Document:

INDEMNIFICATION
AGREEMENT

This Indemnification
Agreement ("Agreement") is made as of ________ __, 20__ by and between Dynasil Corporation of America, a Delaware corporation
(the "Company"), and ______________ ("Indemnitee"). This Agreement supersedes and replaces any and all previous
Agreements between the Company and Indemnitee covering the subject matter of this Agreement.

RECITALS

WHEREAS, highly
competent persons have become more reluctant to serve publicly-held corporations as [directors] [officers] or in other capacities
unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims
and actions against them arising out of their service to and activities on behalf of the corporation;

WHEREAS, the By-laws
of the Company (the “By-laws) require indemnification of the officers and directors of the Company. Indemnitee may also be
entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (the "DGCL"). The By-laws
and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate
that contracts may be entered into between the Company and members of the board of directors, officers and other persons with respect
to indemnification;

WHEREAS, the uncertainties
relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons;

WHEREAS, the Board
has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the
Company and its stockholders and that the Company should act to assure such persons that there will be increased certainty of such
protection in the future;

WHEREAS, it is reasonable,
prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such
persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue
concern that they will not be so indemnified;

WHEREAS, this Agreement
is a supplement to and in furtherance of the By-laws and any resolutions adopted pursuant thereto, and shall not be deemed a substitute
therefor, nor to diminish or abrogate any rights of Indemnitee thereunder;

WHEREAS, Indemnitee
does not regard the protection available under the By-laws and insurance as adequate in the present circumstances, and may not
be willing to serve as an officer or director without adequate protection, and the Company desires Indemnitee to serve in such
capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on
the condition that he be so indemnified; and

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NOW, THEREFORE,
in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as
follows:

Section 1.
Services to the Company. Indemnitee agrees to serve [as a [director] [officer] [employee] [agent] of the Company] [, at
the request of the Company, as a [director] [officer] [employee] [agent] [fiduciary] of [another corporation, partnership, joint
venture, trust or other enterprise]. Indemnitee may at any time and for any reason resign from such position (subject to any other
contractual obligation or any obligation imposed by operation of law), in which event the Company shall have no obligation under
this Agreement to continue Indemnitee in such position. This Agreement shall not be deemed an employment contract between the Company
(or any of its subsidiaries or any Enterprise) and Indemnitee. Indemnitee specifically acknowledges that Indemnitee's employment
with the Company (or any of its subsidiaries or any Enterprise), if any, is at will, and the Indemnitee may be discharged at any
time for any reason, with or without cause, except as may be otherwise provided in any written employment contract between Indemnitee
and the Company (or any of its subsidiaries or any Enterprise), other applicable formal severance policies duly adopted by the
Board, or, with respect to service as a director or officer of the Company, by the Certificate of Incorporation, the Company's
By-laws, and the DGCL. The foregoing notwithstanding, this Agreement shall continue in force after Indemnitee has ceased to serve
[as an [officer] [director] [agent] [employee] of the Company] [, at the request of the Company, as a [director] [officer] [employee]
[agent] [fiduciary] of [another corporation, partnership, joint venture, trust or other enterprise], as provided in Section 16
hereof.

Section 2.
Definitions. As used in this Agreement:

(a) References
to “agent” shall mean any person who is or was a director, officer, or employee of the Company or a subsidiary of the
Company or other person authorized by the Company to act for the Company, to include such person serving in such capacity as a
director, officer, employee, fiduciary or other official of another corporation, partnership, limited liability company, joint
venture, trust or other enterprise at the request of, for the convenience of, or to represent the interests of the Company or a
subsidiary of the Company.

(b) A "Change
in Control" shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following events:

i. Acquisition
of Stock by Third Party. Any Person (as defined below) is or becomes the Beneficial Owner (as defined below), directly or indirectly,
of securities of the Company representing fifty percent (50%) or more of the combined voting power of the Company's then outstanding
securities unless the change in relative Beneficial Ownership of the Company's securities by any Person results solely from a reduction
in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors;

ii. Change
in Board of Directors. During any period of two (2) consecutive years (not including any period prior to the execution of this
Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated
by a person who has entered into an agreement with the Company to effect a transaction described in Sections 2(b)(i), 2(b)(iii)
or 2(b)(iv)) whose election by the Board or nomination for election by the Company's stockholders was approved by a vote of at
least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election
or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the members of
the Board;

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iii. Corporate
Transactions. The effective date of a merger or consolidation of the Company with any other entity, other than 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) more than 51%
of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation
and with the power to elect at least a majority of the board of directors or other governing body of such surviving entity;

iv. Liquidation.
The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition
by the Company of all or substantially all of the Company's assets; and

v. Other
Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A
of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined
below), whether or not the Company is then subject to such reporting requirement.

For purposes of this Section 2(b), the following terms shall
have the following meanings:

(A) "Exchange
Act" shall mean the Securities Exchange Act of 1934, as amended from time to time.

(B) "Person"
shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that Person shall exclude
(i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (iii)
any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their
ownership of stock of the Company.

(C) "Beneficial
Owner" shall have the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however, that Beneficial
Owner shall exclude any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company approving a merger
of the Company with another entity.

(c) "Corporate
Status" describes the status of a person who is or was a director, officer, employee or agent of the Company or of any other
corporation, limited liability company, partnership or joint venture, trust or other enterprise which such person is or was serving
at the request of the Company.

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(d) "Disinterested
Director" shall mean a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.

(e) "Enterprise"
shall mean the Company and any other corporation, limited liability company, partnership, joint venture, trust or other enterprise
of which Indemnitee is or was serving at the request of the Company as a director, officer, trustee, partner, managing member,
employee, agent or fiduciary.

(f) "Expenses"
shall include all reasonable attorneys' fees, retainers, court costs, transcript costs, fees of experts and other professionals,
witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees,
any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under
this Agreement, ERISA excise taxes and penalties, and all other disbursements or expenses of the types customarily incurred in
connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in,
or otherwise participating in, a Proceeding. Expenses also shall include (i) Expenses incurred in connection with any appeal resulting
from any Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas
bond, or other appeal bond or its equivalent, and (ii) for purposes of Section 14(d) only, Expenses incurred by Indemnitee in connection
with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement, by litigation or otherwise. The parties
agree that for the purposes of any advancement of Expenses for which Indemnitee has made written demand to the Company in accordance
with this Agreement, all Expenses included in such demand that are certified by affidavit of Indemnitee’s counsel as being
reasonable shall be presumed conclusively to be reasonable. Expenses, however, shall not include amounts paid in settlement by
Indemnitee or the amount of judgments or fines against Indemnitee.

(g) "Independent
Counsel" shall mean a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently
is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either
such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar
indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding
the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional
conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine
Indemnitee's rights under this Agreement. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel
referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out
of or relating to this Agreement or its engagement pursuant hereto.

(h) The term
"Proceeding" shall include any threatened, pending or completed action, suit, claim, counterclaim, cross claim, arbitration,
mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened
or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative,
legislative, or investigative (formal or informal) nature, including any appeal therefrom, in which Indemnitee was, is or will
be involved as a party, potential party, non-party witness or otherwise by reason of the fact that Indemnitee is or was a director
or officer of the Company, by reason of any action taken by him (or a failure to take action by him) or of any action (or failure
to act) on his part while acting pursuant to his Corporate Status, in each case whether or not serving in such capacity at the
time any liability or Expense is incurred for which indemnification, reimbursement, or advancement of Expenses can be provided
under this Agreement. If the Indemnitee believes in good faith that a given situation may lead to or culminate in the institution
of a Proceeding, this shall be considered a Proceeding under this paragraph.

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(i) Reference
to "other enterprise" shall include employee benefit plans; references to "fines" shall include any excise
tax assessed with respect to any employee benefit plan; references to "serving at the request of the Company" shall include
any service as a director, officer, employee or agent of the Company which imposes duties on, or involves services by, such director,
officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted
in good faith and in a manner he reasonably believed to be in the best interests of the participants and beneficiaries of an employee
benefit plan shall be deemed to have acted in manner "not opposed to the best interests of the Company" as referred to
in this Agreement.

Section 3.
Indemnity in Third-Party Proceedings. The Company shall indemnify Indemnitee in accordance with the provisions of this Section
3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in
the right of the Company to procure a judgment in its favor. Pursuant to this Section 3, Indemnitee shall be indemnified to the
fullest extent permitted by applicable law against all Expenses, judgments, fines and amounts paid in settlement (including all
interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines and
amounts paid in settlement) actually and reasonably incurred by Indemnitee or on his behalf in connection with such Proceeding
or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he reasonably believed to be in or not
opposed to the best interests of the Company and, in the case of a criminal Proceeding had no reasonable cause to believe that
his conduct was unlawful. The parties hereto intend that this Agreement shall provide to the fullest extent permitted by law for
indemnification in excess of that expressly permitted by statute, including, without limitation, any indemnification provided by
the Certificate of Incorporation, the By-laws, vote of its stockholders or disinterested directors or applicable law.

Section 4.
Indemnity in Proceedings by or in the Right of the Company. The Company shall indemnify Indemnitee in accordance with the
provisions of this Section 4 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or
in the right of the Company to procure a judgment in its favor. Pursuant to this Section 4, Indemnitee shall be indemnified to
the fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by him or on his behalf in
connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he reasonably
believed to be in or not opposed to the best interests of the Company. No indemnification for Expenses shall be made under this
Section 4 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable
to the Company, unless and only to the extent that the Delaware Court of Chancery or any court in which the Proceeding was brought
shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case,
Indemnitee is fairly and reasonably entitled to indemnification.

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Section 5.
Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions of this
Agreement, to the fullest extent permitted by applicable law and to the extent that Indemnitee is a party to (or a participant
in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole
or in part, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him in connection therewith.
If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but
less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually
and reasonably incurred by him or on his behalf in connection with or related to each successfully resolved claim, issue or matter
to the fullest extent permitted by law. For purposes of this Section and without limitation, the termination of any claim, issue
or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim,
issue or matter.

Section 6.
Indemnification For Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the fullest extent
permitted by applicable law and to the extent that Indemnitee is, by reason of his Corporate Status, a witness or otherwise asked
to participate in any Proceeding to which Indemnitee is not a party, he shall be indemnified against all Expenses actually and
reasonably incurred by him or on his behalf in connection therewith.

Section 7.
Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company
for some or a portion of Expenses, but not, however, for the total amount thereof, the Company shall nevertheless indemnify Indemnitee
for the portion thereof to which Indemnitee is entitled.

Section 8.
Additional Indemnification.

(a) Notwithstanding
any limitation in Sections 3, 4, or 5, the Company shall indemnify Indemnitee to the fullest extent permitted by applicable law
if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the
Company to procure a judgment in its favor) against all Expenses, judgments, fines and amounts paid in settlement (including all
interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines and
amounts paid in settlement) actually and reasonably incurred by Indemnitee in connection with the Proceeding.

(b) For purposes
of Section 8(a), the meaning of the phrase "to the fullest extent permitted by applicable law" shall include, but not
be limited to:

i. to the
fullest extent permitted by the provision of the DGCL that authorizes or contemplates additional indemnification by agreement,
or the corresponding provision of any amendment to or replacement of the DGCL, and

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ii. to the
fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement
that increase the extent to which a corporation may indemnify its officers and directors.

Section 9.
Exclusions. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to
make any indemnification payment in connection with any claim made against Indemnitee:

(a) for which
payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except with
respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; or

(b) for (i)
an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within
the meaning of Section 16(b) of the Exchange Act (as defined in Section 2(b) hereof) or similar provisions of state statutory law
or common law, or (ii) any reimbursement of the Company by the Indemnitee of any bonus or other incentive-based or equity-based
compensation or of any profits realized by the Indemnitee from the sale of securities of the Company, as required in each case
under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to
Section 304 of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"), or the payment to the Company of profits arising
from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act); or

(c) except
as provided in Section 14(d) of this Agreement, in connection with any Proceeding (or any part of any Proceeding) initiated by
Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors,
officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior
to its initiation or (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the
Company under applicable law.

Section 10.
Advances of Expenses. Notwithstanding any provision of this Agreement to the contrary (other than Section 14(d)), the Company
shall advance, to the extent not prohibited by law, the Expenses incurred by Indemnitee in connection with any Proceeding (or any
part of any Proceeding) not initiated by Indemnitee, and such advancement shall be made within thirty (30) days after the receipt
by the Company of a statement or statements requesting such advances from time to time, whether prior to or after final disposition
of any Proceeding. Advances shall be unsecured and interest free. Advances shall be made without regard to Indemnitee's ability
to repay the Expenses and without regard to Indemnitee's ultimate entitlement to indemnification under the other provisions of
this Agreement. In accordance with Section 14(d), advances shall include any and all reasonable Expenses incurred pursuing an action
to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support
the advances claimed. The Indemnitee shall qualify for advances upon the execution and delivery to the Company of this Agreement,
which shall constitute an undertaking providing that the Indemnitee undertakes to repay the amounts advanced (without interest)
to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company. No other form
of undertaking shall be required other than the execution of this Agreement. This Section 10 shall not apply to any claim made
by Indemnitee for which indemnity is excluded pursuant to Section 9.

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Section 11.
Procedure for Notification and Defense of Claim.

(a) Indemnitee
shall notify the Company in writing of any matter with respect to which Indemnitee intends to seek indemnification or advancement
of Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof. The written
notification to the Company shall include a description of the nature of the Proceeding and the facts underlying the Proceeding.
To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or
therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine
whether and to what extent Indemnitee is entitled to indemnification following the final disposition of such Proceeding. The omission
by Indemnitee to notify the Company hereunder will not relieve the Company from any liability which it may have to Indemnitee hereunder
or otherwise than under this Agreement, and any delay in so notifying the Company shall not constitute a waiver by Indemnitee of
any rights under this Agreement. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification,
advise the Board in writing that Indemnitee has requested indemnification.

(b) The Company
will be entitled to participate in the Proceeding at its own expense.

Section 12.
Procedure Upon Application for Indemnification.

(a) Upon written
request by Indemnitee for indemnification pursuant to Section 11(a), a determination, if required by applicable law, with respect
to Indemnitee's entitlement thereto shall be made in the specific case: (i) if a Change in Control shall have occurred, by Independent
Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (ii) if a Change in Control shall
not have occurred, (A) by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (B) by a
committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum
of the Board, (C) if there are no such Disinterested Directors or, if such Disinterested Directors so direct, by Independent Counsel
in a written opinion to the Board, a copy of which shall be delivered to Indemnitee or (D) if so directed by the Board, by the
stockholders of the Company; and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee
shall be made within ten (10) days after such determination. Indemnitee shall cooperate with the person, persons or entity making
such determination with respect to Indemnitee's entitlement to indemnification, including providing to such person, persons or
entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure
and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses (including
attorneys' fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination
shall be borne by the Company (irrespective of the determination as to Indemnitee's entitlement to indemnification) and the Company
hereby indemnifies and agrees to hold Indemnitee harmless therefrom. The Company promptly will advise Indemnitee in writing with
respect to any determination that Indemnitee is or is not entitled to indemnification, including a description of any reason or
basis for which indemnification has been denied.

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(b) In the
event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12(a) hereof,
the Independent Counsel shall be selected as provided in this Section 12(b). If a Change in Control shall not have occurred,
the Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising him of
the identity of the Independent Counsel so selected. If a Change in Control shall have occurred, the Independent Counsel shall
be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board, in which event the preceding
sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel
so selected. In either event, Indemnitee or the Company, as the case may be, may, within ten (10) days after such written notice
of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection;
provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected
does not meet the requirements of "Independent Counsel" as defined in Section 2 of this Agreement, and the objection
shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected
shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may
not serve as Independent Counsel unless and until such objection is withdrawn or the Delaware Court has determined that such objection
is without merit. If, within twenty (20) days after the later of submission by Indemnitee of a written request for indemnification
pursuant to Section 11(a) hereof and the final disposition of the Proceeding, no Independent Counsel shall have been selected
and not objected to, either the Company or Indemnitee may petition the Delaware Court for resolution of any objection which shall
have been made by the Company or Indemnitee to the other's selection of Independent Counsel and/or for the appointment as Independent
Counsel of a person selected by such court or by such other person as such court shall designate, and the person with respect to
whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 12(a) hereof.
Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 14(a) of this Agreement, Independent Counsel
shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional
conduct then prevailing).

Section 13.
Presumptions and Effect of Certain Proceedings.

(a) In making
a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
shall, to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification under this Agreement
if Indemnitee has submitted a request for indemnification in accordance with Section 11(a) of this Agreement, and the Company shall,
to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption in connection with the making
by any person, persons or entity of any determination contrary to that presumption. Neither the failure of the Company (including
by its directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this
Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor
an actual determination by the Company (including by its directors or Independent Counsel) that Indemnitee has not met such applicable
standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard
of conduct.

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(b) Subject
to Section 14(e), if the person, persons or entity empowered or selected under Section 12 of this Agreement to determine whether
Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the Company
of the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent not prohibited
by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee
of a material fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection
with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that
such 60-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons
or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for
the obtaining or evaluating of documentation and/or information relating thereto; and provided, further, that the foregoing provisions
of this Section 13(b) shall not apply (i) if the determination of entitlement to indemnification is to be made by the stockholders
pursuant to Section 12(a) of this Agreement and if (A) within fifteen (15) days after receipt by the Company of the request for
such determination the Board has resolved to submit such determination to the stockholders for their consideration at an annual
meeting thereof to be held within seventy-five (75) days after such receipt and such determination is made thereat, or (B) a special
meeting of stockholders is called within fifteen (15) days after such receipt for the purpose of making such determination, such
meeting is held for such purpose within sixty (60) days after having been so called and such determination is made thereat, or
(ii) if the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12(a) of this
Agreement.

(c) The termination
of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo
contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect
the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which
he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding,
that Indemnitee had reasonable cause to believe that his conduct was unlawful.

(d) For purposes
of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee's action is based on the
records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the
directors or officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or
on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser
or other expert selected with the reasonable care by the Enterprise. The provisions of this Section 13(d) shall not be deemed to
be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard
of conduct set forth in this Agreement.

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(e) The knowledge
and/or actions, or failure to act, of any director, officer, trustee, partner, managing member, fiduciary, agent or employee of
the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

Section 14.
Remedies of Indemnitee.

(a) Subject
to Section 14(e), in the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not
entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 10 of
this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 12(a) of this
Agreement within ninety (90) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification
is not made pursuant to Section 5, 6 or 7 or the last sentence of Section 12(a) of this Agreement within ten (10) days after
receipt by the Company of a written request therefor, (v) payment of indemnification pursuant to Section 3, 4 or 8 of this Agreement
is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or (vi) in
the event that the Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable,
or institutes any litigation or other action or Proceeding designed to deny, or to recover from, the Indemnitee the benefits provided
or intended to be provided to the Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by a court of his entitlement
to such indemnification or advancement of Expenses. Alternatively, Indemnitee, at his option, may seek an award in arbitration
to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee
shall commence such proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee
first has the right to commence such proceeding pursuant to this Section 14(a); provided, however, that the foregoing
clause shall not apply in respect of a proceeding brought by Indemnitee to enforce his rights under Section 5 of this Agreement.
The Company shall not oppose Indemnitee's right to seek any such adjudication or award in arbitration.

(b) In the
event that a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is not entitled to
indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be conducted in all respects
as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse
determination. In any judicial proceeding or arbitration commenced pursuant to this Section 14 the Company shall have the burden
of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be.

(c) If a determination
shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is entitled to indemnification, the Company
shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14, absent
(i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee's statement
not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under
applicable law.

    	-11-

    	 

    
 

(d) The Company
shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration commenced
pursuant to this Section 14 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall
stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement. It
is the intent of the Company that, to the fullest extent permitted by law, the Indemnitee not be required to incur legal fees or
other Expenses associated with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement by litigation
or otherwise because the cost and expense thereof would substantially detract from the benefits intended to be extended to the
Indemnitee hereunder. The Company shall, to the fullest extent permitted by law, indemnify Indemnitee against any and all Expenses
and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a written request therefor) advance,
to the extent not prohibited by law, such Expenses to Indemnitee, which are incurred by Indemnitee in connection with any action
brought by Indemnitee for indemnification or advance of Expenses from the Company under this Agreement or under any directors'
and officers' liability insurance policies maintained by the Company if, in the case of indemnification, Indemnitee is wholly successful
on the underlying claims; if Indemnitee is not wholly successful on the underlying claims, then such indemnification shall be only
to the extent Indemnitee is successful on such underlying claims or otherwise as permitted by law, whichever is greater.

(e) Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement
shall be required to be made prior to the final disposition of the Proceeding.

Section 15.
Non-exclusivity; Survival of Rights; Insurance; Subrogation.

(a) The rights
of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other
rights to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation, the By-laws, any
agreement, a vote of stockholders or a resolution of directors, or otherwise. No amendment, alteration or repeal of this Agreement
or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken
or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. To the extent that a change
in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would
be afforded currently under the By-laws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy
by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive
of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

(b) To the
extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees,
or agents of the Enterprise, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the
maximum extent of the coverage available for any such director, officer, employee or agent under such policy or policies. If, at
the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has director and officer liability insurance
in effect, the Company shall give prompt notice of such claim or of the commencement of a Proceeding, as the case may be, to the
insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary
or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding
in accordance with the terms of such policies.

    	-12-

    	 

    
 

(c) In the
event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of
recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution
of such documents as are necessary to enable the Company to bring suit to enforce such rights.

(d) The Company
shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable (or for which advancement is provided
hereunder) hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy,
contract, agreement or otherwise.

(e) The Company's
obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company as a director,
officer, trustee, partner, managing member, fiduciary, employee or agent of any other corporation, limited liability company, partnership,
joint venture, trust, employee benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received
as indemnification or advancement of Expenses from such other corporation, limited liability company, partnership, joint venture,
trust or other enterprise.

Section 16.
Duration of Agreement. This Agreement shall continue until and terminate upon the later of: (a) ten (10) years after the
date that Indemnitee shall have ceased to serve [as a [director] [officer] [employee] [agent] of the Company] [,at the request
of the Company, as a [director] [officer] [employee] [agent] [fiduciary] of [another corporation, partnership, joint venture, trust
or other enterprise] or (b) one (1) year after the final termination of any Proceeding then pending in respect of which Indemnitee
is granted rights of indemnification or advancement of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant
to Section 14 of this Agreement relating thereto. The indemnification and advancement of expenses rights provided by or granted
pursuant to this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns
(including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the
business or assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent
of the Company or of any other Enterprise, and shall inure to the benefit of Indemnitee and his or her spouse, assigns, heirs,
devisees, executors and administrators and other legal representatives.

Section 17.
Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for
any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including without
limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable
to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform
to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the
provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such
provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed
so as to give effect to the intent manifested thereby.

    	-13-

    	 

    
 

Section 18.
Enforcement.

(a) The Company
expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order
to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying
upon this Agreement in serving as a director or officer of the Company.

(b) This Agreement
constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof;
provided, however, that this Agreement is a supplement to and in furtherance of the Certificate of Incorporation, the By-laws and
applicable law, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

Section 19.
Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in
writing by the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver
of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver.

Section 20.
Notice by Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with any summons, citation,
subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification
or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve the Company
of any obligation which it may have to the Indemnitee under this Agreement or otherwise.

Section 21.
Notices. All notices, requests, demands and other communications under this Agreement shall be in writing and shall
be deemed to have been duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication
shall have been directed, (b) mailed by certified or registered mail with postage prepaid, on the third business day after the
date on which it is so mailed, (c) mailed by reputable overnight courier and receipted for by the party to whom said notice or
other communication shall have been directed or (d) sent by facsimile transmission, with receipt of oral confirmation that such
transmission has been received:

(a) If to Indemnitee,
at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide to the Company.

    	-14-

    	 

    
 

(b) If to
the Company to

Dynasil Corporation of America

44 Hunt Street

Watertown, Massachusetts 02472

Attention: Chief Executive Officer

 

or to any other address as may have been furnished to Indemnitee
by the Company.

Section 22.
Contribution. To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement
is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the
amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement
and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as
is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits
received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or
(ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such
event(s) and/or transaction(s).

Section 23.
Applicable Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by,
and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules.
Except with respect to any arbitration commenced by Indemnitee pursuant to Section 14(a) of this Agreement, the Company and Indemnitee
hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement
shall be brought only in the Chancery Court of the State of Delaware (the "Delaware Court"), and not in any other state
or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction
of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) appoint,
to the extent such party is not otherwise subject to service of process in the State of Delaware, irrevocably RL&F Service
Corp., 920 North King Street, 2nd Floor, Wilmington, New Castle County, Delaware 19801 as its agent in the State of
Delaware as such party's agent for acceptance of legal process in connection with any such action or proceeding against such party
with the same legal force and validity as if served upon such party personally within the State of Delaware, (iv) waive any objection
to the laying of venue of any such action or proceeding in the Delaware Court, and (v) waive, and agree not to plead or to make,
any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

Section 24.
Identical Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes
be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed
by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

    	-15-

    	 

    
 

Section 25.
Miscellaneous. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate.
The headings of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or
to affect the construction thereof.

IN WITNESS WHEREOF,
the parties have caused this Agreement to be signed as of the day and year first above written.

	DYNASIL CORPORATION	 	 	 
	OF AMERICA	 	INDEMNITEE
	 	 	 	 	 
	By:	 	 	 
	Name:	 	 	Name:	 
	Office:	 	 	Address:	 
	 	 	 	 	 
	 	 	 	 	 

 

    	-16-EXHIBIT 4.1

CERTIFICATE OF DESIGNATION

FOR

SERIES A CONVERTIBLE REDEEMABLE PREFERRED
STOCK

Par value $.001

OF

RIO BRAVO OIL, INC.

 

 

Carlos E. Buchanan II and
Lynden Rose certify that they are the President and Secretary of Rio Bravo Oil, Inc., a Nevada corporation (the "Company");
that, pursuant to the Company's Articles of Incorporation and applicable Nevada law, the Board of Directors of the Company adopted
the following resolutions effective February 10, 2012; and that none of the Series A Convertible Redeemable Preferred Stock referred
to in this Certificate of Designation has been issued.

 

		1.	Creation of Series A Convertible Redeemable Preferred
Stock; Rank.

 

There is hereby created a series of preferred
stock consisting of 15,500,000 shares and designated as Series A Convertible Redeemable Preferred Stock, par value $.001 (the "Series
A Preferred Stock"), having the voting rights, powers, preferences, and relative participating, optional and other special
rights, qualifications, limitations and restrictions that are set forth below. The original issue price (the "Original Issue
Price") of each share of Series A Preferred Stock shall be $1.00. The Series
A Preferred Stock shall, with respect to dividend rights and rights upon liquidation, winding up or dissolution, rank (1) junior
to any other class or series of preferred stock hereafter duly established by the Board of Directors of the Corporation, the terms
of which shall specifically provide that such class or series shall rank prior to the Series A Preferred Stock as to the payment
of dividends or upon distribution of assets upon liquidation, winding up or dissolution (the "Senior Preferred Stock"),
(2) pari passu with any other class or series of preferred stock hereafter duly established by the Board of Directors of
the Corporation, the terms of which shall specifically provide that such class or series shall rank pari passu with the
Series A Preferred Stock as to the payment of dividends or upon distribution of assets upon liquidation, winding up or dissolution
(the "Parity Preferred Stock") and (3) prior to any other class or series of preferred stock or other class or series
of capital stock of or other equity interests in the Corporation, including, without limitation, all classes of the Common Stock
of the Corporation, whether now existing or hereafter created (all of such classes: or series of capital stock and other equity
interests of the Corporation, including, without limitation, the Common. Stock, are collectively referred to herein as the "Senior
Securities"). Unless specifically stated with respect to any other series of Preferred Stock of the Corporation, the Series
A Preferred Stock shall be pari-passu with all other series of Preferred Stock of the Corporation and shall be considered
a Parity Preferred Stock.

 

		2.	Dividends.

 

A.Cumulative Series
A Preferred Stock Dividend. The Corporation shall pay the holders of Series A Preferred Stock a dividend in an amount equal
to three percent (3%) per annum multiplied by the Original Issue Price of the Series A Preferred Stock (“Cumulative Preferred
Dividend”). Cumulative Preferred Dividends shall be payable in quarterly installments in cash or in kind, at the sole option
of the Corporation. Cumulative Preferred Dividends shall be cumulative and all Series A Preferred stockholders must receive their
full Cumulative Preferred Dividends before any common shareholders are paid dividends. Cumulative Preferred Dividends shall be
prorated from the date of the original sale of the Series A Preferred Stock to the date or dates when such shares of Series A Preferred
Stock are either converted to shares of the Corporation’s Common Stock or redeemed by the Corporation.

 

    	 

    	 	

    

 

B.Right to Receive
Dividends. In addition to the Cumulative Preferred Dividends, the holders of Series A Preferred Stock shall be entitled to
receive additional dividends when, as and if declared by the Board of Directors of the Corporation.

 

C.Participation
with Common Stock. In the event the Board of Directors of the Corporation shall elect to pay or declare and set apart for payment
any dividend on any shares of Common Stock in cash out of funds legally available therefor or in stock or other consideration,
the holders of the Series A Preferred Stock and any Parity Preferred Stock shall be entitled to receive, before any dividend shall
be declared and paid or set aside for the Common Stock, a dividend per share of Series A Preferred Stock and any Parity Preferred
Stock equal to the per share amount, and in the same form as, the

dividends payable to the holders of the Common Stock.

 

D. Dividend Preference. Dividends,
if any, payable to holders of the Series A Preferred Stock pursuant to Sections 2(A), 2(B) and 2(C) shall be payable before any
dividends or distributions or other payments shall be paid or set aside for payment upon the Junior Securities. If there shall
be outstanding shares of any Parity Preferred Stock, no full dividends shall be declared or paid or set apart for payment on any
such securities unless dividends have been or contemporaneously are ratably declared and paid or declared and a sum sufficient
for the payment thereof set apart for such payment on the Series A Preferred Stock.

 

		3.	Liquidation Preference.

 

In the event of any liquidation, dissolution,
or winding up of the Corporation, either voluntary or involuntary, distributions to the stockholders of the Corporation shall be
made in. the following manner:

 

A. Series A Preferred
Stock Preference. With respect to such liquidation, dissolution or winding up, the holders of Series A Preferred Stock shall
be entitled to receive, prior and in preference to any distribution of any of the assets or surplus funds of the Corporation to
the holders of Junior Securities (including but not limited to the Common Stock) but after distribution of such assets among, or
payment thereof to holders of any Senior Preferred Stock, an amount equal to the Series A Original Issue Price for each share of
Series A Preferred Stock plus an amount equal to all declared but unpaid dividends on Series A Preferred Stock (the "Series
A Liquidation Preference").

    	- 2 -

    	 

    

 

B. Distributions. After the
payment of the full Series A Liquidation Preference as set forth in Section 3(A), the remaining assets of the Corporation legally
available for distribution, if any, shall be distributed ratably to the holders of the Junior Securities and Common Stock in. an
amount equal to the Series A Liquidation Preference; after such distribution to the holders of the Series A Preferred Stock and
Common Stock, the remaining assets of the Corporation legally available for distribution, if any, shall be distributed ratably
(subject to Section 3(C)) among the holders of Series A Preferred Stock, all other Parity Preferred Stock and the Common Stock.

 

C. Proportionate
Payments. If the assets and funds legally available for distribution among the holders of Series A Preferred Stock shall be
insufficient to permit the payment to the holders of the full Series A Liquidation Preference and the Liquidation Preference applicable
to the Parity Preferred Stock, then the assets and funds shall be distributed ratably among holders of Series A Preferred Stock
and Parity Preferred Stock in proportion to the number of shares of Series A Preferred Stock and Parity Preferred Stock owned by
each holder.

 

D. Reorganization
or Merger. A merger or reorganization of the Corporation with or into any other corporation or corporations or a sale of all
or substantially all of the assets or outstanding capital stock of the Corporation, in which transaction the Corporation's stockholders
immediately prior to such transaction own immediately after such transaction less than 50% of the equity securities of the surviving
corporation or its parent, shall be deemed to be a liquidation within the meaning of this Section 3 and the proceeds payable in
such transaction shall be divided among the stockholders in accordance with this Section 3.

 

		4.	Conversion.

A.Each share of Series
A Preferred Stock may be converted by any holder thereof, without any further consideration, at any time, into one share of Common
Stock (the “Conversion Rate”).

 

B.Automatic Conversion.
Each share of Series A Preferred Stock shall be automatically converted into shares of the Company’s Common Stock at the
Conversion Rate upon the occurrence of any of the following events:

 

		(i)	The shares of the Corporation’s Common Stock shall trade at a price of over $1.75 per share
(as adjusted for stock splits or other events which would result in an adjustment of the Conversion rate pursuant to subparagraph
4(E), below) for a period in excess of thirty (30) consecutive trading days and the shares of the Corporation’s Common Stock
underlying the Series A Preferred Stock are either (i) included in an effective registration statement or (ii) eligible to be traded
pursuant to an applicable exemption from registration.

 

    	- 3 -

    	 

    

 

		(ii)	The closing of a Qualified Sale in accordance with the terms of this section. For these purposes,
“Qualified Sale” means (1) the sale of all or substantially all of the assets of the Corporation or the outstanding
shares of capital stock of the Corporation entitled to vote generally for the election of directors, in any such case for cash
or securities having a value of at least $5.00 per share of Common Stock (as adjusted for any stock dividend, split, combination,
recapitalization or similar transaction with respect to the capital stock of the Corporation), but excluding any such transaction
in which the consideration received by the Corporation or its stockholders includes securities of the purchaser and such purchaser
is not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended.

 

		(iii)	The merger of the Company which results in the shareholders of the Company prior to the merger
owning less than fifty percent (50%) of the voting power of the Company following the merger.

 

		(iv)	An underwritten initial public offering of the Company’s shares with gross proceeds of at
least $50,000,000.

 

C.In the event of any conversion resulting
in fractional shares, in lieu of issuance of fractional shares or securities representing fractional shares of Common Stock, the
Company shall pay the holder in cash the fair value of fractions of a share as of the date of conversion as determined by the Company’s
board of directors. For these purposes, the “date of conversion” shall mean the date the Corporation receives a written
notice of a voluntary conversion by the holder or the date of automatic conversion pursuant to Section 4(B), above.

 

D.Upon the occurrence
of the event giving rise to an automatic conversion, the Company shall (a) provide written notice of the automatic conversion to
all holders of record of Series A Preferred Stock and (b) provide irrevocable instructions to such effect to the transfer agent
or agents for such stock, and shall have set aside all shares of the Company’s Common Stock necessary for such conversion.
From the date of such notice and setting aside the Common Shares, notwithstanding that any certificate for shares of Series A Preferred
Stock so converted shall not have been surrendered for cancellation, the shares of Series A Preferred Stock represented thereby
shall no longer be deemed outstanding and the holder of such certificate or certificates shall have with respect to such shares
of Series A Preferred Stock no rights in or with respect to the Company except the right to receive the Common Shares issued as
a result of the conversion. After the date designated for automatic conversion, such shares of Series A Preferred Stock shall not
be transferable on the books of the Company.

 

E.The Company covenants that it will
at all times reserve and keep available, free from preemptive rights, out of the aggregate of its authorized but unissued shares
of Common Stock or its issued shares of Common Stock held by its treasury, or both, for the purpose of effective conversions of
the Series A Preferred Stock, the full number of shares of Common Stock deliverable upon the conversion of all outstanding shares
of the Series A Preferred Stock not theretofore converted. For purposes of this Section 4(E), the number of shares of Common Stock
that shall be deliverable upon the conversion of all outstanding shares of the Series A Preferred Stock shall be computed as if
at the time of computation all the outstanding shares were held by a single holder.

 

    	- 4 -

    	 

    

 

		F.	Adjustments of Conversion Rate.

(i)Adjustments
for Stock Splits and Combinations. If the Company shall, at any time or from time to time after the date of issuance of the
Series A Preferred Stock (“Issuance Date”), effect a split of the outstanding Common Stock, the Conversion Rate shall
be proportionately adjusted. If the Company shall, at any time or from time to time after the Issuance Date, combine the outstanding
shares of Common Stock, the Conversion Rate shall be proportionately adjusted. Any adjustments under this Section 4(F)(i) shall
be effective at the close of business on the date the stock split or combination becomes effective.

(ii)Adjustments
for Certain Dividends and Distributions. If the Company shall, at any time or from time to time after the Issuance Date, make
or issue or set a record date for the determination of holders of Common Stock entitled to receive a dividend or other distribution
payable in shares of Common Stock, then, and in each event, the Conversion Rate shall be adjusted as of the time of such issuance
or, in the event such record date shall have been fixed, as of the close of business on such record date, by multiplying the Conversion
Price then in effect by a fraction:

a.the
numerator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of
such issuance or the close of business on such record date; and

b.the
denominator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of
such issuance or the close of business on such record date plus the number of shares of Common Stock issuable in payment of such
dividend or Distribution.

(iii)Adjustment
for Other Dividends and Distributions. If the Company shall, at any time or from time to time after the Issuance Date, make
or issue or set a record date for the determination of holders of Common Stock entitled to receive a dividend or other Distribution
payable in securities of the Company other than shares of Common Stock, then, and in each event, an appropriate revision to the
applicable Conversion Rate shall be made and provision shall be made (by adjustments of the Conversion Rate or otherwise) so that
the Series A Preferred Stockholders shall receive upon conversions thereof, in addition to the number of shares of Common Stock
receivable thereon, the number of securities of the Company which they would have received had their shares of Series A Preferred
Stock been converted into Common Stock on the date of such event and had such holder thereafter, during the period from the date
of such event to and including the Conversion Date, retained such securities (together with any distributions payable thereon
during such period), giving application to all adjustments called for during such period under this Section 4(E)(iii) with respect
to the rights of the holders of the Series A Preferred Stock; provided, however, that if such record date shall have been fixed
and such dividend is not fully paid or if such distribution is not fully made on the date fixed therefor, the Conversion Rate
shall be adjusted pursuant to this paragraph as of the time of actual payment of such dividends or Distributions; and provided
further, however, that no such adjustment shall be made if the holders of the Series A Preferred Stock simultaneously receive
a dividend or other distribution of shares of Common Stock in a number equal to the number of shares of Common Stock as they would
have received if all outstanding shares of Series A Preferred Stock had been converted into Common Stock on the date of such event.

    	- 5 -

    	 

    
 

(iv)Adjustments
for Reclassification, Exchange or Substitution. If the Common Stock issuable upon conversion of the Series A Preferred Stock
at any time or from time to time after the Issuance Date shall be changed to the same or different number of shares of any class
or classes of stock, whether by reclassification, exchange, substitution or otherwise (other than by way of a stock split or combination
of shares or stock dividends provided for in Sections 4(F)(i), (ii) and (iii), or a reorganization, merger, consolidation, or
sale of assets provided for in Section 4(F)(v), then, and in each event, an appropriate revision to the Conversion Rate shall
be made and provisions shall be made (by adjustments of the Conversion Rate or otherwise) so that the holders of Series A Preferred
Stock shall have the right thereafter to convert their shares of Series A Preferred Stock into the kind and amount of shares of
stock and other securities receivable upon reclassification, exchange, substitution or other change, by holders of the number
of shares of Common Stock into which such shares of Series A Preferred Stock might have been converted immediately prior to such
reclassification, exchange, substitution or other change, all subject to further adjustment as provided herein.

(v)Adjustments
for Reorganization, Merger, Consolidation or Sales of Assets. If at any time or from time to time after the Issuance
Date there shall be a capital reorganization of the Company (other than by way of a stock split or combination of shares or stock
dividends or Distributions provided for in Section 4(F)(i), (ii) and (iii), or a reclassification, exchange or substitution of
shares provided for in Section 4(F)(iv)), or a merger or consolidation of the Company with or into another corporation where the
holders of the Company’s outstanding voting securities prior to such merger or consolidation do not own over 50% of the
outstanding voting securities of the merged or consolidated entity, immediately after such merger or consolidation, or the sale
of all or substantially all of the Company's properties or assets to any other person (an “Organic Change”), then
as a part of such Organic Change an appropriate revision to the Conversion Rate shall be made if necessary and provision shall
be made if necessary (by adjustments of the Conversion Rate or otherwise) so that the holders of the shares of Series A Preferred
Stock shall have the right thereafter to convert their shares of Series A Preferred Stock into the kind and amount of shares of
stock and other securities or property of the Company or any successor corporation resulting from Organic Change. In any such
case, appropriate adjustment shall be made in the application of the provisions of this Section 4(F)(v) with respect to the rights
of the holders of shares of Series A Preferred Stock after the Organic Change to the end that the provisions of this Section 4(F)(v)
(including any adjustment in the Conversion Rate then in effect and the number of shares of stock or other securities deliverable
upon conversion of the Series A Preferred Stock) shall be applied after that event in as nearly an equivalent manner as may be
practicable.

    	- 6 -

    	 

    

(vi)Consideration
for Stock. In case any shares of Common Stock or Convertible Securities other than the Series A Preferred Stock, or any rights
or warrants or options to purchase any such Common Stock or Convertible Securities, shall be issued or sold:

a.in
connection with any merger or consolidation in which the Company is the surviving corporation (other than any consolidation or
merger in which the previously outstanding shares of Common Stock of the Company shall be changed to or exchanged for the stock
or other securities of another corporation), the amount of consideration therefore shall be deemed to be the fair value, as determined
reasonably and in good faith by the Board of Directors of the Company, of such portion of the assets and business of the non-surviving
corporation as such Board may determine to be attributable to such shares of Common Stock, Convertible Securities, rights or warrants
or options, as the case may be; or

b.in
the event of any consolidation or merger of the Company in which the Company is not the surviving corporation or in which the
previously outstanding shares of Common Stock of the Company shall be changed into or exchanged for the stock or other securities
of another corporation, or in the event of any sale of all or substantially all of the assets of the Company for stock or other
securities of any corporation, the Company shall be deemed to have issued a number of shares of its Common Stock for stock or
securities or other property of the other corporation computed on the basis of the actual exchange ratio on which the transaction
was predicated, and for a consideration equal to the fair market value on the date of such transaction of all such stock or securities
or other property of the other corporation. If any such calculation results in adjustment of the applicable Conversion Rate, or
the number of shares of Common Stock issuable upon conversion of the Series A Preferred Stock, the determination of the applicable
Conversion Rate or the number of shares of Common Stock issuable upon conversion of the Series A Preferred Stock immediately prior
to such merger, consolidation or sale, shall be made after giving effect to such adjustment of the number of shares of Common
Stock issuable upon conversion of the Series A Preferred Stock. In the event any consideration received by the Company for any
securities consists of property other than cash, the fair market value thereof at the time of issuance or as otherwise applicable
shall be as determined in good faith by the Board of Directors of the Company. In the event Common Stock is issued with other
shares or securities or other assets of the Company for consideration which covers both, the consideration computed as provided
in this Section 4(F)(vi)(b) shall be allocated among such securities and assets as determined in good faith by the Board of Directors
of the Company.

    	- 7 -

    	 

    

(vii)No
Impairment. The Company shall not, by amendment of its Articles of Incorporation or through any reorganization, transfer of
assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms to be observed or performed hereunder by the Company, but will at all times in good
faith assist in the carrying out of all the provisions of this Section 4(F) and in the taking of all such action as may be necessary
or appropriate in order to protect the conversion rights of the holders of Series A Preferred Stock against impairment. In the
event any holder of Series A Preferred Stock shall elect to convert any shares of Series A Preferred Stock as provided herein,
the Company cannot refuse conversion based on any claim that such holder or anyone associated or affiliated with such holder has
been engaged in any violation of law, unless (i) the Company receives an order from the Securities and Exchange Commission prohibiting
such conversion or (ii) an injunction from a court, on notice, restraining and/or enjoining conversion of all or of said shares
of Series A Preferred Stock shall have been issued.

(viii)Certificates
as to Adjustments. Upon occurrence of each adjustment or readjustment of the Conversion Rate or number of shares of Common
Stock issuable upon conversion of shares of Series A Preferred Stock pursuant to this Section 4(F), the Company at its expense
shall promptly compute such adjustment or readjustment in accordance with the terms hereof and furnish to each holder of shares
of Series A Preferred Stock a certificate setting forth such adjustment and readjustment, showing in detail the facts upon which
such adjustment or readjustment is based. The Company shall, upon written request of the holder of such affected Series A Preferred
Stock, at any time, furnish or cause to be furnished to such holder a like certificate setting forth such adjustments and readjustments,
the Conversion Rate in effect at the time, and the number of shares of Common Stock and the amount, if any, of other securities
or property which at the time would be received upon the conversion of the shares of Series A Preferred Stock. Notwithstanding
the foregoing, the Company shall not be obligated to deliver a certificate unless such certificate would reflect an increase or
decrease of at least one percent of such adjusted amount.

		5.	Redemption.

 

The Corporation shall mandatorily redeem all
shares of Series A Preferred Stock which remain issued and outstanding at January 31, 2019 (“Redemption Date”) at a
price equal to the sum of the Original Issue Price and the aggregate amount of any unpaid Cumulative Preferred Dividends attributable
to such shares. Such redemption shall be made only to the extent the Corporation has funds legally available for such redemption
as of the Redemption Date.

 

		6.	Voting.

 

Except as otherwise provided herein or required
by law, the holders of the Series A Preferred Stock shall be entitled to vote together as a single class with the holders of Common
Stock and any other capital stock of the Corporation entitled to vote, upon any matter submitted to the stockholders for a vote.
The holders of Series A Preferred Stock shall be entitled to one vote for each share of Common Stock into which each share of Series
A Preferred Stock held by such holders at the record date for the determination of the stockholders entitled to vote on such matters
or, if no such record date is established, at the date such vote is taken, is convertible.

    	- 8 -

    	 

    

 

		7.	Waiver by Series A Preferred Stockholders.

 

Except as expressly provided for herein or
as otherwise required by law, any rights or benefits for the Series A Preferred Shares and the holders thereof provided herein
may only be waived as to all outstanding Series A Preferred Shares by the affirmative written consent of the holders of all of
the shares of then-outstanding Series A Preferred Stock.

 

		8.	Additional Issuance of Preferred Shares.

 

The Company may issue additional shares of
Preferred Stock in the future. If the Company desires to issue additional shares of Preferred Stock, the Company shall file such
amendments to its Articles of Incorporation as may be necessary to effect such designation.

 

IN WITNESS WHEREOF, the
Company has caused this Certificate of Designation to be duly executed by its President and attested to by its Secretary as of
the 9th day of February, 2012, who, by signing their names hereto, acknowledge that this Certificate of Designation is the act
of the Company and state to the best of their knowledge, information and belief, under penalties of perjury, that the above matters
and facts are true in all material respects.

 

	                                  	RIO BRAVO OIL, INC.	
	 	 	 	 
	 	 	 	 
	                                  	By:	_________________________________	
	                              	Carlos E. Buchanan II, Interim Presient	 
	 	 	 	 
	 	By:	_________________________________	
	                                         	Lynden Rose, Secretary	 

 

    	- 9 -

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