Document:

Exhibit 10.11

 

AMENDED AND RESTATED EMPLOYMENT
AGREEMENT

 

This AMENDED AND
RESTATED EMPLOYMENT AGREEMENT (“Agreement”) is made and entered into as of September 30, 2020 (the “Agreement
Date”), by and among Black Ridge Oil & Gas, Inc., a Nevada corporation (the “Company”), and Kenneth DeCubellis
("DeCubellis"). Company and DeCubellis are each a “Party” and collectively are the “Parties.”

 

RECITALS

 

WHEREAS, the
Company and DeCubellis have previously entered into an Employment Agreement dated September 24, 2019;

 

WHEREAS, as
of 11:59 p.m. on the Agreement Date, the Parties intend that DeCubellis will no longer continue to serve as the Chief Executive
Officer and the Interim Chief Financial Officer of the Company but rather, will continue employment with the Company starting on
October 1, 2020 (the “Start Date”) in a new role as a Transition Resource employee for the Company until such employment
ends pursuant to the terms of this Agreement; and

 

WHEREAS, Company
desires to set forth the compensation and other terms for which DeCubellis shall be employed as a Transition Resource employee
for the Company.

 

AGREEMENT

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements set forth in this Agreement, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, it is agreed by and between the undersigned Parties, as follows:

 

1.                 
Employment Term. The Company agrees to employ DeCubellis as a Transition Resource
employee and DeCubellis agrees to be so employed by the Company pursuant to the terms of this Agreement from the Start Date through
December 15, 2020, or such earlier termination date that may arise in accordance with Section 2 of this Agreement with such period
of actual employment of DeCubellis being the “Employment Term” and his final day of employment, no matter the reason
for the end of his employment, being the “Separation Date.”

 

2.                 
Catch Up Pay Due DeCubellis. On or after the Start Date, but no later than September
30, 2020, the Company shall pay DeCubellis $50,000.00 gross pay, in cash, less applicable federal, state, and FICA tax and other
withholdings, as “Catch-Up Pay” for work performed by DeCubellis for the Company from August 1, 2020, through the Agreement
Date but for which the Company has not yet paid DeCubellis as of the Agreement Date. 

 

3.                 
Compensation During The Employment Term. During the Employment Term, the Company
shall pay DeCubellis a “Base Salary” at an annual rate of $300,000.00 gross (i.e., $11,538.46 gross per payroll
check that, net of applicable federal, state and FICA tax and other withholdings, shall be the “Bi-Weekly Net Payroll Amount”),
from the Start Date through the duration of the Employment Term on each of the Company's normal payroll periods during the Employment
Term, subject to the further payment options of the Company set forth below. Such “Base Salary” will be paid, at the
Company's election, either in (A) cash, (B) the transfer of a number of shares of common stock of Allied Esports Entertainment,
Inc. (“AESE”) (the "AESE Stock") equal to the Bi-Weekly Net Payroll Amount based on the weighted average
of AESE’s closing stock price for the previous ten (10) business days preceding the due date for the payment of the Bi-Weekly
Net Payroll Amount or (C) a combination of cash and AESE Stock provided; however, for the period from the Start Date through November
12, 2020, the Bi-Weekly Net Payroll Amount shall be paid in cash. After November 12, 2020, at the Company’s election, it
may choose to transfer AESE Stock to DeCubellis in advance to compensate him for one or more future Bi-Weekly Net Payroll Amounts
that occur after November 12, 2020, due him during the Employment Term. If such shares of AESE Stock are transferred to DeCubellis
in advance of one or more Bi-Weekly Net Payroll Amounts due him, then no further compensation shall be due for any such Bi-Weekly
Net Payroll Amounts paid in advance. All payments elected to be paid via AESE Stock will be paid by transfer from the Company to
DeCubellis of the specified number of shares of AESE Stock as determined according to this Section. 

 

 

 

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If
DeCubellis becomes “Disabled” during the Employment Term and cannot work, DeCubellis dies during the Employment Term,
the Company terminates DeCubellis’ employment without “Cause” prior to December 15, 2020, or DeCubellis completes
the Employment Term with his final day of employment with the Company being December 15, 2020, and provided DeCubellis (or his
estate, as applicable) timely executes a Separation and Release Agreement in the form substantially similar to that attached hereto
as Exhibit A (the "Release Agreement"), following the Separation Date,
the Company shall pay DeCubellis or his estate, as applicable, the Separation Pay and provide such other benefits, including the
accelerated vesting of DeCubellis’ Company options, as set forth in the Release Agreement. On the other hand, if DeCubellis
voluntarily terminates his employment with the Company prior to December 15, 2020, or the Company terminates DeCubellis’
employment for “Cause” prior to December 15, 2020, he shall be entitled to no further payments pursuant to this Agreement
or pursuant to the Release Agreement following the Separation Date. 

 

For
purposes of this Agreement, “Disabled” shall mean DeCubellis’ inability, due to a physical or mental impairment,
to perform the essential functions of his position, with or without reasonable accommodation. For purposes of this Agreement, "Cause"
shall mean termination of DeCubellis' employment due to (i) a plea of guilty or no contest by DeCubellis to a felony or a conviction
of DeCubellis to a felony, (ii) any acts or acts of dishonesty by DeCubellis intended to result in personal enrichment to DeCubellis
at the expense of the Company, or (iii) failure to follow the lawful instructions of the Board of Directors of the Company (which
for purposes hereof shall consist of the lawful instructions by Bradley Berman, Lyle Berman, Benjamin Oehler, and Joseph Lahti
collectively). Nothing in this Agreement shall limit the right of the Company to terminate the employment of DeCubellis without
Cause prior to December 15, 2020.

 

4.                 
Miscellaneous.

 

4.1             
Assignment. Neither this Agreement nor any of the rights, benefits or obligations hereunder may be assigned
or delegated (whether by operation of law or otherwise) by DeCubellis without the prior written consent of the Company, which consent
shall not be unreasonably withheld.

 

4.2             
Entire Agreement. This Agreement constitutes the entire agreement between the Parties with respect to the
subject matter herein and supersedes any and all prior or contemporaneous understandings, negotiations or agreements between the
Parties including, but not limited to, the Change of Control Agreement dated April 5, 2013 and the Employment Agreement dated September
24, 2019 and shall be binding upon and inure to the benefit of the Parties hereto and their respective legal representatives and
permitted successors and assigns; provided, however, at all times, DeCubellis shall continue to be bound by the terms of the October
26, 2011, Employee Agreement regarding Proprietary Information, Confidentiality, Loyalty and Noninterference entered into between
the Company and DeCubellis as modified in the Release Agreement if executed by DeCubellis.

 

4.3             
Amendments and Waiver. Any amendment, supplement, variation, alteration or modification to the Agreement must
be made in writing and duly executed by an authorized representative or agent of each of the Parties.

 

4.4             
Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

 

4.5             
Counterparts. This Agreement may be executed by one or more of the Parties to this Agreement on any number
of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.
Delivery of an executed signature page of this Agreement by facsimile transmission, electronic signature and/or via email/PDF shall
be effective as delivery of an original executed counterpart.

 

4.6             
Governing Law. This Agreement and the rights and obligations of the Parties pursuant to this agreement shall
be governed by and interpreted, construed and enforced in accordance with, the law of the state of Minnesota. The Parties irrevocably
submit to the exclusive jurisdiction of the state and federal courts of Minnesota, and each Party irrevocably agrees that all claims
in respect of such dispute, controversy or claim may be heard and determined in such courts. The Parties hereby irrevocably waive,
to the fullest extent permitted by applicable laws, any objection that they may now or hereafter have to the laying of venue of
any such dispute, controversy or claim brought in any such court or any defense of inconvenient forum for the maintenance of such
dispute, controversy or claim. Each Party agrees that a judgment in any such dispute may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by applicable law.

 

 

 

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4.7             
Waiver Of Jury Trial. Each of the Parties irrevocably and unconditionally waives trial by jury in any legal
action or proceeding relating to this Agreement or any related agreement and for any counterclaim therein.

 

4.8             
Further Assurances. The Parties agree to take such actions and execute and deliver such other documents or
agreements as may be necessary or desirable for the implementation of this Agreement and the consummation of the transactions contemplated
hereby and thereby.

 

4.9             
Titles and Subtitles. The article and section headings contained in this Agreement are inserted for convenience
only and will not affect in any way the meaning or interpretation of this Agreement.

 

4.10         
Construction. The Parties have jointly participated in the negotiation and drafting of this Agreement. If
an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the Parties
and no presumption or burden of proof will arise favoring or disfavoring any Party because of the authorship of any provision of
this Agreement.

 

4.11         
Survival. All covenants, agreements, representations and warranties made in this Agreement shall survive the
execution and delivery of this Agreement.

 

IN WITNESS WHEREOF,
the Parties hereto have executed this Agreement effective as of the Agreement Date first written above.

 

	Dated: September 30, 2020	BLACK RIDGE OIL & GAS, INC.
	 	 
	 	By:________________________________

	 	 
	 	Name:______________________________
	 	 
	 	Title:_______________________________
	 	 
	 	 
	Dated: September 30, 2020	/s/ Kenneth DeCubellis                                         
	 	KENNETH DECUBELLIS

 

 

 

 

 

 

 

 

 

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EXHIBIT A

SEPARATION AND RELEASE AGREEMENT

 

This SEPARATION AND RELEASE AGREEMENT (“Agreement”)
is made and entered into by and between Ken DeCubellis ("DeCubellis") and Black Ridge Oil & Gas, Inc. (the “Company”)
on the latest date this Agreement is signed by DeCubellis and the Company (the “Agreement Date”) with the Company agreeing
to sign this Agreement no later than two (2) business days after DeCubellis signs this Agreement.

 

1.         Separation
Payment and Vesting of Options. In consideration for the mutual promises exchanged herein and subject to the conditions
in the Amended and Restated Employment Agreement between DeCubellis and the Company (the “Employment Agreement”) and
the conditions in this Agreement, and provided DeCubellis has not exercised his rescission right under Section 8 below, following
the Separation Date as defined in the Employment Agreement, the Company shall pay DeCubellis “Separation Pay” equivalent
to an annual “Base Salary” of $300,000.00 gross (i.e., $11,538.46 gross per payroll check that, net of applicable
federal, state and FICA tax and other withholdings, shall be the “Bi-Weekly Net Payroll Amount”), from the day immediately
following the Separation Date through September 30, 2021 (the “Severance Period”), on each of the Company's normal
payroll periods during the Severance Period, subject to the further payment options of the Company set forth below. In addition,
options the Company granted to DeCubellis under the stock option agreements listed on Exhibit 1 hereto that would
otherwise be forfeited upon DeCubellis’ separation from the Company shall fully vest (the “Accelerated Vesting’)
effective as of Effective Date as defined below.

 

Such Separation Pay
will be paid, at the Company's election, either in (A) cash, (B) the transfer of a number of shares of common stock of Allied Esports
Entertainment, Inc. (“AESE”) (the "AESE Stock") equal to the Bi-Weekly Net Payroll Amount based on the weighted
average of AESE’s closing stock price for the previous ten (10) business days preceding the due date for the payment of the
Bi-Weekly Net Payroll Amount or (C) a combination of cash and AESE Stock provided; however, for the period from the Separation
Date through November 12, 2020, if applicable, the Bi-Weekly Net Payroll Amount shall be paid in cash. After November 12, 2020,
at the Company’s election, it may choose to transfer AESE Stock to DeCubellis in advance to compensate him for one or more
future Bi-Weekly Net Payroll Amounts that occur after November 12, 2020, due him during the Severance Period. If such shares of
AESE Stock are transferred to DeCubellis in advance of one or more Bi-Weekly Net Payroll Amounts due him during the Severance Period,
then no further compensation shall be due for any such Bi-Weekly Net Payroll Amounts paid in advance for payments due during the
Severance Period. All payments elected to be paid via AESE Stock will be paid by transfer from the Company to DeCubellis of the
specified number of shares of AESE Stock as determined according to this Section.

 

In the event the Company
fails to make a timely Bi-Weekly Net Payroll Amount payment to DeCubellis, DeCubellis shall provide written notice of the Company’s
default to Company within five (5) business days of the default. Thereafter, the Company shall have ten (10) business days from
receipt of the notice of default from DeCubellis to cure the default. If the Company fails to cure timely the default after notice
thereof, such missed Bi-Weekly Net Payroll amount and all future Bi-Weekly Net Payroll amounts, if any, through the duration of
the Separation Period shall become immediately due and payable in lump sum within 30 calendar days of the Company’s receipt
of DeCubellis’ original notice of default.

 

The Separation Pay
and Accelerated Vesting are being provided in full, complete, and final settlement of any and all claims, actions, and causes of
action that DeCubellis could bring against the Company and the other persons and entities released herein. No Bi-Weekly Net Payroll
Amount nor Accelerated Vesting shall occur until the Effective Date; provided however, if a Bi-Weekly Net Payroll Amount would
have been due following the Separation Date but before the Effective Date, such missed Bi-Weekly Net Payroll Amount shall be paid
along with any other Bi-Weekly Net Payroll Amount due on the first payroll date following the Effective Date.

 

DeCubellis understands,
acknowledges, and agrees that the Separation Pay and Accelerated Vesting exceed what DeCubellis is otherwise entitled to receive
on separation from employment from the Company, and that such Separation Pay and benefits are being given as consideration in exchange
for executing this Agreement, including the general release and restrictive covenants contained in it. DeCubellis further acknowledges
that he is not entitled to any additional payment or consideration not specifically referenced in this Agreement.

 

 

 

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2.         Release
of Claims. In exchange for the Separation Pay and benefits provided in this Agreement, DeCubellis, on behalf of himself,
his agents, representatives, attorneys, assignees, heirs, executors, and administrators, hereby covenants that he will not sue
and hereby releases and forever discharges the Company, and its past and present employees, agents, insurers, officials, officers,
directors, divisions, parents, subsidiaries, predecessors and successors, and all affiliated entities and persons, and all of their
respective past and present employees, agents, insurers, officials, officers, and directors from any and all claims and causes
of action of any type arising, or which may have arisen, out of or in connection with his/her employment or the separation of his/her
employment with the Company that have arisen through the date of DeCubellis' signature below (the "Release"). The Release
includes, without limitation, claims, demands or actions arising under the National Labor Relations Act, Title VII of the Civil
Rights Act of 1964, the Employee Retirement Income Security Act of 1974, the Age Discrimination in Employment Act of 1967 as amended
by the Older Workers Benefit Protection Act, the Equal Pay Act, 42 U.S.C. § 1981, the Sarbanes-Oxley Act, the Dodd–Frank
Wall Street Reform and Consumer Protection Act, the Fair Credit Reporting Act, the Vocational Rehabilitation Act, the Family and
Medical Leave Act, the Worker Adjustment and Retraining Notification Act, the Fair Labor Standards Act, the Lily Ledbetter Fair
Pay Act of 2009, the Americans with Disabilities Act, the Rehabilitation Act of 1973, the Genetic Information Nondiscrimination
Act, the Immigration Reform and Control Act of 1986, the Civil Rights Act of 1991, the Occupational Safety and Health Act, the
Consumer Credit Protection Act, the American Recovery and Reinvestment Act of 2009, the Asbestos Hazard Emergency Response Act,
Employee Polygraph Protection Act, the Uniformed Services Employment and Reemployment Rights Act, the Minnesota Human Rights Act,
the Minnesota Equal Pay for Equal Work Law, the Minnesota Fair Labor Standards Act, the Minnesota Labor Relations Act, the Minnesota
Occupational Safety and Health Act, the Minnesota Criminal Background Check Act, the Minnesota Lawful Consumable Products Law,
the Minnesota Smokers’ Rights Law, the Minnesota Parental Leave Act, the Minnesota Adoptive Parent Leave Law, the Minnesota
Whistleblower Act, the Minnesota Drug and Alcohol Testing in the Workplace Act, the Minnesota Consumer Reports Law, the Minnesota
Victim of Violent Crime Leave Law, the Minnesota Domestic Abuse Leave Law, the Minnesota Bone Marrow Donation Leave Law, the Minnesota
Military and Service Leave Law, the Minnesota Minimum Wage Law, the Minnesota Drug and Alcohol Testing in the Workplace Act, Minn.
Stat. § 176.82, Minnesota Statutes Chapter 181, the Minnesota Constitution, Minnesota common law, and all other applicable
state, county and local ordinances, statutes and regulations. DeCubellis further understands that this discharge of claims extends
to, but is not limited to, all claims that he may have as of the Effective Date based upon statutory or common law claims for defamation,
libel, slander, assault, battery, negligent or intentional infliction of emotional distress, negligent hiring or retention, breach
of contract, retaliation, whistleblowing, promissory estoppel, fraud, wrongful discharge, or any other theory, whether legal or
equitable, and any and all claims for wages, salary, bonuses, commissions, damages, attorney’s fees or costs. DeCubellis
acknowledges that this Release includes all claims that he is legally permitted to release but, as such, does not apply to any
vested rights under the Company’s retirement plans, stock option plans or other company benefits plans nor does it preclude
him from seeking to enforce the terms of this Agreement nor does it preclude him from filing a Government Report as described below.
The Release also does not release any claims that cannot be released as a matter of law (e.g., claims for unemployment compensation
benefits).

 

3.         Separation
From Employment. DeCubellis’ employment with the Company ended on [_______________], 2020 (i.e., “Separation
Date”). DeCubellis is not eligible to sign this Agreement until after the Separation Date. During the Severance Period,
DeCubellis will make himself available, as reasonably requested by the Company at mutually agreeable times, to assist the Company
in transition of DeCubellis' duties or to provide other requested information regarding the Company. The Company expects it will
seek only minimal, if any, transition assistance from DeCubellis during the Severance Period.

 

4.         Confidential
Information Acquired During Employment. DeCubellis agrees that he will continue to treat, as private and privileged, any
information, data, figures, projections, estimates, marketing plans, customer lists, lists of contract workers, tax records, personnel
records, accounting procedures, formulas, contracts, business partners, alliances, ventures and all other confidential information
that DeCubellis acquired while working for the Company. DeCubellis agrees that he will not release any such information to any
person, firm, corporation or other entity at any time, except as may be required by law, or as agreed to in writing by the Company.
DeCubellis acknowledges that any violation of this non-disclosure provision shall entitle the Company to appropriate injunctive
relief and to any damages that it may prove due to the improper disclosure. DeCubellis agrees to abide by the Company's insider
trading policy or other applicable securities laws or restrictions on trading of any shares of the Company or of any shares of
AESE.

 

Immunity from
Liability: The Defend Trade Secrets Act ("DTSA") provides DeCubellis shall not be held criminally or civilly
liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence to a federal,
state or local government official, either directly or indirectly, or to an attorney, and is made solely for the purpose of reporting
or investigating a suspected violation of law. The DTSA provides the same immunity for the disclosure of a trade secret that is
made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Under the DTSA,
an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade
secret to the individual’s attorney and use the trade secret information in the court proceeding if the individual files
any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.

 

 

 

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5.         Confidentiality,
No Disparaging Remarks. The Parties represent and agree that they will keep the terms and facts of this Agreement completely
confidential, and that they will not disclose any information concerning this Agreement to anyone, except to their counsel, tax
accountants and advisors, spouse (as applicable) or except as may be required by law or agreed to in writing by the Parties or
as otherwise required for the Parties to enforce or defend their respective rights hereunder. Further, subject to Section 11 below,
DeCubellis shall not make any disparaging remarks of any sort or otherwise communicate any disparaging comments about the Company,
its managers, officers or directors, or about any of the other released persons or entities identified in Section 2 to any other
person or entity. Reciprocally, the Company’s Board and its Officers agree not to make any disparaging remarks of any sort
or otherwise communicate any disparaging comments about DeCubellis.

 

6.         Cooperation
and Certification. At the request of the Company following the Separation Date and subject to Section 11 below, DeCubellis
will cooperate with the Company in any claims or lawsuits where DeCubellis has knowledge of the facts. Nothing in this Agreement
prevents DeCubellis from testifying at an administrative hearing, arbitration, deposition or in court in response to a lawful
and properly served subpoena (provided DeCubellis provides written notice of the service of the subpoena to the Company within
72 hours of receipt), nor does it preclude DeCubellis from filing an administrative charge with a government agency or cooperating
with a government agency in connection with an administrative charge (though he may not recover damages or receive any relief
from the Company if he does file such a charge as noted in Section 2 above). Finally, DeCubellis certifies, warrants and represents
that he has faithfully discharged his role with the Company at all times during his employment. DeCubellis further certifies,
warrants, and represents that as of the Separation Date he is unaware of any actual or potential violations of law by the Company
and that he has not filed any charges, complaints, lawsuits, or any similar claims against the Company.

 

The Company will defend,
indemnify and hold DeCubellis harmless from costs, expenses, damages and other liability incurred by DeCubellis as a result of
performing services within the scope of his duties as an officer of the Company in good faith, subject to the limitations and
other terms and conditions of applicable Minnesota and Nevada statutes, the Company’s Articles of Incorporation or Bylaws
and any insurance policies through which the Company fulfills its duties pursuant to this Section.

 

7.         No
Wrongdoing. DeCubellis and the Company agree and acknowledge that the consideration exchanged herein does not constitute,
and shall not be construed as, an admission of liability or wrongdoing on the part of DeCubellis, the Company or any entity or
person, and shall not be admissible in any proceeding as evidence of liability or wrongdoing by anyone.

 

8.         Rescission.
This Agreement contains a release of certain legal rights that DeCubellis may have. DeCubellis is advised to consult with an attorney
regarding such release and other aspects of this Agreement before signing this Agreement. DeCubellis understands that he may nullify
and rescind this Agreement at any time within the next fifteen (15) calendar days from the date of his signature below by indicating
his desire to do so in writing and delivering that writing to by email to bberman@ksg.com and jill.radloff@stinson.com. DeCubellis
further understands that if he rescinds this Agreement, the Company will not be bound by the terms of this Agreement, DeCubellis
will have to repay in full any monies received pursuant to this Agreement and DeCubellis will not be eligible to receive the Accelerated
Vesting. If DeCubellis does not rescind this Agreement pursuant to this Section 8, the “Effective Date” of this Agreement
shall become the sixteenth day following the date of his signature below.

 

9.         Return
of Company Property. Except for the laptop computer, monitors and peripherals that the Company has agreed to allow DeCubellis
to retain with all Company information removed, DeCubellis covenants, warrants and represents that he has returned any and all
Company property that was ever in his possession or under his control to the Company prior to his signature on this Agreement,
and this covenant, warranty and representation expressly extends to (but is not limited to) security card, keys, codes, materials,
books, files, cell phones and documents, including all copies.

 

 

 

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10.       Minnesota
Law, Forum and Merger. The terms of this Agreement shall be governed by the laws of the State of Minnesota, and shall be
construed and enforced thereunder. Any dispute arising under this Agreement shall be determined exclusively by a Minnesota court
of appropriate jurisdiction, and the Parties acknowledge the existence of sufficient contacts to the State of Minnesota to confer
exclusive jurisdiction upon courts in that state. This Agreement supersedes and replaces all prior oral and written agreements,
understandings, and representations between DeCubellis and the Company (with the exception of the Employment Agreement and the
October 26, 2011, Proprietary Information, Confidentiality, Loyalty and Noninterference entered into between the Company and DeCubellis,
which shall remain in full force and effect following the execution of this Agreement), provided that the Company has agreed that
the non-competition/non-solicitation provisions contained therein shall be limited to prohibiting DeCubellis from competition against
the freeze-dried food business of the Company or seeking to solicit customers of the Company’s freeze-dried food business
to do business with competitors of the Company.

 

11.       Administrative
Charges, Investigations, and Proceedings. Nothing in this Agreement prohibits DeCubellis from reporting possible violations
of federal or state law or regulation to the government, including but not limited to the EEOC, Department of Justice, Securities
and Exchange Commission, Congress, and any agency inspector general, or filing a charge with or participating in an investigation
or proceeding conducted by the EEOC or a comparable state or local agency (collectively, any such activity shall be referred to
as a “Government Report”).  DeCubellis does not need prior authorization of the Company to make a Government Report
and is not required to notify the Company that he has made a Government Report.  The restrictions in Sections 4-6 above regarding
confidentiality, non-disparagement and cooperation do not apply in connection with a Government Report. Notwithstanding the provisions
of this Section 11, DeCubellis’ release of claims in Section 2 above waives any alleged right to recover any monetary damages,
receive payment for attorneys’ fees, costs or disbursements or receive any relief in connection with a Government Report,
but this Agreement does not limit any right of DeCubellis to receive a reward from the government for providing it information
in connection with a Government Report.

 

12.       Section 409A.This
Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (Section 409A), including the
exceptions thereto, and shall be construed and administered in accordance with such intent. Notwithstanding any other provision
of this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies with Section
409A or an applicable exemption. Any payments under this Agreement that may be excluded from Section 409A either as separation
pay due to an involuntary separation from service, as a short-term deferral, or as a settlement payment pursuant to a bona fide
legal dispute shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, any installment
payments provided under this Agreement shall each be treated as a separate payment. To the extent required under Section 409A,
any payments to be made under this Agreement in connection with a termination of employment shall only be made if such termination
constitutes a "separation from service" under Section 409A and, if DeCubellis is a "specified employee," as
defined in Section 409A, and to the extent any payment is considered “nonqualified deferred compensation” under Code
Section 409A payable on account of a “separation from service,” such payment or benefit shall not be made or provided
until the date that is the earlier of (A) the expiration of the six (6)-month period measured from the date of such “separation
from service” of the DeCubellis, or (B) as applicable, the date of the DeCubellis’ death. Notwithstanding the foregoing,
the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A and
in no event shall the Company be liable for all or any portion of any taxes, penalties, interest, or other expenses that may be
incurred by DeCubellis on account of non-compliance with Section 409A.

 

13.       Construction
of this Agreement and Severability. Should this Agreement require judicial interpretation, the court shall not construe
the Agreement more strictly against any Party, including the Party who prepared it. Any portions of this Agreement found by a court
of competent jurisdiction to be invalid, illegal, overly broad or unenforceable in any respect shall be revised to the minimum
amount necessary in order to be valid and enforceable.

 

14.       DeCubellis
Understands the Terms of this Agreement. Other than stated herein, DeCubellis warrants that: (a) no promise or inducement
has been offered for this Agreement; (b) this Agreement is executed without reliance upon any statement or representation
of the Company or its representatives concerning the nature and extent of any claims or liability therefor, if any; (c) DeCubellis
is legally competent to execute this Agreement and accepts full responsibility therefor; (d) DeCubellis signs voluntarily of his
own free will without duress; (e) the Company has advised and hereby advises DeCubellis to consult with an attorney, and DeCubellis
has had a sufficient opportunity to consult with an attorney; (f) the Company has allowed DeCubellis until [___________] to consider
whether to sign this proposed Agreement, which is more than twenty-one (21) days from the date DeCubellis first received a copy
of this Agreement; and (g) DeCubellis fully understands this Agreement and has been advised by counsel (or has consciously chosen
not to seek counsel) of the consequences of signing this Agreement. The Parties acknowledge and agree that if DeCubellis has not
signed this proposed Agreement by [_________], then the offer of this Agreement shall expire by its own terms and be of no further
force or effect without any further action required on the part of the Company.

 

 

 

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	Dated: __________, 2021	BLACK RIDGE OIL & GAS, INC.
	 	 
	 	By:________________________________

	 	 
	 	Name:______________________________
	 	 
	 	Title:_______________________________
	 	 
	 	 
	Dated:  __________, 2021	/s/ Kenneth DeCubellis                                         
	 	KENNETH DECUBELLIS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	8	 

     

    

 

EXHIBIT 1

 

Stock Option Agreements

 

 

	 	 	 	 	 	 
	Grant	 	 	 	# of  	Strike  
	Date	Name	Plan	Document	Options	Price ***
	9/25/2012	Kenneth T. DeCubellis	2012	ISO Options (orig.
    issuances cancelled & reissued)	3,333	81.00 
	1/24/2013	Kenneth T. DeCubellis	2012	ISO Options (employment bonus)	1,333	168.00 
	12/12/2013	Kenneth T. DeCubellis	2012	ISO Options (employment bonus)	2,500	195.00 
	12/22/2014	Kenneth T. DeCubellis	2012	ISO Options (employment bonus)	193	84.00 
	9/30/2015	Kenneth T. DeCubellis	2012	ISO Options (employment bonus)	667	51.60 
	12/12/2016	Kenneth T. DeCubellis	2016	NSO Options (employment bonus)	4,013	12.00 
	2/26/2020	Kenneth T. DeCubellis	2020	ISO Options (employment bonus)	60,377	5.41 

 

***reverse-split adjusted        

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	9Exhibit 10.12

 

SEPARATION AGREEMENT AND RELEASE

 

This SEPARATION AGREEMENT AND RELEASE (“Agreement”)
is made and entered into by and between Michael Eisele (“Employee”) and Black Ridge Oil & Gas, Inc. (the “Company”).

 

1.       Separation
Payment and Vesting of Options. In consideration for the mutual promises exchanged herein and subject to the conditions in
this Agreement and provided Employee has not exercised his/her rescission right under Section 8 below, the Company will pay to
Employee an amount equal to the base salary that Employee would have received for a twelve month period (the “Payment Period”).
Such cash payment shall be payable in accordance with the Company’s regular pay period schedule over the Payment Period and
shall be paid less applicable withholdings (the “Separation Payment”) and provide for the accelerated vesting of all
shares of the Company granted to Employee under the stock option agreements listed on Exhibit B hereto that would otherwise
be forfeited upon Employee’s separation from the Company (the “Accelerated Vesting”). The Separation Payment
and Accelerated Vesting are being provided in full, complete, and final settlement of any and all claims, actions, and causes of
action against the Company and the other persons and entities released herein. The Separation Payment will commence on the first
payroll in accordance with the Company's regular payroll schedule after the expiration of the revocation period set forth below
on the condition that Employee did not exercise Employee's right to revoke and the first payment shall include amounts for any
payroll periods between the Termination Date and the date of the first payment; the Accelerated Vesting shall occur promptly thereafter.
Employee may avail himself/herself of his/her COBRA rights as of the Separation Date with or without this Agreement.

 

2.       Discharge
of Claims. In exchange for the benefits provided in this Agreement, Employee, on behalf of himself/herself, his/her agents,
representatives, attorneys, assignees, heirs, executors, and administrators, hereby covenants that he/she will not sue and hereby
releases and forever discharges the Company, and its past and present employees, agents, insurers, officials, officers, directors,
divisions, parents, subsidiaries, predecessors and successors, and all affiliated entities and persons, and all of their respective
past and present employees, agents, insurers, officials, officers, and directors from any and all claims and causes of action of
any type arising, or which may have arisen, out of or in connection with his/her employment or the separation of his/her employment
with the Company that have arisen through the date of Employee's signature below (the "Release"). The Release includes,
without limitation, claims, demands or actions arising under the National Labor Relations Act, Title VII of the Civil Rights Act
of 1964, the Employee Retirement Income Security Act of 1974, the Age Discrimination in Employment Act of 1967 as amended by the
Older Workers Benefit Protection Act, the Equal Pay Act, 42 U.S.C. § 1981, the Sarbanes-Oxley Act, the Dodd–Frank
Wall Street Reform and Consumer Protection Act, the Fair Credit Reporting Act, the Vocational Rehabilitation Act, the Family and
Medical Leave Act, the Worker Adjustment and Retraining Notification Act, the Fair Labor Standards Act, the Lily Ledbetter Fair
Pay Act of 2009, the Americans with Disabilities Act, the Rehabilitation Act of 1973, the Genetic Information Nondiscrimination
Act, the Immigration Reform and Control Act of 1986, the Civil Rights Act of 1991, the Occupational Safety and Health Act, the
Consumer Credit Protection Act, the American Recovery and Reinvestment Act of 2009, the Asbestos Hazard Emergency Response Act,
Employee Polygraph Protection Act, the Uniformed Services Employment and Reemployment Rights Act, the Minnesota Human Rights Act,
the Minnesota Equal Pay for Equal Work Law, the Minnesota Fair Labor Standards Act, the Minnesota Labor Relations Act, the Minnesota
Occupational Safety and Health Act, the Minnesota Criminal Background Check Act, the Minnesota Lawful Consumable Products Law,
the Minnesota Smokers’ Rights Law, the Minnesota Parental Leave Act, the Minnesota Adoptive Parent Leave Law, the Minnesota
Whistleblower Act, the Minnesota Drug and Alcohol Testing in the Workplace Act, the Minnesota Consumer Reports Law, the Minnesota
Victim of Violent Crime Leave Law, the Minnesota Domestic Abuse Leave Law, the Minnesota Bone Marrow Donation Leave Law, the Minnesota
Military and Service Leave Law, the Minnesota Minimum Wage Law, the Minnesota Drug and Alcohol Testing in the Workplace Act, Minn.
Stat. 176.82, Minnesota Statutes Chapter 181, the Minnesota Constitution, Minnesota common law, and all other applicable state,
county and local ordinances, statutes and regulations. Employee further understands that this discharge of claims extends to, but
is not limited to, all claims which he/she may have as of the date of this Agreement based upon statutory or common law claims
for defamation, libel, slander, assault, battery, negligent or intentional infliction of emotional distress, negligent hiring or
retention, breach of contract, retaliation, whistleblowing, promissory estoppel, fraud, wrongful discharge, or any other theory,
whether legal or equitable, and any and all claims for wages, salary, bonuses, commissions, damages, attorney’s fees or costs.
Employee acknowledges that this Release includes all claims that he/she is legally permitted to release, and as such, does not
apply to any vested rights under the Company’s retirement plans, nor does it preclude him/her from filing Government Report
as described below.

 

 

 

    	 	1	 

     

    

 

 

3.       Separation
From Employment. Employee’s employment with the Company ended on September 30, 2020 (“Separation Date”).
Employee is not eligible to sign this Agreement until after his/her employment has actually ended on the Separation Date.

 

4.       Confidential
Information Acquired During Employment. Employee agrees that he/she will continue to treat, as private and privileged, any
information, data, figures, projections, estimates, marketing plans, customer lists, lists of contract workers, tax records, personnel
records, accounting procedures, formulas, contracts, business partners, alliances, ventures and all other confidential information
which Employee acquired while working for the Company. Employee agrees that he/she will not release any such information to any
person, firm, corporation or other entity at any time, except as may be required by law, or as agreed to in writing by the Company.
Employee acknowledges that any violation of this non-disclosure provision shall entitle the Company to appropriate injunctive relief
and to any damages which it may sustain due to the improper disclosure.

 

Immunity from Liability: The Defend Trade Secrets
Act ("DTSA") provides Employee shall not be held criminally or civilly liable under any federal or state trade secret
law for the disclosure of a trade secret that is made in confidence to a federal, state or local government official, either directly
or indirectly, or to an attorney, and is made solely for the purpose of reporting or investigating a suspected violation of law.
The DTSA provides the same immunity for the disclosure of a trade secret that is made in a complaint or other document filed in
a lawsuit or other proceeding, if such filing is made under seal. Under the DTSA, an individual who files a lawsuit for retaliation
by an employer for reporting a suspected violation of law may disclose the trade secret to the individual’s attorney and
use the trade secret information in the court proceeding if the individual files any document containing the trade secret under
seal and does not disclose the trade secret, except pursuant to court order.

 

5.       Confidentiality,
No Disparaging Remarks. Employee represents and agrees that he/she will keep the terms and facts of this Agreement completely
confidential, and that he/she will not disclose any information concerning this Agreement to anyone, except for his/her counsel,
tax accountant, spouse or except as may be required by law or agreed to in writing by the Company or as otherwise required for
Employee to enforce or defend his/her rights hereunder. Further, subject to Section 11 below, Employee shall not make any disparaging
remarks of any sort or otherwise communicate any disparaging comments about the Company, its managers, officers or directors, or
about any of the other released persons or entities identified in Section 2 to any other person or entity. Reciprocally, the Company’s
Board and its officers agree not to make any disparaging remarks of any sort or otherwise communicate any disparaging comments
about Employee.

 

6.       Cooperation
and Certification. At the request of the Company following the Separation Date and subject to Section 11 below, Employee will
cooperate with the Company in any claims or lawsuits where Employee has knowledge of the facts. If Company requests or requires
Employee’s assistance in furnishing information, reviewing documents, testifying, or otherwise cooperating in any matter
or proceeding involving Company or its affiliates, Company shall provide Employee with reasonable advance notice, endeavor to minimize
the disruption to any other vocation or employment engaged in by Employee, and reimburse Employee for all reasonable travel, lodging,
meals, and out-of-pocket expenses related thereto with appropriate documentation and preapproval for amounts in excess of $500.
The Company will also agree to pay Employee at an hourly rate commiserate with his annual compensation as of September 30, 2020
subject to local rules and regulations pertaining to the action. Nothing in this Agreement prevents Employee from testifying at
an administrative hearing, arbitration, deposition or in court in response to a lawful and properly served subpoena (provided Employee
provides written notice of the service of the subpoena to the Company within twenty-four (24) hours of receipt), nor does it preclude
Employee from filing an administrative charge with a government agency or cooperating with a government agency in connection with
an administrative charge (though he/she may not recover damages or receive any relief from the Company if he/she does file such
a charge as noted in Section 2 above). Finally, Employee certifies, warrants and represents that he/she has faithfully discharged
his/her role with the Company at all times during his/her employment. Employee further certifies, warrants, and represents that
he/she is unaware of any actual or potential violations of law by the Company and that he/she has not filed any charges, complaints,
lawsuits, or any similar claims against the Company. The Company agrees that the nothing in this Agreement shall limit Employee’s
right to indemnification and/or defense under Company’s articles, bylaws, operating agreement, corporate governance documents,
policies of insurance, applicable law, or otherwise.

 

7.       No
Wrongdoing. Employee and the Company agree and acknowledge that the consideration exchanged herein does not constitute, and
shall not be construed as, an admission of liability or wrongdoing on the part of Employee, the Company or any entity or person,
and shall not be admissible in any proceeding as evidence of liability or wrongdoing by anyone.

 

 

 

    	 	2	 

     

    

 

8.       Rescission.
This Agreement contains a release of certain legal rights which Employee may have. Employee is advised to consult with an attorney
regarding such release and other aspects of this Agreement before signing this Agreement. Employee understands that he/she may
nullify and rescind this Agreement at any time within the next fifteen (15) calendar days from the date of signature below by indicating
his/her desire to do so in writing and delivering that writing to by email to bberman@ksg.com and jill.radloff@stinson.com. If
the fifteenth day falls on a Saturday, Sunday or federal holiday, the rescission period shall be extended to the next day that
is not a Saturday, Sunday or federal holiday. Employee further understands that if he/she rescinds this Agreement, the Company
will not be bound by the terms of this Agreement, Employee will have to repay in full any monies received pursuant to this Agreement
and Employee will not be eligible to receive the Accelerated Vesting.

 

9.       Return
of Company Property. Except for the laptop computer, monitors and peripherals that the Company has agreed to allow Eisele to
retain with all Company information removed, Employee covenants, warrants and represents that he/she has returned any and all Company
property that was ever in his/her possession or under his/her control to the Company prior to his/her signature of this Agreement,
and this covenant, warranty and representation expressly extends to (but is not limited to) security card, keys, codes, materials,
books, files, laptop computers, cell phone and documents, including all copies.

 

10.       Minnesota
Law, Forum and Merger. The terms of this Agreement shall be governed by the laws of the State of Minnesota, and shall be construed
and enforced thereunder. Any dispute arising under this Agreement shall be determined exclusively by a Minnesota court of appropriate
jurisdiction, and the parties acknowledge the existence of sufficient contacts to the State of Minnesota to confer exclusive jurisdiction
upon courts in that state. This Agreement supersedes and replaces all prior oral and written agreements, understandings, and representations
between Employee and the Company (with the exception of the Employment Agreement Regarding Proprietary Information, Confidentiality,
Loyalty and Noninterference dated 9/14/2012 which shall remain in full force and effect following the execution of this Agreement),
provided that the Company has agreed that the non-competition agreement contained therein shall be limited to competition against
the freeze-dried food business of the Company. Further, Employee understands and agrees that, except as provided in this Agreement,
all claims which he/she has or may have against the Company and the other released parties are fully released and discharged by
this Agreement. The only claim which Employee may hereafter assert against the Company or any of the other released parties is
limited to an alleged breach of this Agreement.

 

11.       Administrative
Charges, Investigations, and Proceedings. Nothing in this Agreement prohibits Employee from reporting possible violations of
federal or state law or regulation to the government, including but not limited to the EEOC, Department of Justice, Securities
and Exchange Commission, Congress, and any agency inspector general, or filing a charge with or participating in an investigation
or proceeding conducted by the EEOC or a comparable state or local agency (collectively, any such activity shall be referred to
as a “Government Report”).  Employee does not need prior authorization of the Company to make a Government Report
and is not required to notify the Company that he/she has made a Government Report.  The restrictions in Sections 4-6 above
regarding confidentiality, non-disparagement and cooperation do not apply in connection with a Government Report. Notwithstanding
the provisions of this Section 11, Employee’s release of claims in Section 2 above waives any alleged right to recover any
monetary damages, receive payment for attorneys’ fees, costs or disbursements or receive any relief in connection with any
matter, including a Government Report, but this Agreement does not limit any right of Employee to receive a reward from the government
for providing it information in connection with a Government Report.

 

12.       Construction
of this Agreement and Severability. Should this Agreement require judicial interpretation, the court shall not construe the
Agreement more strictly against any party, including the party who prepared it. Any portions of this Agreement found by a court
of competent jurisdiction to be invalid, illegal, overly broad or unenforceable in any respect shall be revised to the minimum
amount necessary in order to be valid and enforceable.

 

13.       Employee
Understands the Terms of this Agreement. Other than stated herein, Employee warrants that (a) no promise or inducement has
been offered for this Agreement; (b) this Agreement is executed without reliance upon any statement or representation of the
Company or its representatives concerning the nature and extent of any claims or liability therefor, if any; (c) Employee
is legally competent to execute this Agreement and accepts full responsibility therefor; (d) Employee signs voluntarily of Employee's
own free will without duress; (e) the Company has advised and hereby advises Employee to consult with an attorney, and Employee
has had a sufficient opportunity to consult with an attorney; (f) the Company has allowed Employee until November 16, 2020 to consider
whether to sign this proposed Agreement, which is more than forty (45) days from the date Employee first received a copy of this
Agreement; (g) the Company has provided the disclosure attached to this Agreement as Exhibit A; and (h) Employee fully understands
this Agreement and has been advised by counsel (or has consciously chosen not to seek counsel) of the consequences of signing this
Agreement. The parties acknowledge and agree that if Employee has not signed this proposed Agreement by November 16, 2020, then
the offer of this Agreement shall expire by its own terms and be of no further force or effect without any further action required
on the part of the Company.

 

 

 

    	 	3	 

     

    

 

	 	EMPLOYEE
	 	 
	 	______________________________
	Dated: _____________________________________	Michael Eisele
	 	 
	 	 

	 	 
	Dated: _____________________________________	COMPANY
	 	 
	 	BLACK RIDGE OIL & GAS, INC.
	 	 
	 	 
	 	By /s/ Bradley Berman                                         
	 	Name: Bradley Berman
	 	Title: Chairman, Board of Directors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	4	 

     

    

 

EXHIBIT A

TO SEPARATION AGREEMENT AND RELEASE

 

Pursuant to federal law, the Company is
providing you with the following list of the job titles and ages of the employees in the Company sorted by whether the employee
was selected for the Company’s September 30, 2020 workforce reduction (the “RIF”).

 

The following information pertains to employees
whose employment with the Company is ending as a result of the RIF, and therefore are eligible to receive a separation payment
pursuant to the terms of a Separation Agreement and Release.

 

	Job Title	Age
	COO	38
	VP – Land	36
	Accountant	42
	Accountant	37

 

The following information pertains to employees
who were not selected for the RIF and, therefore, are ineligible to receive a separation payment:

 

	Job Title	Age
	CEO	53

 

The information on this disclosure form
is effective as of September 30, 2020.

 

The Company made its RIF determinations
on a company-wide basis and thus the entire Company was the decisional unit. In making its selections for the RIF, the Company
assessed its lack of a need for employees located in Minnesota on a going forward basis.

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	5	 

     

    

 

EXHIBIT B

 

Stock Option Agreements

 

	Options Outstanding
	September 17, 2020
	 	 	 	 	 	 
	 	 	 	 	 	 
	Grant	 	 	 	# of  	Strike  
	Date	Name	Plan	Document	Options***	Price ***
	8/10/2012	Michael Eisele	2012	ISO Options (received upon employment)	            500 	         84.00 
	1/24/2013	Michael Eisele	2012	ISO Options (employment bonus)	            550 	        168.00 
	8/1/2013	Michael Eisele	2012	ISO Options (employment bonus)	            550 	        192.00 
	12/12/2013	Michael Eisele	2012	ISO Options (employment bonus)	            833 	        195.00 
	12/22/2014	Michael Eisele	2012	ISO Options (employment bonus)	            133 	         84.00 
	9/30/2015	Michael Eisele	2012	ISO Options (employment bonus)	            667 	         51.60 
	12/12/2016	Michael Eisele	2016	NSO Options (employment bonus)	         1,667 	         12.00 
	2/26/2020	Michael Eisele	2020	ISO Options (employment bonus)	        42,264 	           5.41 
	 	 	 	 	 	 
	***reverse-split adjusted	 	 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	6

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