and not inconsistent
with the express terms and provisions of the Plan, to administer the Plan and to exercise all the powers and authorities either
specifically granted to it under the Plan or necessary or advisable in the administration of the Plan, including, without limitation,
the authority to grant Awards; to determine the persons to whom and the time or times at which Awards shall be granted; to determine
the type and number of Awards to be granted (including whether an Option granted is an Incentive Stock Option or a Nonqualified
Stock Option); to determine the number of shares of stock to which an Award may relate and the terms, conditions, restrictions
and performance criteria, if any, relating to any Award; to determine whether, to what extent, and under what circumstances an
Award may be settled, cancelled, forfeited, exchanged or surrendered; to make adjustments in the performance goals that may be
required for any award in recognition of unusual or nonrecurring events affecting the Company or the financial statements of the
Company (to the extent not inconsistent with Section 162(m) of the Code, if applicable), or in response to changes in applicable
laws, regulations, or accounting principles; to construe and interpret the Plan and any Award; to prescribe, amend and rescind
rules and regulations relating to the Plan; to determine the terms and provisions of Award Agreements; and to make all other determinations
deemed necessary or advisable for the administration of the Plan.

 

The Committee may, in its absolute discretion,
without amendment to the Plan, (a) accelerate the date on which any Option granted under the Plan becomes exercisable, waive or
amend the operation of Plan provisions respecting exercise after termination of employment or otherwise adjust any of the terms
of such Option, and (b) accelerate the vesting date, or waive any condition imposed hereunder, with respect to any share of Restricted
Stock, or other Award or otherwise adjust any of the terms applicable to any such Award. Notwithstanding the foregoing, and subject
to Sections 4(c), neither the Board of Directors, the Committee nor their respective delegates shall have the authority to re-price
(or cancel and/or re-grant) any Option, Stock Appreciation Right or, if applicable, other Award at a lower exercise, base or purchase
price without first obtaining the approval of the Company’s stockholders.

 

Subject to Section 162(m) of the Code and
except as required by Rule 16b-3 with respect to grants of Awards to individuals who are subject to Section 16 of the Exchange
Act, or as otherwise required for compliance with Rule 16b-3 or other applicable law, the Committee may delegate all or any part
of its authority under the Plan to an employee, employees or committee of employees.

 

Subject to Section 162(m) of the Code and
Section 16 of the Exchange Act, to the extent the Committee deems it necessary, appropriate or desirable to comply with foreign
law or practices and to further the purpose of the Plan, the Committee may, without amending this Plan, establish special rules
applicable to Awards granted to Participants who are foreign nationals, are employed outside the United States, or both, including
rules that differ from those set forth in the Plan, and grant Awards to such Participants in accordance with those rules.

 

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All decisions, determinations and interpretations
of the Committee or the Board of Directors shall be final and binding on all persons with any interest in an Award, including the
Company and the Participant (or any person claiming any rights under the Plan from or through any Participant). No member of the
Committee or the Board of Directors shall be liable for any action taken or determination made in good faith with respect to the
Plan or any Award.

 

		3.	Definitions.

 

(a)          “Award
Agreement” shall mean the written agreement between the Company and a Participant evidencing an Award.

 

(b)          “Annual
Incentive Award” shall mean an Award described in Section 6(f) hereof that is based upon a period of one year or less.

 

(c)          “Award”
shall mean any Option, Restricted Stock, Stock Bonus award, Stock Appreciation Right, Performance Award, Other Stock-Based Award
or Other Cash-Based Award granted pursuant to the terms of the Plan.

 

(d)          “Board
of Directors” shall mean the Board of Directors of the Company.

 

(e)          “Cause”
shall have the meaning assigned to such term in any individual employment or severance agreement or Award Agreement with the Participant
or, if no such agreement exists or if such agreement does not define “Cause,” Cause shall mean (i) Participant’s
act(s) of gross negligence or willful misconduct in the course of Participant’s employment hereunder that is or could reasonably
be expected to be materially injurious to the Company or any of its Subsidiaries, (ii) willful failure or refusal by Participant
to perform in any material respect his or her duties or responsibilities, (iii) misappropriation by Participant of any assets of
the Company or any of its Subsidiaries, (iv) embezzlement or fraud committed by Participant, or at his or her direction, (v) Participant’s
conviction of, or pleading “guilty” or “ no contest” to a felony under United States state or federal law.

 

(f)          A
“Change in Control” shall be deemed to have occurred if the event set forth in any one of the following paragraphs
shall have occurred:

 

(i)          any
Person is or becomes the “Beneficial Owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly,
of securities of the Company (not including in the securities Beneficially Owned by such Person any securities acquired directly
from the Company) representing 30% or more of the Company’s then outstanding securities, excluding any Person who becomes
such a Beneficial Owner in connection with a transaction described in clause (A) of paragraph (iii) below; or

 

(ii)         the
following individuals cease for any reason to constitute a majority of the number of directors then serving: individuals who, on
the Effective Date, constitute the Board of Directors and any new director (other than a director whose initial assumption of office
is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to
the election of directors of the Company) whose appointment or election by the Board of Directors or nomination for election by
the Company’s stockholders was approved or recommended by a vote of at least a two-thirds of the directors then still in
office who either were directors on the Effective Date or whose appointment, election or nomination for election was previously
so approved or recommended; or

 

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(iii)        there
is consummated a merger or consolidation of the Company with any other corporation other than (A) a merger or consolidation which
would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to
represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof)
at least 50% of the combined voting power of the voting securities of the Company or such surviving entity or any parent thereof
outstanding immediately after such merger or consolidation, or (B) a merger or consolidation effected to implement a re-capitalization
of the Company (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities
of the Company (not including in the securities Beneficially Owned by such Person any securities acquired directly from the Company)
representing 30% or more of the combined voting power of the Company’s then outstanding securities; or

 

(iv)        the
stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement
for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than a sale or disposition
by the Company of all or substantially all of the Company’s assets to an entity at least 75% of the combined voting power
of the voting securities of which are owned by Persons in substantially the same proportions as their ownership of the Company
immediately prior to such sale.

 

Notwithstanding the foregoing, a Change
in Control shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions
immediately following which the holders of Common Stock immediately prior to such transaction or series of transactions continue
to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of the Company
immediately following such transaction or series of transactions.

 

(g)          “Code”
shall mean the Internal Revenue Code of 1986, as amended from time to time, and any regulations promulgated thereunder. References
in the Plan to specific sections of the Code shall be deemed to include any successor provisions thereto.

 

(h)          “Committee”
shall mean, at the discretion of the Board of Directors, a Committee of the Board of Directors, which shall consist of two or more
persons, each of whom, unless otherwise determined by the Board of Directors, is an “outside director” within the meaning
of Section 162(m) of the Code and a “nonemployee director” within the meaning of Rule 16b-3.

 

(i)          “Company”
shall mean Triangle Petroleum Corporation, a Nevada corporation, and, where appropriate, each of its Subsidiaries.

 

(j)          “Company
Stock” shall mean the common stock of the Company, par value $.00001 per share.

 

(k)          “Disability”
shall mean permanent disability as determined pursuant to the Company’s long-term disability plan or policy, in effect at
the time of such disability.

 

(l)          “Effective
Date” shall mean the date as of which this Plan is adopted by the Board of Directors.

 

(m)          “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

 

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(n)          The
“Fair Market Value” of a share of Company Stock, as of a date of determination, shall mean (i) the closing sales
price per share of Company Stock on the U.S. national securities exchange on which such stock is principally traded on the date
of the grant of such Award or (ii) if the shares of Company Stock are not then listed on any national securities exchange or traded
in an over-the-counter market or the value of such shares is not otherwise determinable, such value as determined by the Committee
in good faith upon the advice of a qualified valuation expert. In no event shall the fair market value of any share of Company
Stock, the Option exercise price of any Option, the appreciation base per share of Company Stock under any Stock Appreciation Right,
or the amount payable per share of Company Stock under any other Award, be less than the par value per share of Company Stock.

 

(o)          “Full
Value Award” means any Award, other than an Option or a Stock Appreciation Right, which Award is settled in Stock.

 

(p)          “Incentive
Stock Option” shall mean an Option that is an “incentive stock option” within the meaning of Section 422
of the Code, or any successor provision, and that is designated by the Committee as an Incentive Stock Option.

 

(q)          “Long
Term Incentive Award” shall mean an Award described in Section 6(g) hereof that is based upon a period in excess of one
year.

 

(r)          “Nonemployee
Director” shall mean a member of the Board of Directors who is not an employee of the Company.

 

(s)          “Nonqualified
Stock Option” shall mean an Option other than an Incentive Stock Option.

 

(t)          “Option”
shall mean an option to purchase shares of Company Stock granted pursuant to Section 6(b).

 

(u)          “Other
Cash-Based Award” shall mean a right or other interest granted to a Participant pursuant to Section 6(g) hereof other
than an Other Stock-Based Award.

 

(v)         “Other
Stock-Based Award” shall mean a right or other interest granted to a Participant, valued in whole or in part by reference
to, or otherwise based on, or related to, Company Stock pursuant to Section 6(g) hereof, including but not limited to (i) unrestricted
Company Stock awarded as a bonus or upon the attainment of performance goals or otherwise as permitted under the Plan, and (ii)
a right granted to a Participant to acquire Company Stock from the Company containing terms and conditions prescribed by the Committee.

 

(w)          “Participant”
shall mean an employee, consultant or director of the Company to whom an Award is granted pursuant to the Plan, and, upon the death
of the employee, consultant or director, his or her successors, heirs, executors and administrators, as the case may be.

 

(x)         “Performance
Award” shall mean an Award granted to a Participant pursuant to Section 6(f) hereof.

 

(y)          “Person”
shall have the meaning set forth in Section 3(a)(9) of the Exchange Act, except that such term shall not include (i) the Company,
(ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company, (iii) an underwriter temporarily
holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by the stockholders
of the Company in substantially the same proportions as their ownership of stock of the Company.

 

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(z)          “Restricted
Stock” shall mean a share of Company Stock which is granted pursuant to the terms of Section 6(e) hereof.

 

(aa)          “Rule
16b-3” shall mean the Rule 16b-3 promulgated under the Exchange Act, as amended from time to time.

 

(bb)          “Securities
Act” shall mean the Securities Act of 1933, as amended from time to time.

 

(cc)         “Stock
Appreciation Right” shall mean the right, granted to a Participant under Section 6(d), to be paid an amount measured
by the appreciation in the Fair Market Value of a share of Company Stock from the date of grant to the date of exercise of the
right, with payment to be made in cash and/or a share of Company Stock, as specified in the Award or determined by the Committee.

 

(dd)         “Stock
Bonus” shall mean a bonus payable in shares of Company Stock granted pursuant to Section 6(e) hereof.

 

(ee)         “Subsidiary”
shall mean a “subsidiary corporation” within the meaning of Section 424(f) of the Code.

 

		4.	Stock Subject to the Plan.

 

(a)          Shares
Available for Awards.

 

The maximum number of shares of Company
Stock reserved for issuance under the Plan (all of which may be granted as Incentive Stock Options) shall be 5,900,000 shares,
subject to adjustments as provided herein. Notwithstanding the forgoing, of the 5,900,000 shares originally reserved for issuance
under this Plan, no more than 75% of such shares shall be issued as Full Value Awards. Shares reserved under the Plan may be authorized
but unissued Company Stock or authorized and issued Company Stock held in the Company’s treasury. The Committee may direct
that any stock certificate evidencing shares issued pursuant to the Plan shall bear a legend setting forth such restrictions on
transferability as may apply to such shares pursuant to the Plan.

 

(b)          Individual
Limitation.

 

To the extent required by Section 162(m)
of the Code, the total number of shares of Company Stock subject to Awards (other than an Other Cash-Based Award) awarded to any
one Participant during any tax year of the Company, shall not exceed 500,000 shares (subject to adjustment as provided herein).
With respect to Other Cash-Based Awards intended to qualify as performance based compensation under Section 162(m) of the Code,
(i) the maximum value of the aggregate payment that any Participant may receive with respect to any such Other Cash-Based Award
that is an Annual Incentive Award is $2,500,000, (ii) the maximum value of the aggregate payment that any Participant may receive
with respect to any such Other Cash-Based Award that is a Long Term Incentive Award is the amount set forth in clause (i) above
multiplied by a fraction, the numerator of which is the number of months in the performance period and the denominator of which
is twelve and (iii) such additional rules set forth in Section 6(f) applicable to Awards intended to qualify as performance-based
compensation under Section 162(m) shall apply.

 

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(c)          Adjustment
for Change in Capitalization.

 

In the event that the Committee shall determine
that any dividend or other distribution (whether in the form of cash, Company Stock, or other property), recapitalization, Company
Stock split, reverse Company Stock split, reorganization, merger, consolidation, spin-off, combination, repurchase, or share exchange,
or other similar corporate transaction or event, makes an adjustment appropriate in order to prevent dilution or enlargement of
the rights of Participants under the Plan, then the Committee shall make such equitable changes or adjustments as it deems necessary
or appropriate to any or all of (i) the number and kind of shares of Company Stock which may thereafter be issued in connection
with Awards, (ii) the number and kind of shares of Company Stock, securities or other property (including cash) issued or issuable
in respect of outstanding Awards, (iii) the exercise price, grant price or purchase price relating to any Award, and (iv) the maximum
number of shares subject to Awards which may be awarded to any employee during any tax year of the Company; provided, that,
with respect to Incentive Stock Options, any such adjustment shall be made in accordance with Section 424 of the Code; and provided,
further that, no such adjustment shall cause any Award hereunder which is or could be subject to Section 409A of the Code to fail
to comply with the requirements of such section.

 

(d)          Reuse
of Shares.

 

Except as set forth below, if any shares
subject to an Award are forfeited, cancelled, exchanged or surrendered, or if an Award terminates or expires without a distribution
of shares to the Participant, the shares of stock with respect to such Award shall, to the extent of any such forfeiture, cancellation,
exchange, surrender, withholding, termination or expiration, again be available for Awards under the Plan. Notwithstanding the
foregoing, upon the exercise of any Award granted in tandem with any other Awards, such related Awards shall be cancelled to the
extent of the number of shares of Company Stock as to which the Award is exercised and such number of shares shall no longer be
available for Awards under the Plan. In addition, notwithstanding the forgoing, the shares of stock surrendered or withheld as
payment of either the exercise price of an Option (including shares of stock otherwise underlying an Award of a Stock Appreciation
Right that are retained by the Company to account for the appreciation base of such Stock Appreciation Right) and/or withholding
taxes in respect of an Award shall no longer be available for Awards under the Plan.

 

		5.	Eligibility.

 

The persons who shall be eligible to receive
Awards pursuant to the Plan shall be the individuals the Committee shall select from time to time, who are employees (including
officers of the Company and its Subsidiaries, whether or not they are directors of the Company or its Subsidiaries), Nonemployee
Directors, and consultants of the Company or its Subsidiaries; provided, that Incentive Stock Options shall be granted only
to employees (including officers and directors who are also employees) of the Company or its Subsidiaries.

 

		6.	Awards Under the Plan.

 

(a)          Award
Agreement.

 

The Committee may grant Awards in such amounts
and with such terms and conditions as the Committee shall determine in its sole discretion, subject to the terms and provisions
of the Plan. Each Award granted under the Plan (except an unconditional Stock Bonus) shall be evidenced by an Award Agreement as
the Committee may in its sole discretion deem necessary or desirable and unless the Committee determines otherwise, such Award
Agreement must be signed, acknowledged and returned by the Participant to the Company. Unless the Committee determines otherwise,
any failure by the Participant to sign and return the Award Agreement within such period of time following the granting of the
Award as the Committee shall prescribe shall cause such Award to the Participant to be null and void. By accepting an Award or
other benefits under the Plan (including participation in the Plan), each Participant, shall be conclusively deemed to have indicated
acceptance and ratification of, and consent to, all provisions of the Plan and the Award Agreement.

 

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(b)          Stock
Options.

 

(i)          Grant
of Stock Options. The Committee may grant Options under the Plan to purchase shares of Company Stock in such amounts and subject
to such terms and conditions as the Committee shall from time to time determine in its sole discretion, subject to the terms and
provisions of the Plan. The exercise price of the shares purchasable under an Option shall be determined by the Committee, but
in no event shall the exercise price be less than the Fair Market Value per share on the grant date of such Option. The date as
of which the Committee adopts a resolution granting an Option shall be considered the day on which such Option is granted, unless
such resolution specifies a later date.

 

(ii)         Each
Option shall be clearly identified in the applicable Award Agreement as either an Incentive Stock Option or a Nonqualified Stock
Option and shall state the number of shares of Company Stock to which the Option (and/or each type of Option) relates.

 

(c)          Special
Requirements for Incentive Stock Options.

 

(i)          To
the extent that the aggregate Fair Market Value of shares of Company Stock with respect to which Incentive Stock Options are exercisable
for the first time by a Participant during any calendar year under the Plan and any other stock option plan of the Company shall
exceed $100,000, such Options shall be treated as Nonqualified Stock Options. Such Fair Market Value shall be determined as of
the date on which each such Incentive Stock Option is granted.

 

(ii)         No
Incentive Stock Option may be granted to an individual if, at the time of the proposed grant, such individual owns (or is deemed
to own under the Code) stock possessing more than ten percent of the total combined voting power of all classes of stock of the
Company unless (A) the exercise price of such Incentive Stock Option is at least 110 percent of the Fair Market Value of a share
of Company Stock at the time such Incentive Stock Option is granted and (B) such Incentive Stock Option is not exercisable after
the expiration of five years from the date such Incentive Stock Option is granted.

 

(d)          Stock
Appreciation Rights.

 

(i)          The
Committee may grant a related Stock Appreciation Right in connection with all or any part of an Option granted under the Plan,
either at the time such Option is granted or at any time thereafter prior to the exercise, termination or cancellation of such
Option, and subject to such terms and conditions as the Committee shall from time to time determine in its sole discretion, consistent
with the terms and provisions of the Plan; provided, however, that in no event shall the appreciation base of the
shares of Company Stock subject to the Stock Appreciation Right be less than the Fair Market Value per share on the grant date
of such Stock Appreciation Right. The holder of a related Stock Appreciation Right shall, subject to the terms and conditions of
the Plan and the applicable Award Agreement, have the right by exercise thereof to surrender to the Company for cancellation all
or a portion of such related Stock Appreciation Right, but only to the extent that the related Option is then exercisable, and
to be paid therefor an amount equal to the excess (if any) of (A) the aggregate Fair Market Value of the shares of Company Stock
subject to the related Stock Appreciation Right or portion thereof surrendered (determined as of the exercise date), over (B) the
aggregate appreciation base of the shares of Company Stock subject to the Stock Appreciation Right or portion thereof surrendered.
Upon any exercise of a related Stock Appreciation Right or any portion thereof, the number of shares of Company Stock subject to
the related Option shall be reduced by the number of shares of Company Stock in respect of which such Stock Appreciation Right
shall have been exercised.

 

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(ii)         The
Committee may grant unrelated Stock Appreciation Rights in such amount and subject to such terms and conditions, as the Committee
shall from time to time determine in its sole discretion, subject to the terms and provisions of the Plan; provided, however,
that in no event shall the appreciation base of the shares of Company Stock subject to the Stock Appreciation Right be less than
the Fair Market Value per share on the grant date of such Stock Appreciation Right. The holder of an unrelated Stock Appreciation
Right shall, subject to the terms and conditions of the Plan and the applicable Award Agreement, have the right to surrender to
the Company for cancellation all or a portion of such Stock Appreciation Right, but only to the extent that such Stock Appreciation
Right is then exercisable, and to be paid therefor an amount equal to the excess (if any) of (A) the aggregate Fair Market Value
of the shares of Company Stock subject to the Stock Appreciation Right or portion thereof surrendered (determined as of the exercise
date), over (B) the aggregate appreciation base of the shares of Company Stock subject to the Stock Appreciation Right or portion
thereof surrendered.

 

(iii)        The
grant or exercisability of any Stock Appreciation Right shall be subject to such conditions as the Committee, in its sole discretion,
shall determine.

 

(e)          Restricted
Stock and Stock Bonus.

 

(i)          The
Committee may grant Awards of Restricted Stock, alone or in tandem with other Awards under the Plan, subject to such restrictions,
terms and conditions, as the Committee shall determine in its sole discretion and as shall be evidenced by the applicable Award
Agreements. The vesting of an Award of Restricted Stock granted under the Plan may be conditioned upon the completion of a specified
period of employment or service with the Company or any Subsidiary, upon the attainment of specified performance goals, and/or
upon such other criteria as the Committee may determine in its sole discretion.

 

(ii)         Notwithstanding
the foregoing, if the vesting condition for any Full Value Award (including an Award of Restricted Stock) relates exclusively to
the passage of time and continued employment of a Participant who is an employee of the Company, such time period shall not be
less than 36 months, with no more than thirty-three and one-third percent (331⁄3%) of the Award vesting every 12 months from
the date of the Award, subject to Sections 7 and 8. If the vesting condition for any Full Value Award (including an Award of Restricted
Stock) relates to the attainment of specified Performance Goals, such Full Value Award shall vest over a performance period of
not less than one (1) year, subject to Sections 7 and 8.

 

(iii)        Each
Award Agreement with respect to an Award of Restricted Stock shall set forth the amount (if any) to be paid by the Participant
with respect to such Award and when and under what circumstances such payment is required to be made.

 

(iv)        The
Committee may, upon such terms and conditions as the Committee determines in its sole discretion, provide that a certificate or
certificates representing the shares underlying an Award of Restricted Stock shall be registered in the Participant’s name
and bear an appropriate legend specifying that such shares are not transferable and are subject to the provisions of the Plan and
the restrictions, terms and conditions set forth in the applicable Award Agreement, or that such certificate or certificates shall
be held in escrow by the Company on behalf of the Participant until such shares become vested or are forfeited. Except as provided
in the applicable Award Agreement, no shares underlying an Award of Restricted Stock may be assigned, transferred, or otherwise
encumbered or disposed of by the Participant until such shares have vested in accordance with the terms of such Award.

 

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(v)         If
and to the extent that the applicable Award Agreement may so provide, a Participant shall have the right to vote and receive dividends
on the shares underlying an Award of Restricted Stock granted under the Plan. Unless otherwise provided in the applicable Award
Agreement, any stock received as a dividend on or in connection with a stock split of the shares underlying an Award of Restricted
Stock shall be subject to the same restrictions as the shares underlying such Award of Restricted Stock.

 

(vi)        The
Committee may grant Awards of Stock Bonus, alone or in tandem with other Awards under the Plan, subject to such terms and conditions
as the Committee shall determine in its sole discretion and as may be evidenced by the applicable Award Agreement.

 

(f)          Performance
Awards.

 

(i)          The
Committee may grant Performance Awards, alone or in tandem with other Awards under the Plan, to acquire shares of Company Stock
in such amounts and subject to such terms and conditions as the Committee shall from time to time in its sole discretion determine,
subject to the terms of the Plan. To the extent necessary to satisfy the short-term deferral exception to Section 409A of the Code,
unless the Committee shall determine otherwise, the Performance Awards shall provide that payment shall be made within 21⁄2
months after the end of the year in which the Participant has a legally binding vested right to such Award.

 

(ii)         In
the event that the Committee grants a Performance Award or other Award (other than Nonqualified Stock Option or Incentive Stock
Option or Stock Appreciation Right) that is intended to constitute qualified performance-based compensation within the meaning
Section 162(m) of the Code, the following rules shall apply (as such rules may be modified by the Committee to conform with Section
162(m) of the Code and the Treasury Regulations thereunder as may be in effect from time to time, and any amendments, revisions
or successor provisions thereto): (A) payments under the Performance Award shall be made solely on account of the attainment of
one or more objective performance goals established in writing by the Committee not later than 90 days after the commencement of
the period of service to which the Performance Award relates (but, in no event after 25 percent of the period of service has elapsed);
(B) the performance goal(s) to which the Performance Award relates shall be based on one or more of the following business criteria
applied to the Participant and/or a business unit or the Company and/or a Subsidiary: (1) total shareholder return; (2) net revenues
(3) return on total stockholders’ equity; (4) earnings per share of Company Stock; (5) net income (before or after taxes);
(6) return on assets; (7) return on investment; (8) return on capital; (9) economic value added; (10) operating budget or margin;
(11) contribution margin; (12) earnings from continuing operations; levels of expense, cost or liability; (13) earnings before
all or any interest, taxes, depreciation, amortization and/or exploration expense (“EBIT”, “EBITA”,
“EBITDA” or “EBITDAX”); (14) debt reduction; (15) market share; (16) reserve growth; (17)
reserve replacement; (18) production growth; (19) finding/development costs; (20) lease operating expense; (21) captured prospects;
(22) prospecting licenses signed; (23) operated prospects matured to drill ready; (24) drilling programs commenced; (25) drillable
prospects, capabilities and critical path items established; (26) third-party capital sourcing; (27) captured net risked resource
potential; (28) acquisition cost efficiency; (29) central lease sale position; (30) acquisitions of oil and gas interests; (31)
increases in proved, probable or possible reserves; (32) finding and development costs; (33) overhead costs; (34) general and administration
expense; (35) any combination of, or a specified increase or decrease of one or more of the foregoing over a specified period;
and (36) such other criteria as the stockholders of the Company may approve; in each case as applicable, as determined in accordance
with generally accepted accounting principles; and (C) once granted, the Committee may not have discretion to increase the amount
payable under such Award; provided, however, that whether or not an Award is intended to constitute qualified performance-based
compensation within the meaning of Section 162(m) of the Code, the Committee, to the extent provided by the Committee at the time
the Award is granted or as otherwise permitted under Section 162(m) of the Code, shall have the authority, to the extent permitted
by Section 162(m) of the Code to the extent applicable, to make appropriate adjustments in performance goals under an Award to
reflect the impact of extraordinary items not reflected in such goals. For purposes of the Plan, extraordinary items shall be defined
as (1) any profit or loss attributable to acquisitions or dispositions of stock or assets, (2) any changes in accounting standards
that may be required or permitted by the Financial Accounting Standards Board or adopted by the Company after the goal is established,
(3) all items of gain, loss or expense for the year related to restructuring charges for the Company, (4) all items of gain, loss
or expense for the year determined to be extraordinary or unusual in nature or infrequent in occurrence or related to the disposal
of a segment of a business, (5) all items of gain, loss or expense for the year related to discontinued operations that do not
qualify as a segment of a business as defined in APB Opinion No. 30 and (6) such other items as may be prescribed by Section 162(m)
of the Code and the Treasury Regulations thereunder as may be in effect from time to time, and any amendments, revisions or successor
provisions and any changes thereto. The Committee shall, prior to making payment under any Award under this Section 6(f), certify
in writing that all applicable performance goals have been attained. Notwithstanding anything to the contrary contained in the
Plan or in any applicable Award Agreement, no dividends or dividend equivalents will be paid with respect to unvested Performance
Awards.

 

    	9

    	 

    

 

(g)          Other
Stock-or Cash-Based Awards.

 

The Committee is authorized to grant
Awards to Participants in the form of Other Stock-Based Awards or Other Cash-Based Awards, as deemed by the Committee to be consistent
with the purposes of the Plan. To the extent necessary to satisfy the short-term deferral exception to Section 409A of the Code,
unless the Committee shall determine otherwise, the Awards shall provide that payment shall be made within 21⁄2 months after
the end of the year in which the Participant has a legally binding vested right to such Award. The Committee may establish such
other rules applicable to the Other Stock- or Cash-Based Awards to the extent not inconsistent with Section 162(m) of the Code.

 

(h)          Exercisability
of Awards; Cancellation of Awards in Certain Cases.

 

(i)          Except
as hereinafter provided, each Award Agreement with respect to an Option or Stock Appreciation Right shall set forth the period
during which and the conditions subject to which the Option or Stock Appreciation Right evidenced thereby shall be exercisable,
and each Award Agreement with respect to an Award of Restricted Stock, an Award of Stock Bonus, Performance Award or other Award
shall set forth the period after which and the conditions subject to which amounts underlying such Award shall vest or be deliverable,
all such periods and conditions to be determined by the Committee in its sole discretion.

 

(ii)         Except
as provided in Section 7(d) hereof, no Option or Stock Appreciation Right may be exercised and no shares of Company Stock underlying
any other Award under the Plan may vest or become deliverable more than ten (10) years after the date of grant (the “Stated
Expiration Date”).

 

(iii)        Except
as provided in Section 7 hereof, no Option or Stock Appreciation Right may be exercised and no shares of Common Stock underlying
any other Award under the Plan may vest or become deliverable unless the Participant is at such time in the employ (for Participants
who are employees) or service (for Participants who are Nonemployee Directors or consultants) of the Company or a Subsidiary (or
a company, or a parent or subsidiary company of such company, issuing or assuming the relevant right or Award in a Change in Control)
and has remained continuously so employed or in service since the relevant date of grant of the Award.

 

(iv)        An
Option or Stock Appreciation Right shall be exercisable by the filing of a written notice of exercise or a notice of exercise in
such other manner with the Company, on such form and in such manner as the Committee shall in its sole discretion prescribe, and
by payment in accordance with Section 6(i) hereof.

 

    	10

    	 

    

 

(v)         Unless
the applicable Award Agreement provides otherwise, the “Option exercise date” and the “Stock Appreciation Right
exercise date” shall be the date that the written notice of exercise, together with payment, are received by the Company.

 

(i)          Payment
of Award Price.

 

(i)          Unless
the applicable Award Agreement provides otherwise or the Committee in its sole discretion otherwise determines, any written notice
of exercise of an Option or Stock Appreciation Right must be accompanied by payment of the full Option or Stock Appreciation Right
exercise price.

 

(ii)         Payment
of the Option exercise price and of any other payment required by the Award Agreement to be made pursuant to any other Award shall
be made in any combination of the following: (A) by certified or official bank check payable to the Company (or the equivalent
thereof acceptable to the Committee), (B) with the consent of the Committee in its sole discretion, by personal check (subject
to collection) which may in the Committee’s discretion be deemed conditional, (C) unless otherwise provided in the applicable
Award Agreement, and as permitted by the Committee, by delivery of previously-acquired shares of Common Stock owned by the Participant
having a Fair Market Value (determined as of the Option exercise date, in the case of Options, or other relevant payment date as
determined by the Committee, in the case of other Awards) equal to the portion of the exercise price being paid thereby; and/or
(D) unless otherwise provided in applicable Award Agreement, and as permitted by the Committee, on a net-settlement basis with
the Company withholding the amount of Common Stock sufficient to cover the exercise price and tax withholding obligation. Payment
in accordance with clause (D) of this Section 6(i)(ii) may be deemed to be satisfied, if and to the extent that the applicable
Award Agreement so provides or the Committee permits, by delivery to the Company of an assignment of a sufficient amount of the
proceeds from the sale of Company Stock to be acquired pursuant to the Award to pay for all of the Company Stock to be acquired
pursuant to the Award and an authorization to the broker or selling agent to pay that amount to the Company and to effect such
sale at the time of exercise or other delivery of shares of Company Stock.

 

		7.	Termination of Employment.

 

(a)          Unless
the applicable Award Agreement provides otherwise or the Committee in its sole discretion determines otherwise, upon termination
of a Participant’s employment or service with the Company and its Subsidiaries by the Company or its Subsidiary for Cause
(or in the case of a Nonemployee Director upon such Nonemployee Director’s failure to be renominated as Nonemployee Director
of the Company), all outstanding Options and Stock Appreciation Rights granted to such Participant that are either exercisable
or not exercisable as of the date of such termination of employment or service, and any other outstanding Award which is not vested
as of the date of such termination of employment or service shall terminate upon the date of such termination of employment or
service.

 

(b)          Unless
the applicable Award Agreement provides otherwise or the Committee in its sole discretion determines otherwise, upon termination
of the Participant’s employment or service with the Company and its Subsidiaries for any reason other than as described in
subsection (a) or (c) hereof (including for death or Disability), the portions of outstanding Options and Stock Appreciation Rights
granted to such Participant that are exercisable as of the date of such termination of employment or service shall remain exercisable
for a period of ninety (90) days (and shall terminate thereafter), and any payment or notice provided for under the terms of any
other outstanding Award as respects the portion thereof vested as of the date of termination of employment or service may be paid
or given, for a period of ninety (90) days from and including the date of termination of employment or service (and shall terminate
thereafter). All additional portions of outstanding Options or Stock Appreciation Rights granted to such Participant which are
not exercisable as of the date of such termination of employment or service, and any other outstanding Award which is not vested
as of the date of such termination of employment or service shall terminate upon the date of such termination of employment or
service.

 

    	11

    	 

    

 

(c)          Unless
the applicable Award Agreement provides otherwise or the Committee in its sole discretion determines otherwise, upon termination
of a Participant’s employment or service with the Company and its Subsidiaries (i) by the Company or its Subsidiaries without
Cause (including, in case of a Nonemployee Director, the failure to be elected as a Nonemployee Director) or (ii) by the Participant
for “good reason” as determined in the Committee’s sole discretion or any like term as defined under any employment
agreement with the Company or a Subsidiary to which a Participant may be a party to, the portions of outstanding Options and Stock
Appreciation Rights granted to such Participant which are exercisable as of the date of termination of employment or service of
such Participant shall remain exercisable, and any payment or notice provided for under the terms of any other outstanding Award
as respects the portion thereof vested as of the date of termination of employment or service may be paid or given, for a period
of one (1) year from and including the date of termination of employment or service and shall terminate thereafter. Unless the
applicable Award Agreement provides otherwise or the Committee in its sole discretion determines otherwise, any other outstanding
Award shall terminate as of the date of such termination of employment or service.

 

(d)          Notwithstanding
anything in this Section 7 to the contrary, no Option or Stock Appreciation Right may be exercised and no shares of Company Stock
underlying any other Award under the Plan may vest or become deliverable past the Stated Expiration Date.

 

		8.	Effect of Change in Control.

 

Unless otherwise determined in an Award
Agreement, in the event of a Change in Control:

 

(a)          With
respect to each outstanding Award that is assumed or substituted in connection with a Change in Control, in the event of a termination
of a Participant’s employment or service (1) by the Company without Cause or (2) by the Participant for “good reason”
as determined in the Committee’s sole discretion or any like term as defined under any employment agreement with the Company
or a Subsidiary to which a Participant may be a party to, during the 24-month period following such Change in Control, on the date
of such termination (i) such Award shall become fully vested and, if applicable, exercisable, (ii) the restrictions, payment conditions,
and forfeiture conditions applicable to any such Award granted shall lapse, and (iii) any performance conditions imposed with respect
to Awards shall be deemed to be fully achieved at target levels.

 

(b)          With
respect to each outstanding Award that is not assumed or substituted in connection with a Change in Control, immediately upon the
occurrence of the Change in Control, (i) such Award shall become fully vested and, if applicable, exercisable, (ii) the restrictions,
payment conditions, and forfeiture conditions applicable to any such Award granted shall lapse, and (iii) any performance conditions
imposed with respect to Awards shall be deemed to be fully achieved at target levels.

 

(c)          For
purposes of this Section 8, an Award shall be considered assumed or substituted for if, following the Change in Control, the Award
remains subject to the same terms and conditions that were applicable to the Award immediately prior to the Change in Control except
that, if the Award related to a share of Company Stock, the Award instead confers the right to receive common stock of the acquiring
entity.

 

    	12

    	 

    

 

(d)          Notwithstanding
any other provision of the Plan, (i) in the event of a Change in Control, except as would otherwise result in adverse tax consequences
under Section 409A of the Code, the Board may, in its sole discretion, provide that each Award shall, immediately upon the occurrence
of a Change in Control, be cancelled in exchange for a payment in cash or securities in an amount equal to (A) the excess of the
consideration paid per share of Common Stock in the Change in Control over the exercise or purchase price (if any) per share of
Common Stock subject to the Award multiplied by (B) the number of shares of Common Stock granted under the Award and (ii) with
respect to any Award that constitutes a deferral of compensation subject to Section 409A of the Code, in the event of a Change
in Control that does not constitute a change in the ownership or effective control of the Company or in the ownership of a substantial
portion of the assets of the Company under Section 409A(a)(2)(A)(v) of the Code and regulations thereunder, such Award shall be
settled in accordance with its original terms or at such earlier time as permitted by Section 409A of the Code.

 

		9.	Miscellaneous.

 

(a)          Award
Agreements evidencing Awards under the Plan shall contain such other terms and conditions, not inconsistent with the Plan, as the
Committee may determine in its sole discretion, including penalties for the commission of competitive acts or other actions detrimental
to the Company. Notwithstanding any other provision hereof, the Committee shall have the right at any time to deny or delay a Participant’s
exercise of Options if such Participant is reasonably believed by the Committee (i) to be engaged in material conduct adversely
affecting the Company or (ii) to be contemplating such conduct, unless and until the Committee shall have received reasonable assurance
that the Participant is not engaged in, and is not contemplating, such material conduct adverse to the interests of the Company.

 

(b)          Participants
are and at all times shall remain subject to the trading window policies adopted by the Company from time to time throughout the
period of time during which they may exercise Options, Stock Appreciation Rights or sell shares of Company Stock acquired pursuant
to the Plan.

 

		10.	No Special Employment Rights; No Right to Award.

 

(a)          Nothing
contained in the Plan or any Award Agreement shall confer upon any Participant any right with respect to the continuation of employment
or service by the Company or interfere in any way with the right of the Company, subject to the terms of any separate employment
agreement to the contrary, at any time to terminate such employment or service or to increase or decrease the compensation of the
Participant.

 

(b)          No
person shall have any claim or right to receive an Award hereunder. The Committee’s granting of an Award to a Participant
at any time shall neither require the Committee to grant any other Award to such Participant or other person at any time or preclude
the Committee from making subsequent grants to such Participant or any other person.

 

		11.	Securities Matters.

 

(a)          The
Company shall be under no obligation to effect the registration pursuant to the Securities Act of any interests in the Plan or
any shares of Company Stock to be issued hereunder or to effect similar compliance under any other applicable laws. Notwithstanding
anything herein to the contrary, the Company shall not be obligated to cause to be issued or delivered any certificates evidencing
shares of Company Stock pursuant to the Plan unless and until the Company is advised by its counsel that the issuance and delivery
of such certificates is in compliance with all applicable laws, regulations of governmental authorities and the requirements of
any securities exchange on which shares of Company Stock are traded. The Committee may require, as a condition of the issuance
and delivery of certificates evidencing shares of Company Stock pursuant to the terms hereof, that the recipient of such shares
make such agreements and representations, and that such certificates bear such legends, as the Committee, in its sole discretion,
deems necessary or desirable.

 

    	13

    	 

    

 

(b)          The
transfer of any shares of Company Stock hereunder shall be effective only at such time as counsel to the Company shall have determined
that the issuance and delivery of such shares is in compliance with all applicable laws, regulations of governmental authorities
and the requirements of any securities exchange on which shares of Company Stock are traded. The Committee may, in its sole discretion,
defer the effectiveness of any transfer of shares of Company Stock hereunder in order to allow the issuance of such shares to be
made pursuant to registration or an exemption from registration or other methods for compliance available under federal or state
securities laws. The Committee shall inform the Participant in writing of its decision to defer the effectiveness of a transfer.
During the period of such deferral in connection with the exercise of an Award, the Participant may, by written notice, withdraw
such exercise and obtain the refund of any amount paid with respect thereto.

 

		12.	Withholding Taxes.

 

(a)          Whenever
cash is to be paid pursuant to an Award, the Company shall have the right to deduct therefrom an amount sufficient to satisfy any
federal, state, local and other withholding tax requirements related thereto.

 

(b)          Whenever
shares of Company Stock are to be delivered pursuant to an Award, the Company shall have the right to require the Participant to
remit to the Company in cash an amount sufficient to satisfy any federal, state, local and other withholding tax requirements related
thereto. With the approval of the Committee, a Participant may satisfy the foregoing requirement by electing to have the Company
withhold from delivery shares of Company Stock having a value equal to the minimum amount of tax required to be withheld. Such
shares shall be valued at their Fair Market Value on the date of which the amount of tax to be withheld is determined. Fractional
share amounts shall be settled in cash. Such a withholding election may be made with respect to all or any portion of the shares
to be delivered pursuant to an Award.

 

		13.	Non-Competition, Code of Ethics and Clawback Policy.

 

By accepting Awards and as a condition to
the exercise of Awards and the enjoyment of any benefits of the Plan, including participation therein, each Participant agrees
to be bound by and subject to non-competition, confidentiality and invention ownership agreements acceptable to the Committee or
any officer or director to whom the Committee elects to delegate such authority and the Company’s code of ethics policy and
other policies applicable to such Participant as is in effect from time to time. Awards shall be subject to any clawback policy
adopted by the Company from time to time.

 

		14.	Notification of Election Under Section 83(b) of the Code.

 

If any Participant shall, in connection
with the acquisition of shares of Company Stock under the Plan, make the election permitted under Section 83(b) of the Code, such
Participant shall notify the Company of such election within 10 days of filing notice of the election with the Internal Revenue
Service.

 

		15.	Amendment or Termination of the Plan.

 

The Board of Directors or the Committee
may, at any time, suspend or terminate the Plan or revise or amend it in any respect whatsoever; provided, however,
that the requisite stockholder approval shall be required if and to the extent the Board of Directors or Committee determines that
such approval is appropriate or necessary for purposes of satisfying Sections 162(m) or 422 of the Code or Rule 16b-3 or other
applicable law. Awards may be granted under the Plan prior to the receipt of such stockholder approval of the Plan but each such
grant shall be subject in its entirety to such approval and no Award may be exercised, vested or otherwise satisfied prior to the
receipt of such approval. No amendment or termination of the Plan may, without the consent of a Participant, adversely affect the
Participant’s rights under any outstanding Award.

 

    	14

    	 

    

 

		16.	Transfers Upon Death; Nonassignability.

 

(a)          A
Participant may file with the Committee a written designation of a beneficiary on such form as may be prescribed by the Committee
and may, from time to time, amend or revoke such designation. If no designated beneficiary survives the Participant, upon the death
of a Participant, outstanding Awards granted to such Participant may be exercised only by the executor or administrator of the
Participant’s estate or by a person who shall have acquired the right to such exercise by will or by the laws of descent
and distribution. No transfer of an Award by will or the laws of descent and distribution shall be effective to bind the Company
unless the Committee shall have been furnished with written notice thereof and with a copy of the will and/or such evidence as
the Committee may deem necessary to establish the validity of the transfer and an agreement by the transferee to comply with all
the terms and conditions of the Award that are or would have been applicable to the Participant and to be bound by the acknowledgments
made by the Participant in connection with the grant of the Award.

 

(b)          During
a Participant’s lifetime, the Committee may, in its discretion, pursuant to the provisions set forth in this clause (b),
permit the transfer, assignment or other encumbrance of an outstanding Option unless such Option is an Incentive Stock Option and
the Committee and the Participant intends that it shall retain such status. Subject to the approval of the Committee and to any
conditions that the Committee may prescribe, a Participant may, upon providing written notice to the Chief Financial Officer (or
other designated officer) of the Company, elect to transfer any or all Options granted to such Participant pursuant to the Plan
to members of his or her immediate family, including, but not limited to, children, grandchildren and spouse or to trusts for the
benefit of such immediate family members or to partnerships in which such family members are the only partners; provided,
however, that no such transfer by any Participant may be made in exchange for consideration. Any such transferee must agree,
in writing, to be bound by all provisions of the Plan.

 

		17.	Effective Date and Term of Plan.

 

The Plan shall become effective on the Effective
Date, but the Plan (and any grants of Awards made prior to stockholder approval of the Plan) shall be subject to the requisite
approval of the stockholders of the Company. In the absence of such approval, such Awards shall be null and void. Unless earlier
terminated by the Board of Directors, the right to grant Awards under the Plan shall terminate on the tenth anniversary of the
Effective Date. Awards outstanding at Plan termination shall remain in effect according to their terms and the provisions of the
Plan.

 

		18.	Applicable Law.

 

Except to the extent preempted by any applicable
federal law, the Plan shall be construed and administered in accordance with the laws of the State of Colorado, without reference
to its principles of conflicts of law.

 

		19.	Participant Rights.

 

(a)          No
Participant shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment
for Participants. Except as provided specifically herein, a Participant or a transferee of an Award shall have no rights as a stockholder
with respect to any shares covered by any Award until the date of the issuance of a Company Stock certificate to him or her for
such shares.

 

(b)          Determinations
by the Committee under the Plan relating to the form, amount and terms and conditions of grants and Awards need not be uniform,
and may be made selectively among persons who receive or are eligible to receive grants and Awards under the Plan, whether or not
such persons are similarly situated.

 

    	15

    	 

    

 

		20.	Unfunded Status of Awards.

 

The Plan is intended to constitute an “unfunded”
plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant pursuant to an Award,
nothing contained in the Plan or any Award Agreement shall give any such Participant any rights that are greater than those of
a general creditor of the Company.

 

		21.	No Fractional Shares.

 

No fractional shares of Company Stock shall
be issued or delivered pursuant to the Plan. The Committee shall determine whether cash, other Awards, or other property shall
be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited
or otherwise eliminated.

 

		22.	Interpretation.

 

The Plan is designed and intended to the
extent applicable, to comply with Section 162(m) of the Code, and to provide for grants and other transactions which are exempt
under Rule 16b-3, and all provisions hereof shall be construed in a manner to so comply. Awards under the Plan are intended to
comply with Code Section 409A to the extent subject thereto and the Plan and all Awards shall be interpreted in accordance with
Code Section 409A and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation
any such regulations or other guidance that may be issued after the effective date of the Plan. Notwithstanding any provision in
the Plan to the contrary, no payment or distribution under this Plan that constitutes an item of deferred compensation under Code
Section 409A and becomes payable by reason of a Participant’s termination of employment or service with the Company will
be made to such Participant until such Participant’s termination of employment or service constitutes a “separation
from service” (as defined in Code Section 409A). For purposes of this Plan, each amount to be paid or benefit to be provided
shall be construed as a separate identified payment for purposes of Code Section 409A. If a participant is a “specified employee”
(as defined in Code Section 409A), then to the extent necessary to avoid the imposition of taxes under Code Section 409A, such
Participant shall not be entitled to any payments upon a termination of his or her employment or service until the earlier of:
(a) the expiration of the six (6)-month period measured from the date of such Participant’s “separation from service”
or (b) the date of such Participant’s death. Upon the expiration of the applicable waiting period set forth in the preceding
sentence, all payments and benefits deferred pursuant to this Section 22 (whether they would have otherwise been payable in a single
lump sum or in installments in the absence of such deferral) shall be paid to such Participant in a lump sum as soon as practicable,
but in no event later than sixty (60) calendar days, following such expired period, and any remaining payments due under this Plan
will be paid in accordance with the normal payment dates specified for them herein.

 

 

* * * * * *
* * 

Approved and
adopted by the stockholders of the Company on November 16, 2012

 

    	16ASSIGNMENT AND ASSUMPTION AGREEMENT

 

This Assignment and Assumption Agreement (this “Agreement”)
is made as of November 12, 2012 by and between SmartMetric, Inc., a Nevada
corporation (“Assignee”), and Applied
Cryptography, Inc., a Belize corporation (“Assignor”).

 

W I T N E S S E T H:

 

WHEREAS, the
Assignor is the designer and creator of certain product designs, specifically the trademarked Medical KeyringTM (the “Medical
Keyring”); and

 

WHEREAS, the
Medical Keyring is being offered to SmartMetric, Inc. as a fully developed and engineered device that provides individuals with
a completely portable, self-contained, guaranteed private, electronic medical records storage and delivery.

 

 

WHEREAS, Assignor
desires to assign to Assignee all of Assignor’s rights, title and interest to the Patent and Assignee is willing to accept
assignment of such rights and obligations.

 

NOW, THEREFORE,
in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which the parties
acknowledge, Assignor and Assignee, intending to be legally bound, hereby agree as follows:

 

1.     
Defined Terms; Interpretation. Except as otherwise set forth herein, capitalized terms used herein have the
meanings assigned to them in the License Agreement.

 

2.     
Assignment and Assumption. Effective as of the date hereof, (a) Assignor hereby conveys, assigns, and transfers
to Assignee, its successors and permitted assigns, all of Assignor’s rights, title and interest in and to the Patent and
delegates to Assignee all of its duties and obligations to be performed, or arising on or after the date hereof under the Patent,
and (b) Assignee hereby accepts the above assignment of all of Assignor’s rights, title and interest to the Patent and the
rights and delegation of duties and obligations and agrees to be bound by and to assume such duties and obligations. Assignee’s
representatives shall be responsible for preparing any documents that Assignee records to perfect its right, title and interest
in the Patent in any jurisdiction. Not later than ninety (90) days after the date of this Agreement, Assignee shall provide Assignor
with any documents requiring Assignor’s signature suitable for recording. 

 

3.     
Consideration. In consideration for the assignment of the Medical Keyring as set forth in Section 2, the Assignee
shall issue the Assignor 200,000 shares of the Assignee’s Series B Preferred Stock (the “Shares”), the receipt
and sufficiency of which the parties acknowledge.

 

    	 

    	 	

    
 

4.     
Representations and Warranties of Assignor. Assignor represents and warrants to Assignee as of the date hereof
and as of the Closing Date that:

 

a.      
Assignor has the legal right and requisite power and authority to make and enter into this Agreement, and to perform its
obligations hereunder and to comply with the provisions hereof. The execution, delivery and performance of this Agreement by Assignor
has been duly authorized by all necessary Assignee action on its part. The execution, delivery and performance of this Agreement
by Assignor does not and will not contravene the charter, bylaws or other organizational documents of Assignor. This Agreement
has been duly executed and delivered by Assignor and constitute the valid and binding obligation of Assignor enforceable against
it in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, moratorium or
other similar laws affecting the rights of creditors generally and except that the availability of equitable remedies, including
specific performance, is subject to the discretion of the court before which any proceeding therefor may be brought.

 

b.     
The execution, delivery and performance of this Agreement by Assignor and the compliance by Assignor with the provisions
hereof, do not and will not (with or without notice or lapse of time, or both) conflict with, or result in any violation of, or
default under, or give rise to any right of termination, cancellation or acceleration of any obligation under any loan or credit
agreement, note, bond, mortgage, indenture, lease or other agreement, instrument, permit, concession, franchise, license, judgment,
order, decree, statute, law, ordinance, rule or regulation applicable to Assignor or any of its properties or assets, other than
any such conflicts, violations, defaults, or other effects which, individually or in the aggregate, do not and will not prevent,
restrict or impede Assignor’s performance of its obligations under and compliance with the provisions of this Agreement and
the other transaction documents executed in connection herewith.

 

c.      
No consent, approval, order or authorization of, or registration, declaration or filing with, any governmental or regulatory
authority or any other person or entity (other than any of the foregoing which have been obtained and, at the date in question,
are then in effect) is required under existing laws as a condition to the execution, delivery or performance of this Agreement
by Assignor.

 

d.     
Assignor understands that the Shares are “restricted securities” and have not been registered under the Securities
Act of 1933, as amended (the “Securities Act”) or any applicable state securities law and is acquiring the Shares as
principal for its own account and not with a view to or for distributing or reselling such Shares or any part thereof in violation
of the Securities Act or any applicable state securities law, has no present intention of distributing any of such Securities in
violation of the Securities Act or any applicable state securities law and has no direct or indirect arrangement or understandings
with any other persons to distribute or regarding the distribution of such Shares (this representation and warranty not limiting
such Purchaser’s right to sell the Securities pursuant to the Registration Statement or otherwise in compliance with applicable
federal and state securities laws) in violation of the Securities Act or any applicable state securities law. Such Purchaser is
acquiring the Securities hereunder in the ordinary course of its business

 

e.      
Assignor, either alone or together with its representatives, has such knowledge, sophistication and experience in business
and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Shares, and has
so evaluated the merits and risks of such investment.

 

    	2

    	 	

    
 

f.      
Assignor, as of the date hereof, is, and on each date on which it converts Shares it will be either: (i) an “accredited
investor” as defined in Rule 501(a) under the Securities Act or (ii) a “qualified institutional buyer” as defined
in Rule 144A(a) under the Securities Act.

 

5.     
Representations and Warranties of Assignee. Assignee represents and warrants to Assignor as of the date hereof
and as of the Closing Date that:

 

a.      
Assignee has the legal right and requisite power and authority to make and enter into this Agreement, and to perform its
obligations hereunder and to comply with the provisions hereof. The execution, delivery and performance of this Agreement by Assignee
have been duly authorized by all necessary corporate action on its part. The execution, delivery and performance of this Agreement
by Assignee does not and will not contravene the charter, bylaws or other organizational documents of Assignee. This Agreement
has been duly executed and delivered by Assignee and constitutes the valid and binding obligation of Assignee enforceable against
it in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, moratorium or
other similar laws affecting the rights of creditors generally and except that the availability of equitable remedies, including
specific performance, is subject to the discretion of the court before which any proceeding therefor may be brought.

 

b.     
The execution, delivery and performance of this Agreement by Assignee and the compliance by Assignee with the provisions
hereof and thereof, do not and will not (with or without notice or lapse of time, or both) conflict with, or result in any violation
of, or default under, or give rise to any right of termination, cancellation or acceleration of any obligation under any loan or
credit agreement, note, bond, mortgage, indenture, lease or other agreement, instrument, permit, concession, franchise, license,
judgment, order, decree, statute, law, ordinance, rule or regulation applicable to Assignee or any of its properties or assets,
other than any such conflicts, violations, defaults, or other effects which, individually or in the aggregate, do not and will
not prevent, restrict or impede Assignee’s performance of its obligations under and compliance with the provisions of this
Agreement and the other transaction documents executed in connection herewith.

 

c.      
No consent, approval, order or authorization of, or registration, declaration or filing with, any governmental or regulatory
authority or any other person or entity (other than any of the foregoing which have been obtained and, at the date in question,
are then in effect) is required under existing laws as a condition to the execution, delivery or performance of this Agreement
and the Station Purchase Agreement by Assignee.

 

6.     
Further Assurances. Each party to this Agreement agrees to execute, acknowledge, deliver, file and record,
and to cause to be executed, acknowledged, delivered, filed and recorded, such further certificates, instruments, and documents
and to do, and cause to be done, all such other acts and things, as may be required by law, or as may, in the reasonable opinion
of the other party hereto, be necessary or advisable to carry out the purposes of this Agreement.

 

7.     
Binding Effect; Amendments. This Agreement shall be binding upon and shall inure to the benefit of the parties
hereto and their respective legal representatives, successors and assigns. No modification, amendment or waiver of any provision
of, or consent or approval required by, this Agreement, nor any consent to or approval of any departure herefrom, shall be effective
unless it is in writing and signed by the party against whom enforcement of any such modification, amendment, waiver, consent or
approval is sought.

 

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8.     
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this
Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without
regard to the principles of conflicts of law thereof. Each party hereby irrevocably submits to the exclusive jurisdiction of the
state and federal courts sitting in New York County, New York for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any
suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being
served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery
(with evidence of delivery). Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner
permitted by law. Each party irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial
by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. If either
party shall commence an action or proceeding to enforce any provisions of the documents contemplated herein, then the prevailing
party in such action or proceeding shall be reimbursed by the other party for its attorney’s fees and other costs and expenses
incurred with the investigation, preparation and prosecution of such action or proceeding.

 

9.     
Assignment. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned
by Assignee without the prior written consent of Assignor, such consent to be in its sole and absolute discretion. Without the
consent of Assignee, Assignor may assign its rights and obligations under this Agreement to any other party or parties; provided
that Assignor shall not thereby be released of its obligations hereunder.

 

10. 
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions
set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially
the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to
be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without
including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

11. 
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder
shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile telephone number specified in this Section prior to 6:30 p.m. (New York
City time) on a Business Day, (ii) the Business Day after the date of transmission, if such notice or communication is delivered
via facsimile at the facsimile telephone number specified in this Agreement later than 6:30 p.m. (New York City time) on any date
and earlier than 11:59 p.m. (New York City time) on such date, (iii) the Business Day following the date of mailing, if sent by
U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required
to be given.

 

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12. 
Entire Agreement. The Agreement contains the entire understanding of the parties with respect to the subject
matter hereof and supersedes all prior agreements and understandings, oral or written, with respect to such matters, which the
parties acknowledge have been merged into such documents, exhibits and schedules

 

13. 
Survival. The representations, warranties, agreements and covenants contained herein shall survive the Closing.

 

14. 
No Waiver. The waiver by any party of the breach of any of the terms and conditions of, or any right under,
this Agreement shall not be deemed to constitute the waiver of any other breach of the same or any other term or condition or of
any similar right. No such waiver shall be binding or effective unless expressed in writing and signed by the party giving such
waiver.

 

15. 
Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall
be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered
to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is
delivered by facsimile transmission, such signature shall create a valid and binding obligation of the party executing (or on whose
behalf such signature is executed) the same with the same force and effect as if such facsimile signature page were an original
thereof.

 

[Remainder of page intentionally left
blank; signature page follows]

 

  

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IN WITNESS WHEREOF,
the parties hereto have caused this Assignment and Assumption Agreement to be duly executed by their respective authorized signatories
as of the date first indicated above.

 

	 	ASSIGNOR:
	 	 
	 	APPLIED CRYPTOgraphy, Inc.
	 	 
	 	By: /s/ Chaya Coleena Hendrick
	 	Name: Chaya Coleena Hendrick
	 	Title: Chief Executive Officer
	 	 
	 	 
	 	 
	 	ASSIGNEE:
	 	 
	 	 
	 	SMARTMETRIC, INC.
	 	 
	 	By: /s/ Chaya Coleena Hendrick
	 	Name: Chaya Coleena Hendrick
	 	Title: Chief Executive Officer

 

 

    	6

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