Document:

Exhibit 4.13

 

PETRO RIVER OIL CORP.

 

2012 Equity
Compensation Plan

 

	1.		Purposes.

 

	(a)		Eligible
                                                                                                                                                                                                                                                               Stock
                                                                                                                                                                                                                                                               Award
                                                                                                                                                                                                                                                               Recipients.
                                                                                                                                                                                                                                                               The
                                                                                                                                                                                                                                                               persons
                                                                                                                                                                                                                                                               eligible
                                                                                                                                                                                                                                                               to
                                                                                                                                                                                                                                                               receive
                                                                                                                                                                                                                                                               Stock
                                                                                                                                                                                                                                                               Awards
                                                                                                                                                                                                                                                               are
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               Employees,
                                                                                                                                                                                                                                                               Directors
                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                               Consultants
                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               Company
                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                               its
                                                                                                                                                                                                                                                               Affiliates.

 

	(b)		Available
                                                                                                                                                                                                                                                               Stock
                                                                                                                                                                                                                                                               Awards.
                                                                                                                                                                                                                                                               The
                                                                                                                                                                                                                                                               purpose
                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               Plan
                                                                                                                                                                                                                                                               is
                                                                                                                                                                                                                                                               to
                                                                                                                                                                                                                                                               provide
                                                                                                                                                                                                                                                               a
                                                                                                                                                                                                                                                               means
                                                                                                                                                                                                                                                               by
                                                                                                                                                                                                                                                               which
                                                                                                                                                                                                                                                               eligible
                                                                                                                                                                                                                                                               recipients
                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                               Stock
                                                                                                                                                                                                                                                               Awards
                                                                                                                                                                                                                                                               may
                                                                                                                                                                                                                                                               be
                                                                                                                                                                                                                                                               given
                                                                                                                                                                                                                                                               an
                                                                                                                                                                                                                                                               opportunity
                                                                                                                                                                                                                                                               to
                                                                                                                                                                                                                                                               benefit
                                                                                                                                                                                                                                                               from
                                                                                                                                                                                                                                                               increases
                                                                                                                                                                                                                                                               in
                                                                                                                                                                                                                                                               value
                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               Common
                                                                                                                                                                                                                                                               Stock
                                                                                                                                                                                                                                                               through
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               granting
                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               following
                                                                                                                                                                                                                                                               Stock
                                                                                                                                                                                                                                                               Awards:
                                                                                                                                                                                                                                                               (i)
                                                                                                                                                                                                                                                               Stock
                                                                                                                                                                                                                                                               Options,
                                                                                                                                                                                                                                                               (iii)
                                                                                                                                                                                                                                                               Common
                                                                                                                                                                                                                                                               Stock,
                                                                                                                                                                                                                                                               (iv)
                                                                                                                                                                                                                                                               Restricted
                                                                                                                                                                                                                                                               Stock,
                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                               (v)
                                                                                                                                                                                                                                                               Restricted
                                                                                                                                                                                                                                                               Stock
                                                                                                                                                                                                                                                               Units.

 

	(c)		General
                                                                                                                                                                                                                                                               Purpose.
                                                                                                                                                                                                                                                               The
                                                                                                                                                                                                                                                               Company,
                                                                                                                                                                                                                                                               by
                                                                                                                                                                                                                                                               means
                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               Plan,
                                                                                                                                                                                                                                                               seeks
                                                                                                                                                                                                                                                               to
                                                                                                                                                                                                                                                               retain
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               services
                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               group
                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                               persons
                                                                                                                                                                                                                                                               eligible
                                                                                                                                                                                                                                                               to
                                                                                                                                                                                                                                                               receive
                                                                                                                                                                                                                                                               Stock
                                                                                                                                                                                                                                                               Awards,
                                                                                                                                                                                                                                                               to
                                                                                                                                                                                                                                                               secure
                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                               retain
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               services
                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                               new
                                                                                                                                                                                                                                                               members
                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                               this
                                                                                                                                                                                                                                                               group
                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                               to
                                                                                                                                                                                                                                                               provide
                                                                                                                                                                                                                                                               incentives
                                                                                                                                                                                                                                                               for
                                                                                                                                                                                                                                                               such
                                                                                                                                                                                                                                                               persons
                                                                                                                                                                                                                                                               to
                                                                                                                                                                                                                                                               exert
                                                                                                                                                                                                                                                               maximum
                                                                                                                                                                                                                                                               efforts
                                                                                                                                                                                                                                                               for
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               success
                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               Company
                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                               its
                                                                                                                                                                                                                                                               Affiliates.

 

	2.		Definitions.

 

(a)     “Affiliate”
means any parent corporation or subsidiary corporation of the Company, whether now or hereafter existing, as those terms are defined
in Sections 424(e) and (f), respectively, of the Code.

 

(b)     “Board”
means the Board of Directors of the Company.

 

(c)    “Cause”
for termination of Continuous Service means there exists (i) a reasonable and good faith finding by the Company as determined
by it in its sole discretion, of a material and repeated failure of the Participant to provide his or her full business time and
attention to his reasonably assigned duties for the Company (including, without limitation, unexcused failure to report for work)
for reasons other than the Participant’s death or disability, or the Participant’s gross negligence or willful misconduct;
which failure or deficiency remains uncured (if curable) for a period of thirty (30) days following written notice by the Company
to the Participant which specifies the reasons for the potential cause determination; (ii) the material breach by the Participant
of any of the provisions of his or her employment agreement (if the Participant has an employment agreement with the Company)
for reasons other than the Participant’s death or disability, which breach remains uncured (if curable) for a period of
thirty (30) days following written notice by the Company to the Participant which specifies the reasons for the potential cause
determination; (iii) the conviction of the Participant of, or the entry of a pleading of guilty or nolocontendere by the
Participant to, any felony; (iv) the Participant having committed any theft, embezzlement, fraud or other intentional act of dishonesty
involving the business of the Company; or (v) any adjudication in any civil suit, or written acknowledgment by the Participant
in any agreement or stipulation of the commission of any theft, embezzlement, fraud or other intentional act of dishonesty involving
any other person.

 

(d)    “Change
of Control”an event or series of events resulting in the current holders of more than 50% of the Common Stock of
the Company (inclusive of their affiliates) thereafter holding less than 50% of the Common Stock of the Company.

 

(e)    “Code”
means the Internal Revenue Code of 1986, as amended. Reference to a specific section of the Code or regulation thereunder shall
include such section or regulation, any valid regulation promulgated under such section, and any comparable provision of any future
legislation or regulation amending, supplementing or superseding such section or regulation.

 

(f)     “Committee”
means a committee of one or more members of the Board appointed by the Board in accordance with subsection 3(c).

 

    	 

    	 

    

 

(g)     “Common
Stock” means the common stock of the Company.

 

(h)     “Company”
means Petro River Oil Corp, a Delaware corporation.

 

(i)    “Consultant”
means any person, including an advisor, (i) engaged by the Company or an Affiliate to render consulting or advisory services and
who is compensated for such services or(ii) who is a member of the Board of Directors of an Affiliate. However, the term “Consultant”
shall not include either Directors who are not compensated by the Company for their services as Directors or Directors who are
merely paid a director’s fee by the Company for their services as Directors.

 

(j)    “Continuous
Service” means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Director
or Consultant, is not interrupted or terminated. The Participant’s Continuous Service shall not be deemed to have terminated
merely because of a change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee,
Consultant or Director or a change in the entity for which the Participant renders such service, provided that there is no interruption
or termination of the Participant’s Continuous Service. For example, a change in status from an Employee of the Company
to a Consultant of an Affiliate or a Director will not constitute an interruption of Continuous Service. The Board or the chief
executive officer of the Company, in that party’s sole discretion, may determine whether Continuous Service shall be considered
interrupted in the case of any leave of absence approved by that party, including sick leave, military leave or any other personal
leave.

 

(k)    “Covered
Employee” means the chief executive officer and the four (4) other highest compensated officers of the Company for
whom total compensation is required to be reported to stockholders under the Exchange Act, as determined for purposes of Section
162(m) of the Code.

 

(l)    “Director”
means a member of the Board of Directors of the Company.

 

(m)    “Disability”
means the permanent and total disability of a person within the meaning of Section 22(e)(3) of the Code.

 

(n)    “Employee”
means any person employed by the Company or an Affiliate. Mere service as a Director or payment of a director’s fee by the
Company or an Affiliate shall not be sufficient to constitute “employment” by the Company or an Affiliate.

 

(o)     “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

(p)     “Fair
Market Value” means, as of any date, the value of the Common Stock determined as follows:

 

(i)     If
the Common Stock is listed on any established stock exchange or traded on a NASDAQMarket or quoted on the Over the Counter Bulletin
Board, the Fair Market Value of a share of Common Stock shall be the closing sales price (last trade) for such stock as quoted
on such exchange or market (or the exchange or market with the greatest volume of trading in the Common Stock) on the last market
trading day prior to the day of determination, as reported in The Wall Street Journal or such other source as the Board
deems reliable.

 

(ii)     In
the absence of such markets for the Common Stock, the Fair Market Value shall be determined in good faith by the Board.

 

    	 

    	 

    

 

(q)     “Good
Reason”means, without the written consent of the Participant, (i) a material reduction by the Company in the Participant’s
duties or position, (ii) a reduction of the Participant’s compensation or benefits as set forth in the Company’s benefits
policies as of the date hereof or in Participant’s employment agreement, (iii) the relocation of the Participant’s
principal place of employment by more than 50 miles, or (iv) any material breach by the Company of the Participant’s employment
agreement, if any. Prior to a termination of Continuous Service with good reason, the Company shall have thirty (30) days to cure
the deficiency or deficiencies related to the potential good reason determination.

 

(r)    Not
used.

 

(s)    
“Non-Employee Director” means a Director who either (i) is not a current Employee or Officer of
the Company or its parent or a subsidiary, does not receive compensation (directly or indirectly) from the Company or its parent
or a subsidiary for services rendered as a consultant or in any capacity other than as a Director (except for an amount as to
which disclosure would not be required under Item 404(a) of Regulation S-K promulgated pursuant to the Securities Act (“Regulation
S-K”)), does not possess an interest in any other transaction as to which disclosure would be required under Item 404(a)
of Regulation S-K and is not engaged in a business relationship as to which disclosure would be required under Item 404(b) of
Regulation S-K; or (ii) is otherwise considered a “non-employee director” for purposes of Rule 16b-3.

 

(t)     “Non-statutory
Stock Option” means an Option not intended to qualify as an Incentive Stock Option.

 

(u)    “Officer”
means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations
promulgated thereunder.

 

(v)     “Option”
means a Stock Option granted pursuant to the Plan.

 

(w)    “Option
Agreement” means a written agreement between the Company and an Optionholder evidencing the terms and conditions
of an individual Option grant. Each Option Agreement shall be subject to the terms and conditions of the Plan.

 

(x)     “Optionholder”
means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding
Option.

 

(y)    “Outside
Director” means a Director who either (i) is not a current employee of the Company or an “affiliated corporation”
(within the meaning of Treasury Regulations promulgated under Section 162(m) of the Code), is not a former employee of the Company
or an “affiliated corporation” receiving compensation for prior services (other than benefits under a tax-qualified
pension plan), was not an officer of the Company or an “affiliated corporation” at any time and is not currently receiving
direct or indirect remuneration from the Company or an “affiliated corporation” for services in any capacity other
than as a Director or (ii) is otherwise considered an “outside director” for purposes of Section 162(m) of the Code.

 

(z)     “Participant”
means a person to whom a Stock Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding
Stock Award.

 

(aa)   “Plan”
means this Petro River Oil Corp. 2012 Equity Compensation Plan.

 

(bb)    “Restricted
Stock” means shares of Common Stock issued pursuant to a Restricted Stock award under Section 7(b) of the Plan.

 

(cc)    “Restricted
Stock Unit” means a bookkeeping entry representing an amount equal to the Fair Market Value of one share of Common
Stock, granted pursuant to Section 7(c). Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company.

 

    	 

    	 

    

 

(dd)     “Rule
16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time
to time.

 

(ee)    “Securities
Act” means the Securities Act of 1933, as amended.

 

(ff)     “Stock
Award” means any equity grant under the Plan, including any grant of an Option, a Restricted Stock Unit, Common
Stock, or Restricted Stock.

 

(gg)    “Stock
Award Agreement” means a written agreement between the Company and a holder of a Stock Award evidencing the terms
and conditions of an individual Stock Award grant. Each Stock Award Agreement shall be subject to the terms and conditions of
the Plan. In the case of a Stock Award consisting of Restricted Stock, it shall mean a written agreement between the Company and
a Participant evidencing the terms and restrictions applying to an individual grant of Restricted Stock, and in the case of a
Stock Award consisting of Restricted Stock Units, it shall mean a written agreement between the Company and a Participant evidencing
the terms and restrictions applying to an individual grant of Restricted Stock Units.

 

(hh)     “StockAward
Transfer Program” means any program instituted by the Board which would permit Participants the opportunity to transfer
any outstanding Stock Awards to a financial institution or other person or entity approved by the Board.

 

(ii)     “Ten
Percent Stockholder” means a person who owns (or is deemed to own pursuant to Section 424(d) of the Code) stock
possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of any of
its Affiliates.

 

	3.		Administration.

 

(a)     Administration
by Board. The Board shall administer the Plan unless and until the Board delegates administration to a Committee, as provided
in subsection 3(c).

 

(b)     Powers
of Board. The Board shall have the power, subject to, and within the limitations of, the express provisions of the Plan:

 

  (i)    To
determine the Fair Market Value;

 

(ii)   To
select the persons to whom Stock Awards may be granted hereunder;

 

(iii)  To determine
the number of shares of Common Stock to be covered by each Stock Award granted hereunder;

 

(iv)  To approve forms
of Stock Award Agreements for use under the Plan;

 

(v)   To
determine the terms and conditions, not inconsistent with the terms of the Plan, of any Stock Award granted hereunder. Such terms
and conditions include, but are not limited to, the exercise price, the time or times when Stock Awards may be exercised (which
may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation
regarding any Stock Award or the shares of Common Stock relating thereto, based in each case on such factors as the Board will
determine;

 

(vi)  To determine
the terms and conditions of any, and to institute any, Stock Award Transfer Program in accordance with Section 10(b);

 

(vii) To construe and interpret
the terms of the Plan and Stock Awards granted pursuant to the Plan;

 

(viii) To
prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to sub-plans
established for the purpose of satisfying applicable foreign laws;

 

    	 

    	 

    

 

(ix) To modify or amend
each Stock Award (subject to Section 13(e) of the Plan), including but not limited to the discretionary authority to extend the
post-termination exercisability period of Stock Awards and to extend the maximum term of an Option (subject to Section 6(a) regarding
Incentive Stock Options);

 

(x)  To allow
Participants to satisfy withholding tax obligations in such manner as prescribed in Section 11(f);

 

(xi)    To
authorize any person to execute on behalf of the Company any instrument required to effect the grant of a Stock Award previously
granted by the Board;

 

(xii)To
allow a Participant to defer the receipt of the payment of cash or the delivery of shares of Common Stock that would otherwise
be due to such Participant under a Stock Award pursuant to such procedures as the Board may determine; and

 

(xiii) To make all other
determinations deemed necessary or advisable for administering the Plan.

 

	(c)		Delegation
                                                                                                                                                                                  to
                                                                                                                                                                                  Committee.

 

(i)    General.
The Board may delegate administration of the Plan to a Committee or Committees of one (1) or more members of the Board, and the
term “Committee” shall apply to any person or persons to whom such authority has been delegated. If administration
is delegated to a Committee, the Committee shall have, in connection with the administration of the Plan, the powers theretofore
possessed by the Board, including the power to delegate to a subcommittee any of the administrative powers the Committee is authorized
to exercise (and references in this Plan to the Board shall thereafter be to the Committee or subcommittee), subject, however,
to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. The Board
may abolish the Committee at any time and revest in the Board the administration of the Plan.

 

(ii)    Committee
Composition. In the discretion of the Board, a Committee may consist solely of two or more Outside Directors, in accordance
with Section 162(m) of the Code, and/or solely of two or more Non-Employee Directors, in accordance with Rule 16b-3. Within the
scope of such authority, the Board or the Committee may (1) delegate to a committee of one or more members of the Board who are
not Outside Directors the authority to grant Stock Awards to eligible persons who are either (a) not then Covered Employees and
are not expected to be Covered Employees at the time of recognition of income resulting from such Stock Award or (b) not persons
with respect to whom the Company wishes to comply with Section 162(m) of the Code and/or) (2) delegate to a committee of one or
more members of the Board who are not Non-Employee Directors the authority to grant Stock Awards to eligible persons who are not
then subject to Section 16 of the Exchange Act.

 

(d)    Effect
of Board’s and/or Committee’s Decision. All determinations, interpretations and constructions made by the Board
or the Committee in good faith shall not be subject to review by any person and shall be final, binding and conclusive on all
persons.

 

	4.		Shares
                                                                                                                                                                               Subject
                                                                                                                                                                               To
                                                                                                                                                                               The
                                                                                                                                                                               Plan.

 

(a)    
Share Reserve. Subject to the provisions of Section 12 relating to adjustments upon changes in Common Stock, the total number
of shares of Common Stock that may be issued pursuant to Stock Awards shall not exceed in the aggregate of 90 million shares (the
“Reserved Shares”).

 

    	 

    	 

    

 

(b)
    Reversion of Shares to the Share Reserve. Subject to the provisions of 4(a) above, if any Stock Award
shall for any reason expire or otherwise terminate, in whole or in part, without having been exercised in full, the shares of
Common Stock not acquired under such Stock Award shall revert to and again become available for issuance under the Plan.

 

(c)    Source
of Shares. The shares of Common Stock subject to the Plan may be unissued shares or reacquired shares, bought on the market
or otherwise.

 

	5.		Eligibility.

 

	(a)		Not
                                                                                                                                                                                  used.

 

	(b)		Not
                                                                                                                                                                                  used

 

(c)    Section
162(m) Limitation. Subject to the provisions of Section 12 relating to adjustments upon changes in the shares of Common Stock,
no Employee shall be eligible to be granted Options covering more than five million (5,000,000) shares of Common Stock during
any calendar year, and no Employee shall be eligible to be granted, in the aggregate, Restricted Stock and Restricted Stock Units
covering more than two million (2,000,000) shares of Common Stock, during any calendar year. This subsection 5(c) shall not apply
until (i) the earliest of: (1) the first material modification of the Plan (including any increase in the number of shares of
Common Stock reserved for issuance under the Plan in accordance with Section 4); (2) the issuance of all of the shares of Common
Stock reserved for issuance under the Plan; (3) the expiration of the Plan; or (4) the first meeting of stockholders at which
Directors are to be elected that occurs after the close of the first calendar year following the calendar year in which occurred
the first registration of an equity security under Section 12 of the Exchange Act or the date the Company becomes publicly held
in accordance with Section 162(m) of the Code and the rules and regulations promulgated thereunder; or (ii) such other date required
by Section 162(m) of the Code and the rules and regulations promulgated thereunder.

 

(d)
   Consultants.

 

(i)     A
Consultant shall not be eligible for the grant of a Stock Award if, at the time of grant, either the offer or the sale of the
Company’s securities to such Consultant is not exempt under Rule 701 of the Securities Act (“Rule 701”) because
of the nature of the services that the Consultant is providing to the Company, or because the Consultant is not a natural person,
or as otherwise provided by Rule 701, unless the Company determines that such grant need not comply with the requirements of Rule
701 and will satisfy another exemption under the Securities Act as well as comply with the securities laws of all other relevant
jurisdictions.

 

(ii)    A
Consultant shall not be eligible for the grant of a Stock Award if, at the time of grant, a Form S-8 Registration Statement under
the Securities Act (“Form S-8”) is not available to register either the offer or the sale of the Company’s securities
to such Consultant because of the nature of the services that the Consultant is providing to the Company, or because the Consultant
is not a natural person, or as otherwise provided by the rules governing the use of Form S-8, unless the Company determines both
(i) that such grant (A) shall be registered in another manner under the Securities Act (e.g., on a Form S-3 Registration Statement)
or (B) does not require registration under the Securities Act in order to comply with the requirements of the Securities Act,
if applicable, and (ii) that such grant complies with the securities laws of all other relevant jurisdictions.

 

(iii)   Rule
701 and Form S-8 generally are available to consultants and advisors only if (i) they are natural persons; (ii) they provide bona
fide services to the issuer, its parents, its majority-owned subsidiaries or majority-owned subsidiaries of the issuer’s
parent; and (iii) the services are not in connection with the offer or sale of securities in a capital-raising transaction, and
do not directly or indirectly promote or maintain a market for the issuer’s securities.

 

	6.		Option
                                                                                                                                                                               Provisions.

 

Each Option shall be in such form and
shall contain such terms and conditions as the Board shall deem appropriate. All Options shall be non-statutory Stock Options
at the time of grant. The provisions of separate Options need not be identical, but each Option shall include (through incorporation
of provisions hereof by reference in the Option or otherwise) the substance of each of the following provisions:

 

(a)    Term.
No Stock Option shall be exercisable after the expiration of ten (10) years from the date it was granted.

 

    	 

    	 

    

 

(b)    
Not used.

 

(c)    
Exercise Price of a Stock Option. The exercise price of each Stock Option shall be not less than one hundred percent (100%)
of the Fair Market Value of the Common Stock subject to the Option on the date the Option is granted. Notwithstanding the foregoing,
a Stock Option may be granted with an exercise price lower than that set forth in the preceding sentence if such Option is granted
pursuant to an assumption or substitution for another option in a manner satisfying the provisions of Section 424(a) of the Code.

 

(d)     Consideration.
The purchase price of Common Stock acquired pursuant to an Option shall be paid, to the extent permitted by applicable statutes
and regulations, either (i) in cash at the time the Option is exercised or (ii) at the discretion of the Board at the time of
the grant of the Option (or subsequently in the case of a Non-statutory Stock Option) (1) by delivery to the Company of other
Common Stock, (2) according to a deferred payment or other similar arrangement with the Optionholder or (3) in any other form
of legal consideration that may be acceptable to the Board (which includes a cashless exercise election). Unless otherwise specifically
provided in the Option, the purchase price of Common Stock acquired pursuant to an Option that is paid by delivery to the Company
of other Common Stock acquired, directly or indirectly from the Company, shall be paid only by shares of the Common Stock of the
Company that have been held for more than six (6) months (or such longer or shorter period of time required to avoid a charge
to earnings for financial accounting purposes). At any time that the Company is incorporated in Delaware, payment of the Common
Stock’s “par value,” as defined in the Delaware General Corporation Law, shall not be made by deferred payment.

 

In the case of
any deferred payment arrangement, interest shall be compounded at least annually and shall be charged at the market rate of interest
necessary to avoid a charge to earnings for financial accounting purposes.

 

In the case of
a cashless exercise, the following formula will be used:

 

If elected by the
Holder, the Holder shall be entitled to receive a certificate for the number of Option Shares equal to the quotient obtained by
dividing [(A-B) (X)] by (A), where:

 

(A) = the closing
stock price (trade) on the Trading Day immediately preceding the date of such election;

(B)
= the Exercise Price of the Option, as adjusted; and

(X)
= the number of Option Shares issuable upon exercise of the Option in accordance with the terms of the Option by means of a cash
exercise rather than a cashless exercise.

 

Notwithstanding
anything herein to the contrary, on the Termination Date, unexercised vested Options shall be automatically exercised via cashless
exercise pursuant to this Section 6(d).

 

e)    Vesting.
(i)The total number of shares of Common Stock subject to an Option may, but need not, vest and therefore become exercisable
in periodic installments that may, but need not, be equal. The Option may be subject to such other terms and conditions on the
time or times when it may be exercised (which may be based on performance or other criteria) as the Board may deem appropriate.
The vesting provisions of individual Options may vary. The provisions of this subsection 6(e) are subject to any Option provisions
governing the minimum number of shares of Common Stock as to which an Option may be exercised.

 

(f)    Termination
of Continuous Service. In the event an Optionholder’s Continuous Service terminates, the Optionholder(or the Optionholder’s
heirs, executor or successors) may exercise his or her Option (to the extent that the Optionholder was entitled to exercise such
Option as of the date of termination) but only within such period of time ending on the earlier of (i) the date six (6) months
following the termination of the Optionholder’s Continuous Service (or such longer period specified in the Option Agreement),
or (ii) the expiration of the term of the Option as set forth in the Option Agreement. If, after termination, the Optionholder
does not exercise his or her Option within the time specified in the Option Agreement, the Option shall be exercised on a cashless
basis per section 6(d) or terminate.

 

    	 

    	 

    

 

(g)    Extension
of Termination Date. An Optionholder’s Option Agreement may also provide that if the exercise of the Option following
the termination of the Optionholder’s Employment and/or Continuous Service would be prohibited at any time solely because
the issuance of shares of Common Stock would violate the registration requirements under the Securities Act, then the Option shall
terminate on the earlier of (i) the expiration of the term of the Option set forth in Section 6(a) or (ii) the expiration of a
period of six (6) monthsafter the termination of the Optionholder’s Continuous Service during which the exercise of the
Option would not be in violation of such registration requirements.

 

(h)    
Not used.

 

(i)    
Not used.

 

(j)     Early
Exercise. The Option may, but need not, include a provision whereby the Optionholder may elect at any time before the Optionholder’s
Continuous Service terminates to exercise the Option as to any part or all of the shares of Common Stock subject to the Option
prior to the full vesting of the Option.

 

	7.		Provisions
                                                                                                                                                                               of
                                                                                                                                                                               Stock
                                                                                                                                                                               Awards
                                                                                                                                                                               other
                                                                                                                                                                               than
                                                                                                                                                                               Options.

 

(a)    
Stock Awards. Each Stock Award Agreement with regard to Common Stock shall be in such form and shall contain such terms and
conditions as the Board shall deem appropriate. The terms and conditions of Stock Award Agreements for Common Stock may change
from time to time, and the terms and conditions of separate Stock Award Agreements for Common Stock need not be identical, but
each Stock Award Agreement shall include (through incorporation of provisions hereof by reference in the agreement or otherwise)
the substance of each of the following provisions:

 

(i)     Consideration.
A Stock Award of Common Stock may be awarded in consideration for past services actually rendered to the Company or an Affiliate
for its benefit.

 

(ii)     Vesting.
Stock Awards other than Options shall vest in accordance with the schedule determined by the Board, which shall be set forth in
the applicable Stock Award Agreement.

 

(iii)    Termination
of Participant’s Continuous Service. In the event a Participant’s Continuous Service terminates, the Company may
reacquire any or all of the shares of Common Stock held by the Participant which have not vested as of the date of termination
under the terms of the Stock Award Agreement.

 

(b)    Restricted
Stock Awards. Each Stock Award Agreement with regard to Restricted Stock shall be in such form and shall contain such terms
and conditions as the Board shall deem appropriate. The terms and conditions of the Stock Award Agreement may change from time
to time, and the terms and conditions of separate Stock Award Agreement for Restricted Stock need not be identical, but each Stock
Award Agreement regarding Restricted Stock shall include (through incorporation of provisions hereof by reference in the agreement
or otherwise) the substance of each of the following provisions:

 

(i)    Transferability.
Except as provided in this Section 7(b) or Section 10, shares of Restricted Stock may not be sold, transferred, pledged, assigned,
or otherwise alienated or hypothecated until such time as the shares of Restricted Stock have vested.

 

(ii)  Other
Restrictions. The Board, in its sole discretion, may impose such other restrictions on shares of Restricted Stock as it may
deem advisable or appropriate.

 

(iii) Removal
of Restrictions. Except as otherwise provided in this Section 7(b), shares of Restricted Stock covered by each Restricted
Stock grant made under the Plan will be released from escrow as soon as practicable after the date the shares of Restricted Stock
vest or at such other time as the Board may determine. The Board, in its discretion, may accelerate the time at which any restrictions
will lapse or be removed.

 

    	 

    	 

    

 

(iv)    Voting
Rights. During the period in which the shares of Restricted Stock are not transferable, Participants holding shares of Restricted
Stock granted hereunder may exercise full voting rights with respect to those Shares, unless the Board determines otherwise.

 

(v)    Dividends
and Other Distributions. During the period in which the shares of Restricted Stock are not transferable, Participants holding
shares of Restricted Stock will be entitled to receive all dividends and other distributions paid with respect to such shares,
unless the Board provides otherwise. If any such dividends or distributions are paid in shares, the shares will be subject to
the same restrictions on transferability and forfeitability as the shares of Restricted Stock with respect to which they were
paid.

 

(vi)    Return
of Restricted Stock to the Company. On the date set forth in the Stock Award Agreement, the Restricted Stock for which restrictions
have not lapsed will revert to the Company and again will become available for grant under the Plan.

 

(c)    Restricted
Stock Units. Restricted Stock Units may be granted at any time and from time to time as determined by the Board. After the
Board determines that it will grant Restricted Stock Units under the Plan, it shall advise the Participant in a Stock Award Agreement
for Restricted Stock Units of the terms, conditions, and restrictions related to the grant, including the number of Restricted
Stock Units.

 

(i)    Vesting
Criteria and Other Terms. The Board shall set vesting criteria in its discretion, which, depending on the extent to which
the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant. The Board
may set vesting criteria based upon the achievement of Company-wide, business unit, or individual goals (including, but not limited
to, continued employment), or any other basis determined by the Board in its discretion.

 

(ii)    Settlement
of Restricted Stock Units. Restricted Stock Units shall be settled within 10 business days after vesting, either by delivery
to the Participant of shares of Common Stock (with appropriate Securities Act restrictive legends) or, at the election of the
Company, by delivery to the Participant of a cash payment based upon the Fair Market Value of the Company’s Common Stock
on the date of vesting for each Restricted Stock Unit vested.

 

	8.		Covenants
                                                                                                                                                                               of
                                                                                                                                                                               the
                                                                                                                                                                               Company.

 

(a)    Availability
of Shares. During the terms of the Stock Awards, the Company shall keep available at all times the number of shares of Common
Stock required to satisfy such Stock Awards.

 

(b)    Securities
Law Compliance. The Company shall seek to obtain from each regulatory commission or agency having jurisdiction over the Plan
such authority as may be required to grant Stock Awards and to issue and sell shares of Common Stock upon exercise of the Stock
Awards; provided, however, that this undertaking shall not require the Company to register under the Securities Act the Plan,
any Stock Award or any Common Stock issued or issuable pursuant to any such Stock Award. If, after reasonable efforts, the Company
is unable to obtain from any such regulatory commission or agency the authority which counsel for the Company deems necessary
for the lawful issuance and sale of Common Stock under the Plan, the Company shall be relieved from any liability for failure
to issue and sell Common Stock upon exercise of such Stock Awards unless and until such authority is obtained.

 

	9.		Use
                                                                                                                                                                               of
                                                                                                                                                                               Proceeds
                                                                                                                                                                               from
                                                                                                                                                                               Stock

 

Proceeds from the sale of Common Stock
pursuant to Stock Awards shall constitute general funds of the Company.

 

	10.		Transferability
                                                                                                                                                                                of
                                                                                                                                                                                Awards.

 

(a)    General.
Unless determined otherwise by the Board, a Stock Award may not be sold, pledged, assigned, hypothecated, transferred, or disposed
of in any manner other than by will, by the laws of descent or distribution, to a revocable trust, or as permitted by Rule 701,
and may be exercised, during the lifetime of the Participant, only by the Participant. If the Board makes a Stock Award transferable,
such Stock Award will contain such additional terms and conditions as the Board deems appropriate.

 

    	 

    	 

    

 

(b)    Stock
Award Transfer Program. Notwithstanding any contrary provision of the Plan, the Board shall have all discretion and authority
to determine and implement the terms and conditions of any Stock Award Transfer Program instituted pursuant to this Section 10(b)
and shall have the authority to amend the terms of any Stock Award participating, or otherwise eligible to participate in, the
Stock Award Transfer Program, including (but not limited to) the authority to (i) amend (including to extend) the expiration date,
post-termination exercise period and/or forfeiture conditions of any such Stock Award, (ii) amend or remove any provisions of
the Stock Award relating to the Stock Award holder’s continued service to the Company, (iii) amend the permissible payment
methods with respect to the exercise or purchase of any such Stock Award, (iv) amend the adjustments to be implemented in the
event of changes in the capitalization and other similar events with respect to such Stock Award, and (v) make such other changes
to the terms of such Stock Award as the Board deems necessary or appropriate in its sole discretion.

 

	11.		Miscellaneous.

 

(a)    Acceleration
of Exercisability and Vesting. The Board shall have the power to accelerate the time at which a Stock Award may first be exercised
or the time during which a Stock Award or any part thereof will vest in accordance with the Plan, notwithstanding the provisions
in the Stock Award stating the time at which it may first be exercised or the time during which it will vest.

 

(b)    Stockholder
Rights. Except to the limited extent provided in Section 7(b), no Participant (nor any beneficiary) shall have any of the
rights or privileges of a stockholder of the Company with respect to any shares of Common Stock issuable pursuant to a Stock Award
(or exercise thereof), unless and until certificates representing such shares shall have been issued, recorded on the records
of the Company or its transfer agents or registrars, and delivered to the Participant (or beneficiary).

 

(c)    No
Employment or other Service Rights. Nothing in the Plan or any instrument executed or Stock Award granted pursuant thereto
shall confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the
time the Stock Award was granted or shall affect the right of the Company or an Affiliate to terminate (i) the employment of an
Employee with or without notice and with or without cause, (ii) the service of a Consultant pursuant to the terms of such Consultant’s
agreement with the Company or an Affiliate or (iii) the service of a Director pursuant to the Bylaws of the Company or an Affiliate,
and any applicable provisions of the corporate law of the state in which the Company or the Affiliate is incorporated, as the
case may be.

 

(d)   
Not used. 

 

(e)    Investment
Assurances. The Company may require a Participant, as a condition of exercising or acquiring Common Stock under any Stock
Award, (i) to give written assurances satisfactory to the Company as to the Participant’s knowledge and experience in financial
and business matters and/or to employ a purchaser representative reasonably satisfactory to the Company who is knowledgeable and
experienced in financial and business matters and that he or she is capable of evaluating, alone or together with the purchaser
representative, the merits and risks of exercising the Stock Award; and (ii) to give written assurances satisfactory to the Company
stating that the Participant is acquiring Common Stock subject to the Stock Award for the Participant’s own account and
not with any present intention of selling or otherwise distributing the Common Stock. The foregoing requirements, and any assurances
given pursuant to such requirements, shall be inoperative if (1) the issuance of the shares of Common Stock upon the exercise
or acquisition of Common Stock under the Stock Award has been registered under a then currently effective registration statement
under the Securities Act or (2) as to any particular requirement, a determination is made by counsel for the Company that such
requirement need not be met in the circumstances under the then applicable securities laws. The Company may, upon advice of counsel
to the Company, place legends on stock certificates issued under the Plan as such counsel deems necessary or appropriate in order
to comply with applicable securities laws, including, but not limited to, legends restricting the transfer of the Common Stock.

 

    	 

    	 

    

 

(f)    Withholding
Obligations. To the extent provided by the terms of a Stock Award Agreement, the Participant may satisfy any federal, state
or local tax withholding obligation relating to the exercise or acquisition of Common Stock under a Stock Award by any of the
following means (in addition to the Company’s right to withhold from any compensation paid to the Participant by the Company)
or by a combination of such means: (i) tendering a cash payment; (ii) authorizing the Company to withhold shares of Common Stock
from the shares of Common Stock otherwise issuable to the Participant as a result of the exercise or acquisition of Common Stock
under the Stock Award, provided, however, that no shares of Common Stock are withheld with a value exceeding the minimum amount
of tax required to be withheld by law; or (iii) delivering to the Company owned and unencumbered shares of Common Stock.

 

(g)    Information
Obligation. To the extent required by applicable state law, the Company shall deliver financial statements to Participants
at least annually. This subsection 10(g) shall not apply to key Employees whose duties in connection with the Company assure them
access to equivalent information.

 

	12.		Adjustments
                                                                                                                                                                                upon
                                                                                                                                                                                Changes
                                                                                                                                                                                in
                                                                                                                                                                                Stock.

 

(a)    Capitalization
Adjustments. If any change is made in the Common Stock subject to the Plan, or subject to any Stock Award, without the receipt
of consideration by the Company (through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend,
dividend in property other than cash, stock split, liquidating dividend, combination of shares, exchange of shares, change in
corporate structure or other transaction not involving the receipt of consideration by the Company), the Plan will be appropriately
adjusted in the class(es) and maximum number of securities subject to the Plan pursuant to Section 4(a) and the maximum number
of securities subject to award to any person pursuant to Section 5(c), and the outstanding Stock Awards will be appropriately
adjusted in the class(es) and number of securities and price per share of Common Stock subject to such outstanding Stock Awards.
The Board shall make such adjustments, and its determination shall be final, binding and conclusive. (The conversion of any convertible
securities of the Company shall not be treated as a transaction “without receipt of consideration” by the Company.)

 

(b)    Dissolution
or Liquidation. In the event of a dissolution or liquidation of the Company, then all outstanding Stock Awards shall terminate
immediately prior to such event.

 

(c)    Asset
Sale, Merger, Consolidation or Reverse Merger. In the event of (i) a sale, lease or other disposition of all or substantially
all of the assets of the Company, (ii) a merger or consolidation in which the Company is not the surviving corporation or (iii)
a reverse merger in which the Company is the surviving corporation but the shares of Common Stock outstanding immediately preceding
the merger are converted by virtue of the merger into other property, whether in the form of securities, cash or otherwise (individually,
a “Corporate Transaction”), then any surviving corporation or acquiring corporation shall assume any Stock Awards
outstanding under the Plan or shall substitute similar stock awards (including an award to acquire the same consideration paid
to the stockholders in the Corporate Transaction) for those outstanding under the Plan. In the event any surviving corporation
or acquiring corporation refuses to assume such Stock Awards or to substitute similar stock awards for those outstanding under
the Plan, then with respect to Stock Awards held by Participants whose Continuous Service has not terminated, the vesting of such
Stock Awards (and, if applicable, the time during which such Stock Awards may be exercised) shall be accelerated in full, and
the Stock Awards shall terminate if not exercised (if applicable) at or prior to the Corporate Transaction. With respect to any
other Stock Awards outstanding under the Plan, such Stock Awards shall terminate if not exercised (if applicable) prior to the
Corporate Transaction. Notwithstanding the foregoing provisions of this paragraph, Participants shall be allowed not less than
six (6) months to exercise Stock Awards so vested.

 

	13.		Amendment
                                                                                                                                                                                of
                                                                                                                                                                                the
                                                                                                                                                                                Plan
                                                                                                                                                                                and
                                                                                                                                                                                Stock
                                                                                                                                                                                Awards.

 

(a) Amendment
of Plan. The Board at any time, and from time to time, may amend the Plan. However, except as provided in Section 12 relating
to adjustments upon changes in Common Stock, no amendment shall be effective unless approved by the stockholders of the Company
to the extent stockholder approval is necessary to satisfy the requirements of Section 422 of the Code, Rule 16b-3 or any NASDAQor
securities exchange listing requirements.

 

    	 

    	 

    

 

(b)    Stockholder
Approval. The Board may, in its sole discretion, submit any other amendment to the Plan for stockholder approval, including,
but not limited to, amendments to the Plan intended to satisfy the requirements of Section 162(m) of the Code and the regulations
thereunder regarding the exclusion of performance-based compensation from the limit on corporate deductibility of compensation
paid to certain executive officers.

 

(c)    Contemplated
Amendments. It is expressly contemplated that the Board may amend the Plan in any respect the Board deems necessary or advisable
to provide eligible Employees with the maximum benefits provided or to be provided under the provisions of the Code and the regulations
promulgated thereunder relating to Incentive Stock Options and/or to bring the Plan and/or Incentive Stock Options granted under
it into compliance therewith.

 

(d)   No
Impairment of Rights. Rights under any Stock Award granted before amendment of the Plan shall not be impaired by any amendment
of the Plan unless (i) the Company requests the consent of the Participant and (ii) the Participant consents in writing.

 

(e)   Amendment
of Stock Awards. The Board at any time, and from time to time, may amend the terms of any one or more Stock Awards; provided,
however, that the rights under any Stock Award shall not be impaired by any such amendment unless (i) the Company requests the
consent of the Participant and (ii) the Participant consents in writing.

 

	14.		Termination
                                                                                                                                                                                or
                                                                                                                                                                                Suspension
                                                                                                                                                                                of
                                                                                                                                                                                the
                                                                                                                                                                                Plan.

 

(a)     Plan
Term. The Board may suspend or terminate the Plan at any time. Unless sooner terminated, the Plan shall terminate on the day
before the tenth (10th) anniversary of the date the Plan is adopted by the Board. No Stock Awards may be granted under the Plan
while the Plan is suspended or after it is terminated.

 

(b)     No
Impairment of Rights. Suspension or termination of the Plan shall not impair rights and obligations under any Stock Award
granted while the Plan is in effect except with the written consent of the Participant.

 

	15.		Effective
                                                                                                                                                                                Date
                                                                                                                                                                                of
                                                                                                                                                                                Plan.

 

The Plan shall
become effective as of the date of approval by the Board.

 

	16.		Choice
                                                                                                                                                                                of
                                                                                                                                                                                Law.

 

The law of the
State of Delawareshall govern all questions concerning the construction, validity and interpretation of this Plan, without regard
to such state’s conflict of laws rules.

 

IN WITNESS WHEREOF, the Company, by its duly authorized
officer, has executed this Plan on the date indicated below.

 

	 	PETRO RIVER OIL CORP.
	 	 
	Dated: August 10, 2012	/s/
    Jeffrey Freedman
	 	Name: Jeffrey Freedman                                             
      
	 	Title: Chief Executive Officer

 

Adopted: By the Board of Directors on August 10, 2012

Approved By Stockholders: September 7, 2012

Termination Date: August 10, 2022Exhibit 10.1

 

ASSET
PURCHASE AGREEMENT

 

THIS
ASSET PURCHASE AGREEMENT (the “Agreement”) is entered into as of 30th day of June, 2012 (the “Effective
Date”), by and between The Bolcan Group, LLC, a Utah limited liability company (“Seller”), and Bolcan
Mining Corporation, a Nevada corporation (“Buyer”). Seller and Buyer may be referred to individually herein
as a “Party” and collectively as the “Parties.”

 

RECITALS

 

A.        This
Agreement provides for the acquisition by Buyer of all of the assets currently owned by Seller, consisting of the property listed
on Exhibit A hereto and described more fully below (collectively, the “Assets”), on the terms and conditions
hereinafter provided.

 

B.        Buyer is desirous of purchasing the Assets from Seller.

 

C.        Buyer
also is willing to assume certain liabilities of the Seller, consisting of and limited to those liabilities listed on Exhibit
B hereto and described more fully below (collectively, the “Liabilities”), on the terms and conditions hereafter
provided.

 

D.        The
Parties have negotiated (a) the purchase and sale of the Assets, and (b) the assumption of the Liabilities, such transactions
to be subject to the terms and conditions specified in this Agreement.

 

AGREEMENT

 

NOW,
THEREFORE, based on the stated premises, which are incorporated herein by reference, and for and in consideration of (a) the mutual
representations, covenants, obligations and agreements hereinafter set forth and (b) the mutual benefit to the Parties to be derived
here from, it is hereby agreed as follows.

 

1.      Sale
and Purchase of Assets; Assumption of Liabilities.

 

1.1.        Pursuant
to the terms and conditions of this Agreement, Seller hereby agrees to sell, and Buyer hereby agrees to purchase, the Assets listed
on Exhibit A hereto.

 

1.2.        Pursuant
to the terms and conditions of this Agreement, Buyer hereby agrees to assume the Liabilities of Seller listed on Exhibit B hereto.
Buyer and Seller understand, acknowledge, and agree that the Liabilities listed on Exhibit B are all of the currently existing
liabilities of the Seller, and that it is the intention of the Parties that the Buyer assumes all of the current and known liabilities
of the Seller, which are those listed on Exhibit B. By signing below, Buyer understands, acknowledges, and agrees to be fully
responsible for all Liabilities that are listed, and Seller understands, acknowledges, and agrees that Buyer shall not be responsible
for any liabilities not listed on Exhibit B (“Unlisted Liabilities”), whether known or unknown, and irrespective
of whether such Unlisted Liabilities currently exist or arise at any time in the future.

 

    	 

    	 

    

 

2.      Purchase
Price. Buyer agrees to pay to Seller the following:

 

2.1.A
payment of $ 1,000 (One Thousand Dollars), which constitutes the full purchase price of the Assets, to be paid in cash no later
than five (5) business days after closing.

 

3.      Effective
Date and Closing. The closing of this transaction shall take place upon execution of this Agreement, and shall be effective
as of the end of business on the Effective Date (the “Closing”‘). At Closing, Seller shall execute and
deliver to Buyer an assignment conveying title to the Assets to Buyer. In addition, the Parties agree to execute such additional
documents as shall be reasonably necessary, from time to time, to consummate the transactions contemplated by this Agreement.

 

4.      Representations
of Seller. In order to induce Buyer to enter into this Agreement, Seller makes the following representations and warranties
to Buyer:

 

4.1.        Enforceability.
This Agreement and all other agreements of Seller contemplated hereby are or, upon the execution and delivery thereof will be,
valid and binding obligations of the Seller, enforceable against it in accordance with their terms.

 

4.2.        Ownership
of Assets. Seller is the lawful owner of the Assets and has the legal right to transfer ownership of all Assets transferred
hereunder. The Assets are being transferred to Buyer free from all liens and encumbrances. Seller further agrees to defend against
any and all adverse claims or demands in connection with the ownership or transfer of the Assets, provided, however,
that Seller and Buyer respectively agree that the maximum aggregate amount of Seller’s defense obligation pursuant to
this Agreement shall be strictly limited to $5,000 (Five Thousand Dollars).

 

5.      Assumption
of Liabilities. In order to induce Buyer to enter into this Agreement,

Seller makes the following representations and warranties to Buyer:

 

5.1.        Assumption.
By signing below, Seller agrees to maintain responsibility for any and all Unlisted Liabilities, pursuant to their particular
terms, conditions, and requirements.

 

6.      Indemnification.
Buyer agrees to indemnify and hold Seller harmless from any and all liabilities, claims and causes of action arising after the
Closing in connection with (a) the purchase of the Assets, or (b) the assumption by Buyer of the Liabilities, provided,
however, that Seller and Buyer respectively agree that the maximum aggregate amount of Buyer’s indemnification obligation
pursuant to this Agreement shall be strictly limited to $ 10,000 (Ten Thousand Dollars).

 

7.      Other
Covenants and Obligations.

 

7.1.        Transfer
Taxes. Buyer shall be responsible for payment of all sales taxes, fees or other assessments associated with the transfer of
the Assets, if any.

  

    	 

    	 

    

 

8.      Miscellaneous.

 

8.1.        Time
is of the essence in performance of any obligation hereunder.

 

8.2.        All
negotiations, understandings, representations and preliminary agreements are merged herein. The Parties intend this document to
be the final and exclusive expression of their agreement. This Agreement may not be modified, amended or revoked except in writing
signed by all the Parties hereto. The signature page of each counterpart may be detached from such counterpart and attached to
a single document which shall for all purposes be treated as an original. Transmittal and receipt of facsimile signatures on the
signature page to this Agreement shall be binding on the Parties hereto. In the event this Agreement is signed via facsimile,
each Party agrees to promptly deliver to the other Party the originally signed document via regular mail or overnight delivery.

 

8.3.        This
Agreement shall be governed, interpreted and construed by the laws of the State of Utah.

 

8.4.        This
Agreement shall apply to, inure to the benefit of and bind all Parties hereto, their assigns, heirs, personal representatives
and other successors.

 

8.5.        It
is expressly agreed that the terms, covenants and conditions of this Agreement shall survive any legal act or conveyance required
under this Agreement.

 

8.6.        The
section and other headings contained in this Agreement are for reference purposes only and shall not in any way affect the meaning
or interpretation of this Agreement.

 

8.7.        Each
Party to this Agreement executes the Agreement on its own behalf and not as agent for any other person.

 

8.8.        The
Parties have participated jointly in the negotiation and drafting of this Agreement. In the event of an ambiguity or if a question
of intent or interpretation arises, this Agreement shall be constructed as if drafted jointly by the Parties and no presumption
or burden of proof shall arise favoring or disfavoring either Party by virtue of the authorship of any of the provisions of this
Agreement.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

  

    	 

    	 

    

 

IN
WITNESS WHEREOF, Seller and Buyer have caused this Asset Purchase Agreement to be duly executed effective as of the Effective
Date.

 

	 	BUYER:
	 	 	 
	 	BOLCAN MINING CORPORATION
	 	a Nevada corporation
	 	 	 
	 	By:	/s/ Michael Stanford
	 	 	Michael Stanford
	 	 	President and CEO
	 	 	 
	 	By:	/s/ Michael Christiansen
	 	 	Michael Christiansen
	 	 	Executive Vice President
	 	 	 
	 	SELLER:
	 	 
	 	THE BOLCAN GROUP, LLC
	 	a Utah limited liability company
	 	 	 
	 	By :	/s/ Michael Stanford
	 	 	Michael Stanford
	 	 	Manager and Sole Member

 

    	 

    	 

    

 

EXHIBIT
A

 

LIST
OF ASSETS

 

	ASSETS	 	 	 	 
	 	 	 	 	 
	Chase Bank Acct # 991920604	 	$	15,926.84	 
	2011 Ford Explorer, net cost	 	 	27,213.36	 
	 	 	 	 	 
	TOTAL ASSETS	 	$	43.140.20	 

 

    	 

    	 

    

  

EXHIBIT
B

 

LIST
OF LIABILITIES ASSUMED

 

	LIABILITIES	 	 	 	 
	Accounts Payable:	 	 	 	 
	Durham Jones & Pinegar	 	$	10,649.00	 
	CFO Advantage Consulting, LC	 	 	2,592.50	 
	Charlie’s Automotive	 	 	1,626.90	 
	Total Accounts Payable	 	$	14,868.40	 
	 	 	 	 	 
	Advances Payable-BMC	 	$	27,887.00	 
	Advances Payable-Investors	 	 	155,000.00	 
	Advances Payable-Founder	 	 	18,775.75	 
	 	 	 	 	 
	TOTAL LIABILITIES	 	$	214.904.25

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