Document:

Exhibit 101

		

			Exhibit 10.1

		

		

			 

		

		
			EMPLOYMENT AGREEMENT
		

		
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			    THIS EMPLOYMENT AGREEMENT (“Agreement”) is entered into as of April 1 ,2020 (the “Effective Date”), by and between Samson Oil and Gas USA, Inc., a Colorado corporation (“Company”), and Tristan R. Farel (“Employee”).
		

		
			Recitals
		

		
			WHEREAS, Company desires to retain the personal services of Employee as President and Chief Executive Officer and Managing Director of Company and of Company’s parent, Samson Oil & Gas Limited (“Parent”) and Employee is willing to make his services available to Company and Parent, on the terms and conditions hereinafter set forth.    
		

		
			Agreement
		

		
			    NOW, THEREFORE, in consideration of the premises and mutual covenants set forth herein, the parties agree as follows:
		

		
			1.    Employment.
		

		
			1.1    Employment and Term.  Company hereby agrees to employ Employee and Employee hereby agrees to serve Company, on the terms and conditions set forth herein, for the period commencing on the Effective Date and continuing through March 31, 2022, unless sooner terminated in accordance with the terms and conditions hereof (the “Term”).  The Term will not be extended unless the parties agree otherwise in writing.  If Employee continues to be employed after the end of the Term, he will be an at will employee without the benefit of any of the terms of this Agreement.
		

		
			    1.2    Duties of Employee.  Employee shall serve as the President and Chief Executive Officer of Company and Parent, and shall have and exercise general responsibility for the management of Company and Parent.  Employee shall report to the Board of Directors of Parent (the “Board”, which term may also include a committee of the Board when used herein, depending on the context).  Employee shall also have such other powers and duties as the Board may from time to time delegate to him provided that such duties are consistent with his position.  Employee shall devote substantially all his working time and attention to the business and affairs of Company and Parent (excluding any vacation and sick leave to which Employee is entitled), render such services to the best of his ability, and use his best efforts to promote the interests of Company and Parent.  So long as such activities do not interfere with the performance of Employee’s responsibilities as an employee of Company in accordance with this Agreement, it shall not be a violation of this Agreement for Employee to: (i) serve on corporate, civic or charitable boards or committees; (ii) deliver lectures or fulfill speaking engagements; (iii) manage personal investments; or (iv) participate in continuing education seminars or similar activities relevant to his duties and responsibilities for Company.  
		

		

		

		 

 

		    1.3    Place of Performance.  In connection with his employment by Company, Employee shall be based at Company’s offices in Colorado or another mutually agreed location, except for travel necessary in connection with Company’s business.
		

		
			2.    Compensation.
		

		
			    2.1    Total Salary.  Employee shall receive total annual compensation in an amount set by the Board from time to time throughout the Term (the “Total Salary”).  The Total Salary will be accrued on a daily basis and payable in installments consistent with Company’s normal payroll schedule, subject to applicable withholding and other taxes.  As of the Effective Date, Employee’s Total Salary shall be  $250,000.  Employee’s Total Salary may be increased during the Term, but shall not be decreased without Employee’s written consent provided, however, that Employee’s Total Salary may be reduced without Employee’s consent by the same proportion as other Company employees if and to the extent that the Board imposes a Company-wide reduction in salary on substantially all of Company’s employees.  
		

		
			2.2    Incentive Compensation.  
		

		
			    (a)    In addition to and not as a substitute for Employee’s Total Salary, Employee shall be eligible for an annual bonus (the “Annual Bonus”), as determined by the Board in its sole discretion no later than July 15 of each calendar year.  The Board generally retains the discretion to determine the amount of the Annual Bonus each year or to grant no bonus at all, the targeted maximum for the Annual Bonus, based on exemplary performance in all quantitative and qualitative criteria that may be considered by the Board, in its sole discretion, shall be 100% of the Total Salary paid to Employee in the calendar year preceding the grant of the Annual Bonus.
		

		
			    (b)    In the event of a disposition of all or substantially all of Company’s assets (the “Sold Assets”), whether through a sale of the Sale Assets, exchange offer, merger, consolidation, scheme of arrangement, amalgamation or otherwise during the Term or within one (1) year following the end of the Term (a  “Sale”), Company shall pay Employee a one-time cash bonus (the “Sale Bonus”) for his efforts in bringing about the Sale.  The amount of the Sale Bonus shall be determined by the Board based on the consideration received by Company or Company’s shareholders on account of the Sale.   The Sale Bonus shall be due and payable to Employee no later than one hundred eighty (180) days after the Sale or at the end of the Term, whichever first occurs.
		

		
			2.3    Relocation Expenses.
		

		
			    (a)    If Company’s offices to which Employee is assigned are relocated outside of the Denver, Colorado metropolitan area and Employee remains employed by Company pursuant to this Agreement, then Company shall pay all reasonable relocation expenses incurred by Employee in relocating to Company’s new location.  The requirements for the timing of such expenses and their reimbursement shall be subject to and in accordance with the relocation expense payment policies and procedures of Company, as in effect as of the date Employee is advised of the relocation.
		

		

		

		 

		

			 

		

		

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		3.    Expense Reimbursement and Other Benefits.
		

		
			    3.1    Expense Reimbursement.  During the Term, Company shall reimburse Employee for all documented reasonable expenses actually paid or incurred by Employee in the course of and pursuant to the business of Company, subject to and in accordance with the expense reimbursement policies and procedures in effect for Company’s employees from time to time.  
		

		
			3.2    Additional Benefits.  During the Term, Company shall make available to Employee such benefits and perquisites as are generally provided by Company to its senior management (subject to eligibility), including but not limited to participation in any group life, medical, health, dental, disability or accident insurance, pension plan, 401(k) savings and investment plan, profit-sharing plan, employee stock purchase plan, incentive compensation plan or other such benefit plan or policy, if any, which may presently be in effect or which may hereafter be adopted by Company for the benefit of its senior management or its employees generally, in each case subject to and on a basis consistent with the terms, conditions and overall administration of such plan or arrangement (the “Additional Benefits”).  
		

		
			    3.3    Annual Leave.  Employee shall be entitled to three  (3) weeks of annual leave each calendar year.  The annual leave will vest evenly each payroll and shall be accrued from calendar year to calendar year in accordance with Company policies and procedures then in effect.  Employee shall be paid for any remaining annual leave accrual following the termination of employment for any reason.  Annual leave shall be taken at a mutually agreeable time.
		

		
			    3.4    Personal Leave.  Personal leave shall be available to Employee for use in accordance with Company policies and procedures then in effect.  Personal leave will not accrue for longer than a year and Employee will not be entitled to receive payment for any accrued personal leave upon the termination of his employment.
		

		
			4.    Termination.
		

		
			    4.1    Termination for Cause.  Notwithstanding anything to the contrary contained in this Agreement, Company hereunder may terminate this Agreement and Employee’s employment for Cause.  As used in this Agreement, “Cause” shall mean (i) any action or omission of Employee which constitutes (A) a material breach of any of the provisions of Section 5 of this Agreement, (B) a material breach by Employee of his fiduciary duties and obligations to Company, or (C) Employee’s failure or refusal to follow any lawful directive of the Board, in each case which act or omission is not cured (if capable of being cured) within ten (10) days after written notice of same from the Board to Employee, (ii) conduct constituting fraud, embezzlement, misappropriation or gross dishonesty by Employee in connection with the performance of his duties under this Agreement or (iii) a conviction of Employee for (A) a felony (other than a traffic violation) or (B) a crime involving moral turpitude, but only if the Board determines that such conviction will damage or bring into disrepute the business, reputation or goodwill of Company or impair Employee's ability to perform his duties for Company.  For any 
		

		 

		

			 

		

		

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		termination for Cause under this Section 4.1 other than Section 4.1(i)(C), Employee shall be given prior written notice of the proposed termination for Cause, specifying the specific grounds therefor and, if such grounds are capable of being cured, Employee shall have thirty  (30) days after receipt of such notice to cure.  It is presumed that any stated grounds for a termination for Cause under Section 4.1(i) are capable of being cured but grounds for a termination for Cause under Section 4.1(ii) or (iii) are not capable of being cured, provided, however, the Board may determine, in its discretion, to allow a thirty (30) day cure period for a termination for Cause under Section 4.1(ii) or (iii).  A termination for Cause shall not be effective until the expiration of the applicable cure period prescribed by this Section 4.1.  Upon the effectiveness of any termination pursuant to this Section 4.1, Employee shall only be entitled to his Total Salary as accrued through the date of termination, reimbursement of expenses incurred prior to the date of termination in accordance with Section 3.1 hereof and any other compensation and benefits payable in accordance with Section 3.2 hereof.  Upon making such payments, Company shall have no further liability to Employee hereunder.
		

		
			    4.2    Disability. Notwithstanding anything to the contrary contained in this Agreement, Company, by written notice to Employee, shall at all times have the right to terminate this Agreement and Employee’s employment hereunder if Employee shall, as the result of mental or physical incapacity, illness or disability, fail or be unable to perform his duties and responsibilities provided for herein in all material respects for a period of more than sixty (60) consecutive days in any 12-month period.  Upon any termination pursuant to this Section 4.2, (i) within thirty (30) days after the date of termination, Company shall pay Employee any unpaid amounts of his Total Salary accrued prior to the date of termination and shall reimburse Employee for all expenses described in Section 3.1 of this Agreement and incurred prior to the date of termination, and (ii) in lieu of any further Total Salary, incentive compensation or other benefits or payments to Employee for periods subsequent to the date of termination, Company shall pay to Employee the Severance Payments and Severance Benefits specified in Section 4.4.  Upon making such payments and providing such benefits, Company shall have no further liability hereunder; provided, however, that Employee shall be entitled to receive any amounts then payable pursuant to any employee benefit plan, life insurance policy or other plan, program or policy then maintained or provided by Company to Employee in accordance with Section 3.2 hereof and under the terms thereof.
		

		
			    4.3    Death.  If Employee dies during the term of his employment hereunder, this Agreement shall terminate on the date of Employee’s death.  Upon any such termination, (i) within thirty (30) days after the date of termination, Company shall pay to the estate of Employee any unpaid amounts of his Total Salary accrued prior to the date of death and reimbursement for all expenses described in Section 3.1 of this Agreement and incurred by Employee prior to his death, and (ii) in lieu of any further Total Salary, incentive compensation or other benefits or payments to the estate of Employee for periods subsequent to the date of termination, Company shall pay to the estate of Employee the Severance Payments specified in Section 4.4.  Upon making such payments, Company shall have no further liability hereunder; provided, that Employee’s spouse, beneficiaries or estate, as the case may be, shall be entitled to receive any amounts then payable pursuant to any employee benefit plan, life insurance policy or other plan, 
		

		 

		

			 

		

		

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		program or policy then maintained or provided by Company to Employee in accordance with Section 3.2 hereof and under the terms thereof.  Nothing herein is intended to give Employee’s spouse, beneficiaries or estate any rights to or interest in any key man life insurance policy on Employee that may be maintained by Company for the benefit of Company.  
		

		
			4.4     Termination Without Cause.  At any time Company shall have the right to terminate this Agreement and Employee’s employment hereunder by written notice to Employee.  Upon any termination without Cause pursuant to this Section 4.4, Company (a) shall pay Employee any unpaid amounts of his Total Salary accrued prior to the date of termination, (b) shall reimburse Employee for all expenses described in Section 3.1 of this Agreement incurred prior to the date of termination and (c) shall pay Employee an amount (“Severance Payments”) equal to his Total Salary for a period of three  (3) months, paid ratably over such three  (3) month period or in a lump sum, as determined by the Board, subject to all appropriate withholdings and deductions, provided, however, that no Severance Payments shall be paid until Employee has signed and delivered a release agreement satisfactory to Company and not revoked it during any applicable statutory revocation period.  Employee will forfeit the right to any Severance Payments under this Section 4.4 unless such release is signed and not subsequently revoked within ninety (90) days after it is provided to Employee by Company.  Employee shall continue to receive the Additional Benefits provided to Employee immediately prior to the date of termination for so long as Severance Payments are being made to Employee (the “Severance Benefits”)  Upon making the Severance Payments and providing the Severance Benefits, if any, required by this Section 4.4, Company shall have no further liability to Employee other than any amounts duly payable pursuant to any 401(k) plan, retirement or pension plan, employee benefit plan, life insurance policy or other plan, program or policy then maintained or provided by Company to Employee pursuant to the terms thereof.  
		

		
			        4.5    Voluntary Resignation.  Employee may, upon not less than ninety (90) days prior written notice to Company, resign and terminate his employment hereunder.  Subject to Section 4.6, in the event Employee resigns as an employee of Company, he shall be entitled to receive only such payment(s) as he would have received had he been terminated pursuant to Section 4.1 hereof.  Employee shall not under any circumstances give Company less than ninety (90) days prior written notice of his resignation date.  
		

		
			    4.6    Resignation for Good Reason.  Employee may, by written notice to Company during the Term, elect to terminate his employment on the basis of “good reason” if there is (a) a material change of the principal location in which Executive is required to perform his duties hereunder without Executive’s prior consent (it being agreed that any location within the state of Colorado shall not be deemed a material change); or (b) a material reduction in (or a failure to pay or provide a material portion of) Employee’s Total Salary or other benefits payable under this Agreement.  Any such notice of termination by Executive for “good reason” shall specify the circumstances constituting “good reason” and shall afford Company an opportunity to cure such circumstances at any time within the thirty (30) day period following the date of such notice.  If Company does cure such circumstances within said thirty (30) day period, the 
		

		 

		

			 

		

		

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		notice of termination shall be deemed to have been withdrawn by Executive and shall have no further force and effect.  If the circumstances cited in Executive’s notice qualify as “good reason” hereunder and are not cured within the thirty (30) days after the notice, this Agreement shall be terminated at such time and such termination shall be treated in all respects as if it had been a termination without cause and without notice under Section 4.4 of this Agreement, entitling Employee to the Severance Payments and Severance Benefits provided therein .
		

		
			5.    Restrictive Covenants.
		

		
			    5.1    Nondisclosure.  (a)    Employee acknowledges that, as part of the terms of his employment by Company, he will have access to and/or may develop or assemble confidential information owned by or related to Company, its customers or its business partners or Parent.  Such confidential information (whether or not reduced to writing) shall include, without limitation, designs, processes, projects, manuals, techniques, information concerning or provided by customers, suppliers and vendors contracts, marketing strategies, agency relationships and terms, financial information, pricing and compensation structures, business relations and negotiations, employee lists, plans for drilling, exploration, development or other business, production, exploration, seismic or other business data, and any other information designated as “confidential” by Company or Parent (collectively, “Confidential Information”).  Employee shall retain all Confidential Information in confidence and shall not use or disclose Confidential Information for any purpose other than to the extent necessary to perform his duties as an employee of Company.  This duty of confidentiality shall continue indefinitely with respect to Confidential Information notwithstanding any termination of Employee’s employment so long as it remains Confidential Information.  Confidential Information shall not include any information that (i) was known by Employee from a third party source before disclosure by or on behalf of Company to Employee, (ii) becomes available to Employee from a source other than Company that is not bound by a duty of confidentiality to Company, (iii) Company makes publicly available or discloses to any third party without any obligation of confidentiality, or (iv) becomes generally publicly available or known in the industry other than as a result of its disclosure by Employee.  
		

		
			        (b)    Employee agrees to (i) return to Company upon request, and in any event, at the time of termination of employment for whatever reason, all documents, equipment, notes, records, computer disks and tapes and other tangible items in his possession or under his control which belong to Company or any of its affiliates or which contain or refer to any Confidential Information relating to Company or any of its affiliates and (ii) if so requested by Company, delete all Confidential Information relating to Company or any of its affiliates from any computer disks, tapes or other re-usable material in his possession or under his control which contain or refer to any Confidential Information relating to Company or any of its affiliates.
		

		

		

		 

		

			 

		

		

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			5.2    Non-solicitation of Customers and Employees.  During the Term and during the twelve (12) month period following the later to occur of (a) the termination of this Agreement or (b) the termination of Employee’s employment by the Company or engagement as a consultant to the Company (the “Severance Period”), Employee (a) shall not solicit the business of any person, company or firm which is a former, current, or prospective customer or business partner of Company or Parent (a “Customer”) for the benefit of anyone other than Company or Parent if the business solicited is of a type offered by Company or Parent during the Term, (b) shall not solicit or encourage any Customer to modify, diminish or eliminate its business relationship with Company or Parent or take any other action with respect to a Customer which could be detrimental to the interests of Company or Parent, and (c) shall not solicit for employment or for any other comparable service, such as consulting services, and shall not hire or engage as a consultant any employee or independent contractor employed or engaged by Company or Parent at any time during the Term.  Employee acknowledges that violation of this covenant constitutes a misappropriation of Company’s or Parent’s trade secrets in violation of his duty of confidentiality owed to Company.  
		

		
			    5.3    Non-competition.  (a) During the Term and the Severance Period, unless otherwise waived in writing by Company (such waiver to be in Company’s sole and absolute discretion), Employee shall not, directly or indirectly, engage in, operate, manage, have any investment or interest or otherwise participate in any manner (whether as employee, officer, director, partner, agent, security holder, creditor, consultant or otherwise) in any sole proprietorship, partnership, corporation or business or any other person or entity (each, a “Competitor”) that engages directly or indirectly, in a Competitive Activity.  For purposes of this Agreement, a “Competitive Activity” means any business or other endeavor of a kind being conducted by Company or any of its subsidiaries or affiliates (or demonstrably anticipated by Company) in a geographic area that is within ten (10) miles of (a) any property that is owned, leased or controlled by Company at any time during the six (6) months preceding the Competitive Activity or, if Employee’s employment has been terminated, during the last six (6) months of the Term, or (b) any oil or gas prospect that Company is evaluating or in which Company is seeking to acquire an interest at any time either during the six (6) months preceding the Competitive Activity or, if Employee’s employment has been terminated, during the last six (6) months of the Term.  Employee shall be considered to have become associated with a Competitive Activity and in violation of this provision if Employee becomes directly or indirectly involved as an owner, principal, employee, officer, director, independent contractor, representative, stockholder, financial backer, agent, partner, advisor, lender, or in any other individual or representative capacity with any individual, partnership, corporation or other organization that is engaged in a Competitive Activity.; provided, that Employee may hold or acquire, solely as an investment, shares of capital stock or other equity securities of any Competitor, so long as the securities are publicly traded and Employee does not control, acquire a controlling interest in, or become a member of a group which exercises direct or indirect control of, more than five percent (5%) of any class of equity securities of such Competitor.  
		

		
			    5.4    Non-disparagement.  During the Term and the Severance Period, Employee will not distribute, cause a distribution of, or make any oral or written 
		

		 

		

			 

		

		

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		statement, which directly or by implication tarnishes, creates a negative impression of, or puts Company, its reputation and goodwill in a bad light, or disparages Company or Parent in any other way, including but not limited to: (a) the working conditions or employment practices of Company or Parent; (b) Company’s oil and gas properties, including unproved or proved undeveloped properties; or (c) Company’s directors, officers and personnel.  It will not be a violation of this section for Employee to make truthful statements, under oath, as required by law or formal legal process.  
		

		
			    5.5    Intellectual Property Rights.  Employee understands that as part of his Employment he may alone or together with others create, compile, or discover data, designs, literature, ideas, trade secrets, know-how, commercial information, or other valuable works or information, such as financial models, drilling logs, development plans, reserves estimates or valuations, seismic data and other information pertinent to the value of oil and gas properties (collectively, “Intellectual Property”).  Employee acknowledges that Company shall own all right, title, and interest in all Intellectual Property created by him in whole or in part in the course of his employment by Company.  Employee hereby assigns to Company all right, title, and interest in the copyrights or patents embodied in or represented by such Intellectual Property, including all rights of renewal and termination, and to any and all other intellectual property rights, including without limitation, trademarks, trade secrets, and know-how embodied in Intellectual Property or in any other idea or invention developed in whole or in part by Employee in the course of his Employment.  Employee further agrees to take all actions and to execute all documents necessary in order to perfect and to vest such intellectual property rights in Company.  
		

		
			    5.6    Injunction.  It is recognized and hereby acknowledged by the parties hereto that a breach by Employee of any of the covenants contained in Sections 5.1 through 5.5 of this Agreement will cause irreparable harm and damage to Company, the monetary amount of which may be virtually impossible to ascertain.  As a result, Employee recognizes and hereby acknowledges that Company shall be entitled to an injunction from any court of competent jurisdiction enjoining and restraining any violation of any or all of the covenants contained in Section 6 of this Agreement by Employee or any of his affiliates, associates, partners or agents, either directly or indirectly, and that such right to injunction shall be cumulative and in addition to whatever other remedies Company may possess.
		

		
			    5.7    American Jobs Creation Act Provisions.  It is the intention of the parties that payments or benefits payable under this Agreement not be subject to the additional tax imposed pursuant to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).  Accordingly, to the extent such potential payments or benefits could become subject to Section 409A of the Code, the parties shall cooperate to amend this Agreement with the goal of giving Employee the economic benefits described herein in a manner that does not result in such tax being imposed.  Notwithstanding anything in this Agreement to the contrary, the following provisions related to payments treated as deferred compensation under Section 409A of the Code, shall apply:
		

		 

		

			 

		

		

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				 (a)
			

			
	
			
			If (i) Employee is a “specified person” on the date of Employee’s “separation from service” within the meaning of Sections 409A(a)(2)(A)(i) and 409A(a)(2)(B)(ii) of the Code, and (ii) as a result of such separation from service Employee would receive any payment that, absent the application of this paragraph, would be subject to the interest and additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, then no such payment shall be made prior to the date that is the earliest of: (i) six (6) months after Employee’s separation from service and (ii) Employee’s date of death.  

			
	
			
				 (b)
			

			
	
			
			Any payments that are delayed pursuant to Section 5.7(a) shall be paid on the earlier of the two dates described therein.

			
	
			
				 (c)
			

			
	
			
			Sections 5.4(a) and (b) shall not apply to any payment if and to the maximum extent that that such payment would be a payment under a separation pay plan following an “involuntary separation from service” (as defined in Treasury Regulation Section 1.409A-1(n)) that does not provide for a deferral of compensation by reason of the application of Treasury Regulation Section 1.409A-1(b)(9)(iii).  For the avoidance of doubt, the parties agree that this Section 5.7(c) shall be interpreted so that Employee will receive payments during the six (6) month period specified in Section 5.2(a) to the maximum amount permitted by Treasury Regulation Section 1.409A-1(b)(9)(iii).

			
	
			
				 (d)
			

			
	
			
			If a payment that could be made under this Agreement would be subject to additional taxes and interest under Section 409A of the Code, Company in its sole discretion may accelerate some or all of a payment otherwise payable under the Agreement to the time at which such amount is includable in the income of Employee, provided that such acceleration shall only be permitted to the extent permitted under Treasury Regulation Section 1.409A-3(j)(vii) and the amount of such acceleration does not exceed the amount permitted under Treasury Regulation Section 1.409A-3(j)(vii).

			
	
			
				 (e)
			

			
	
			
			No payment to be made under this Agreement shall be made at a time earlier than that provided for in this Agreement unless such payment is (i) an acceleration of payment permitted to be made under Treasury Regulation Section 1.409A-3(j)(4) or (ii) a payment that would otherwise not be subject to additional taxes and interest under Section 409A of the Code.

			
	
			
				 (f)
			

			
	
			
			A payment described in Section 4.4 of this Agreement shall be made only if such payment will not be subject to additional taxes and interest under Section 409A of the Code.

			
	
			
				 (g)
			

			
	
			
			No payment shall be made pursuant to Section 2.3 of this Agreement unless such payment would not constitute a deferral of compensation pursuant to Treasury Regulation Section 1.409A-1(b)(9)(v).

		

		

		 

		

			 

		

		

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			6.    Entire Agreement; No Conflicts With Existing Arrangements.  No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party that is not set forth expressly in this Agreement.  This Agreement contains the entire agreement, and supersedes any other agreement or understanding between Company and Employee relating to Employee’s employment, provided, however, that if and to the extent that Company has previously granted equity or other similar compensation to Employee that is subject to a vesting schedule, contingency or performance condition, this Agreement does not alter Employee’s entitlement to such compensation in accordance with the original terms thereof.  Employee represents and warrants that his employment by Company hereunder does not and will not conflict with or constitute a breach or default under any prior or existing agreement with any former employer or other person or entity.
		

		
			7.    Notices:  All notices and other communications required or permitted under this Agreement shall be in writing and will be either hand delivered in person, sent by facsimile, sent by certified or registered first class mail, postage pre-paid, sent by nationally recognized express courier service or by email.  Such notices and other communications will be effective upon receipt if hand delivered, emailed or sent by facsimile, ten  (10) days after mailing if sent by mail, and one (l) day after dispatch if sent by express courier, to the following addresses, or such other addresses as any party may notify the other parties in accordance with this Section:
		

			
					
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						If to Company:

					
						 

					
						Samson Oil & Gas Limited

					
						c/o Minerva Corporate, Level 8

					
						99 St Georges Terrace

					
						Perth, Western Australia 6000

					
						Attention: Terence M. Barr, Chairman

					
						Terry.Barr@samsonoilandgas.com

					
						 

					
						If to Parent:

					
						 

					
						Samson Oil & Gas Limited

					
						c/o Minerva Corporate, Level 8

					
						99 St Georges Terrace

					
						Perth, Western Australia 6000 

					
						Attention: Nicholas Ong, Secretary

					
						nicholas.ong@minervacorporate.com.au

					
						If to Employee:

					
						 

					
						Tristan R. Farel

					
						at such address as is shown on Company’s personnel records

				

		

		

		 

		

			 

		

		

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			8.    Successors and Assigns.
		

		
			        (a) This Agreement is personal to Employee and without the prior written consent of Company shall not be assignable by Employee otherwise than by will or the laws of descent and distribution.  This Agreement shall inure to the benefit of and be enforceable by Employee’s legal representatives.
		

		
			        (b) This Agreement shall inure to the benefit of and be binding upon Company and its successors and assigns.
		

		
			        (c) Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that Company would be required to perform it if no such succession had taken place.  As used in this Agreement, “Company” shall mean Company and any successor to its business and/or assets which assumes and agrees to perform this Agreement by operation of law or otherwise.
		

		
			9.          Severability.  The invalidity of any portion of this Agreement shall not affect the enforceability of the remaining portions of this Agreement.  If any provision of this Agreement shall be declared invalid, this Agreement shall be construed as if such invalid word or words, phrase or phrases, sentence or sentences, clause or clauses, or section or sections had not been inserted.  If such invalidity is caused by length of time or size of area, or both, the otherwise invalid provision will be reduced to a period or area that would cure such invalidity.
		

		
			10.        Waivers.  The waiver by either party hereto of a breach or violation of any term or provision of this Agreement shall not operate nor be construed as a waiver of any subsequent breach or violation.
		

		
			11.         No Third-Party Beneficiary.  Nothing expressed or implied in this Agreement is intended, or shall be construed, to confer upon or give any person (other than the parties hereto and, in the case of Employee, his heirs, personal representative(s) and/or legal representative) any rights or remedies under or by reason of this Agreement.
		

		
			12.        Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Colorado, without regard to principles of conflict of laws.
		

		
			13.         Survival.  Employee’s obligations under Section 5 hereof shall not terminate upon the termination of employment or the termination of this Agreement but shall continue in accordance with their terms set forth herein.  
		

		
			14.         Counterparts and Facsimile Signatures.  This Agreement may be executed in one or more counterparts and by the separate parties hereto in separate counterparts, 
		

		 

		

			 

		

		

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		each of which shall be deemed an original, but all of which together shall constitute one and the same document.  Telecopies or other electronic facsimiles of original signatures shall be deemed to be the same as original signatures for all purposes.  
		

		
			    IN WITNESS WHEREOF, the undersigned have executed this Employment Agreement as of the date set forth above.
		

		
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						COMPANY:

				
	
					
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						SAMSON OIL AND GAS USA, INC.

				
	
					
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						By:

					
					
						 

				
	
					
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						Terence Barr, outgoing CEO & Managing Director

				
	
					
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						PARENT:

				
	
					
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						SAMSON OIL AND GAS LIMITED

				
	
					
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						By:

					
					
						/s/ Peter Hill

				
	
					
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						Peter Hill, outgoing Chairman

				
	
					
						﻿

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						Attest:

					
					
						/s/ Nicholas Ong

				
	
					
						﻿

					
					
						 

					
					
						Nicholas Ong, Secretary

				
	
					
						﻿

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						EMPLOYEE:

				
	
					
						﻿

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Tristan R. Farel

				
	
					
						﻿

					
					
						 

					
					
						Tristan R. Farel

				

		
			﻿
		

		 

		

			 

		

		

			11Exhibit

Exhibit 10.1
SUBSCRIPTION AGREEMENT
Inuvo, Inc.
500 President Clinton Boulevard, Suite 300
Little Rock, AR 72201
 
Ladies and Gentlemen:
 
The Investor (the “Investor”) hereby confirms its agreement (this “Agreement”) with Inuvo, Inc., a Nevada corporation (the “Company”), as follows:
1.Purchase and Sale. The Company and the Investor agree that the Investor will purchase from the Company, and the Company will issue and sell to the Investor, the number of shares of common stock of the Company, par value $0.001 per share (the “Common Stock”), set forth below for the purchase price per share set forth below (the “Purchase Price”). 
2.    Closing. The completion of the purchase and sale of the Common Stock (the “Closing”) shall occur, in accordance with Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, and unless otherwise agreed upon by the Company, at the offices of the Company or at such other location(s) or remotely by electronic means as the parties may mutually agree on or before April 3, 2020 (the “Closing Date”). At the Closing, (a) the Company shall cause to be delivered to the Investor the number of shares of Common Stock set forth on the signature page hereto registered in the name of the Investor or, if so indicated on the signature page hereto, in the name of a nominee designated by the Investor and (b) the aggregate Purchase Price for the Common Stock being purchased by the Investor will be delivered by or on behalf of the Investor to the Company.
3.    Representations and Acknowledgments of the Investor. 
(a)    The Investor has the full right, power and authority to enter into this Agreement and to perform all of its obligations hereunder.
(b)    This Agreement has been duly authorized and executed by the Investor and, when delivered in accordance with the terms hereof, will constitute a valid and binding agreement of the Investor enforceable against the Investor in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights and remedies of creditors generally or subject to general principles of equity.
(c)    The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby do not conflict with or result in a breach of the Investor’s governing or organizational documents.
(d)    The Investor represents to the Company that (a) it has had no material relationship (exclusive of any investments by the Investor in the Company’s securities) within the past three years with the Company or persons known to it to be affiliates of the Company and (b) it is not a FINRA member or an Associated Person of a FINRA member (as such term is defined under the NASD Membership and Registration Rules Section 1011) as of the Closing.

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(e)    The Investor represents to the Company that the Investor has had made available to it by the filing by the Company of an electronic version thereof with the Commission (as defined below) the Prospectus (as defined below) which is a part of the Company’s Registration Statement (as defined below) and the documents incorporated by reference therein (collectively, the “Filed Documents”), prior to or in connection with the receipt of this Agreement.  The Investor acknowledges that, prior to the delivery of this Agreement by the Investor to the Company, the Investor will receive certain additional information regarding the Company and the Offering (as defined below), including pricing information (the “Offering Information” and, collectively with the Filed Documents, the “Disclosure Package”), and that such information may be provided to the Investor by any means permitted under the Securities Act of 1933, as amended.
(f)    Since the time of the initial conversation between the Company and the Investor regarding pricing information relating to the Offering, the Investor has not, directly or indirectly, nor has any person acting on behalf of or pursuant to any understanding with the Investor, disclosed any information regarding such pricing information to any third parties (other than its legal, accounting and other advisors) or engaged in any transactions in the securities of the Company (including, without limitations, any short sales (as defined in Rule 200(a) of Regulation SHO) involving the Company’s securities). The Investor covenants that neither it nor any person acting on its behalf or pursuant to any understanding with it will engage in any transactions in the securities of the Company (including short sales) prior to the time that the transactions contemplated by this Agreement are publicly disclosed.
4.     Settlement. 
(a)    In order to effect the settlement of the Common Stock purchased by the Investor with the Depository Trust Company (“DTC”) through its Deposit/Withdrawal At Custodian (“DWAC”) system, on or before the Closing Date, the Investor shall remit by wire transfer the amount of funds equal to the aggregate purchase price for the Common Stock being purchased by the Investor to the following escrow account pursuant to the terms and conditions of the Escrow Agreement attached hereto as Exhibit A (the “Escrow Agreement”):
Bank:    Bank of America N.A.
222 Broadway
New York, NY  10038
ABA:    [l]
Account No.:    [l]
TO THE BENEFIT OF:    Pearlman Law Group LLP
IOTA Trust Account
Re:    Inuvo, Inc. RDO
 
(b)    In order to effect the settlement of the Common Stock purchased by such Investor through the DTC’s DWAC delivery system, no later than 9:00 a.m. Eastern Time on the business day before the Closing Date, the Investor shall direct the broker-dealer at which the account or accounts to be credited with the Common Stock being purchased by such Investor are maintained, which broker/dealer shall be a DTC participant, to set up a DWAC instructing Colonial Stock Transfer Company, Inc., the Company’s transfer agent (the “Transfer Agent”), to credit such account or accounts with the Common Stock.  Such DWAC instruction shall indicate the settlement date for the deposit of the Common Stock, which date shall be the Closing Date.  Each of the Investor and the Company shall execute the Escrow Agreement prior to the Closing Date. At the Closing, the Company shall (i) direct the Transfer Agent to credit the Investor’s 

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account or accounts with the Common Stock pursuant to the information contained in the DWAC and (ii) direct the Escrow Agent (as defined in the Escrow Agreement) to release the Escrow Property as defined under the Escrow Agreement.
5.    Confirmation of Sale.  The Investor acknowledges and agrees that the Investor’s receipt of the Company’s signed counterpart to this Agreement, together with the filing by the Company of an electronic version of the Prospectus with the Commission), shall constitute written confirmation of the Company’s sale of Common Stock to the Investor.
6.    Manner of Offering and Company Representations and Warranties.  
(a)    The Company represents and warrants that the offering and sale of the Shares (the “Offering”) are being made pursuant to (a) an effective Registration Statement on Form S-3, File No. 333-220317 (the “Registration Statement”) filed by the Company with the Securities and Exchange Commission (the “Commission”) (including the prospectus contained therein (the “Base Prospectus”), (b) if applicable, certain “free writing prospectuses” (as that term is defined in Rule 405 under the Securities Act of 1933, as amended (the “Securities Act”)), that have been or will be filed with the Commission and delivered to the Investors on or prior to the date hereof (the “Issuer Free Writing Prospectus”), containing certain supplemental information regarding the Shares, the terms of the Offering and the Company and (c) a Prospectus Supplement (the “Prospectus Supplement” and together with the Base Prospectus, the “Prospectus”) containing certain supplemental information regarding the Shares and terms of the Offering that has been or will be filed with the Commission. Notwithstanding anything contained herein to the contrary, the information and disclosure contained in any Issuer Free Writing Prospectus and the Prospectus Supplement shall be consistent with the terms set forth herein, and nothing contained therein shall modify the terms of this Agreement.  No offer by the Investor to buy the Shares will be accepted and no part of the Purchase Price will be delivered to the Company until the Investor has received the Offering Information and the Company has accepted such offer by countersigning a copy of this Agreement, and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time prior to the Company sending (orally, in writing or by electronic mail) notice of its acceptance of such offer.  An indication of interest will involve no obligation or commitment of any kind until the Investor has been delivered the Offering Information and this Agreement is accepted and countersigned by or on behalf of the Company. 
(b)    The Company has the full corporate power and authority to enter into this Agreement and to perform all of its obligations hereunder.
(c)    This Agreement has been duly authorized and executed by, and when delivered in accordance with the terms hereof, will constitute a valid and binding agreement of, the Company enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights and remedies of creditors generally or subject to general principles of equity.
(d)    The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby do not conflict with or result in a breach of the Company’s articles of incorporation, or by-laws, as amended or restated to date, or any other organizational documents.
(e)    The Common Stock, when issued and paid for in accordance with the terms of this Agreement, will be duly authorized, validly issued, fully paid and non-assessable.

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(f)    The Registration Statement, at the time it became effective, did not, and as of the time hereof and as of the Closing, does not, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.
(g)    This Agreement, the Registration Statement, Common Stock, the Offering, and Disclosure Package materially comply with all applicable laws, rules, and regulations, including without limitation United States federal and state securities laws and on or prior to the Closing Date the Common Stock has been approved for listing on the NYSE American.
7.    Survival. Notwithstanding any investigation made by any party to this Agreement, all covenants, agreements, representations and warranties made by the Company and the Investor herein will survive the execution of this Agreement, the delivery to the Investor of the Common Stock being purchased and the payment therefor.
8.    Miscellaneous.
(a)    All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt, or (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic mail or facsimile (if provided), during normal business hours of the recipient, and if not sent during normal business hours, then on the recipient’s next business day, (c) five (5) business days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) business day after deposit with a nationally recognized overnight courier, freight prepaid, specifying next business day delivery, with written verification of receipt. All communications sent to the Company shall be sent to: 500 President Clinton Boulevard, Suite 300, Little Rock Arkansas 72201, Attn: Wallace D. Ruiz, Chief Financial Officer, email: wallace.ruiz@inuvo.com, with a copy to the Company’s counsel at: Pearlman Law Group LLP, 200 South Andrews Avenue, Suite 901, Fort Lauderdale, Florida 33301, Attn: Brian Pearlman, Esq., email: brian@pslawgroup.net. 
All communications to the Investor shall be sent to the Investor’s address as set forth on the signature page hereof, or to such e-mail address, facsimile number (if any) or address as subsequently modified by written notice given in accordance with this Section 8(a).
(b)    Neither this Agreement nor any rights that may accrue to the Investor may be transferred or assigned. Neither this Agreement nor any rights that may accrue to the Company for the sale of the Common Stock hereunder may be transferred or assigned.
(c)    The Company may request from the Investor such additional information as the Company may deem necessary to evaluate the eligibility of the Investor to acquire the Common Stock, and the Investor shall provide such information as may reasonably be requested, to the extent readily available and to the extent consistent with its internal policies and procedures.
(d)    The Investor acknowledges that the Company will rely on the acknowledgments, understandings, agreements, representations and warranties contained in this Agreement. Prior to the Closing, the Investor agrees to promptly notify the Company if any of the acknowledgments, understandings, agreements, representations and warranties set forth herein are no longer accurate in all material respects. The Investor agrees that the purchase by the Investor of the Common Stock from the Company at the Closing will constitute a reaffirmation of the acknowledgments, understandings, agreements, representations and warranties herein (as modified by any such notice) by the Investor as of the time of such purchase. The Company acknowledges that the Investor will rely on the acknowledgments, understandings, agreements, representations and warranties contained in this Agreement. Prior to the Closing, the Company agrees to 

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promptly notify the Investor if any of the acknowledgements, understandings, agreements, representations and warranties set forth herein are no longer accurate in all material respects. The Company agrees that the sale by it of the Common Stock to the Investor at the Closing will constitute a reaffirmation of the acknowledgments, understandings, agreements, representations and warranties herein (as modified by any such notice) by the Investor as of the time of such sale.
(e)    Each of the Company and the Investor is entitled to rely upon this Agreement and is irrevocably authorized to produce this Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.
(f)    This Agreement may not be modified, waived or terminated except by an instrument in writing, signed by the party against whom enforcement of such modification, waiver, or termination is sought.
(g)    This Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof. Except as specifically set forth herein, this Agreement shall not confer any rights or remedies upon any person other than the parties hereto, and their respective successor and assigns.
(h)    Except as otherwise provided herein, this Agreement shall be binding upon, and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators, successors, legal representatives and permitted assigns.
(i)    If any provision of this Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby and shall continue in full force and effect.
(j)    This Agreement may be executed in one or more counterparts (including by facsimile or electronic mail or in .pdf) and by different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document. All counterparts so executed and delivered shall be construed together and shall constitute one and the same agreement.
(k)    The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, this being in addition to any other remedy to which such party is entitled at law, in equity, in contract, in tort or otherwise.
(l)    THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEVADA, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THAT WOULD OTHERWISE REQUIRE THE APPLICATION OF THE LAW OF ANY OTHER STATE. THE PARTIES (I) HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMIT TO THE JURISDICTION OF THE STATE COURTS OF NEW YORK AND TO THE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT, (B) AGREE NOT TO COMMENCE ANY 

5

SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT EXCEPT IN STATE COURTS OF NEW YORK OR THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND (C) HEREBY WAIVE, AND AGREE NOT TO ASSERT, BY WAY OF MOTION, AS A DEFENSE, OR OTHERWISE, IN ANY SUCH SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT SUBJECT PERSONALLY TO THE JURISDICTION OF THE ABOVE-NAMED COURTS, THAT ITS PROPERTY IS EXEMPT OR IMMUNE FROM ATTACHMENT OR EXECUTION, THAT THE SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM, THAT THE VENUE OF THE SUIT, ACTION OR PROCEEDING IS IMPROPER OR THAT THIS AGREEMENT OR THE SUBJECT MATTER HEREOF MAY NOT BE ENFORCED IN OR BY SUCH COURT. EACH PARTY HERETO HEREBY WAIVES ANY RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION PURSUANT TO THIS SUBSCRIPTION AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY. 
(m)    Each party shall pay any fees or expenses incurred thereby in connection with the execution of this Agreement and the consummation of the transactions contemplated hereby
[Remainder of Page Left Blank Intentionally.  Signature Page Follows.]

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Please confirm that the foregoing correctly sets forth the agreement between us by signing in the space provided below for that purpose.
	
				
	 
	NAME OF INVESTOR:
	 
	 

 
 
	
						
	 Dated: ______[l] ___, 2020
	By:
	 
	 

	 
	 
	 
	Name:
	 
	 

	 
	 
	 
	Title:
	 
	 

 
	
				
	 
	

Address:
	 
	 

	 
	 
	 
	 

	 
	E-Mail:
	 
	 

	 
	Phone Number:
	 
	 

Number of Shares of Common Stock to be Purchased:                               
Purchase Price Per Share:    $ 0.175
Aggregate Purchase Price:    $                         
Exact name that the Investor’s shares are to be registered in:          
Relationship between the Investor and the registered holder:          
Mailing address of the registered holder:          
Social Security Number or  
Tax Identification Number of the registered holder:          
Name of DTC Participant (broker-dealer at which 
the account or accounts to be credited with the  
shares of Common Stock are maintained):          
DTC Participant Number:          
Name of Account at DTC Participant being credited 
with the shares of Common Stock:          
Account Number at DTC Participant being credited  
with the shares of Common Stock:          
Existing Colonial Stock Transfer Company, Inc., 
Account Number (if applicable):          

Agreed and Accepted
this _____ day of _____________, 2020:
 

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INUVO, INC.
 
 
	
						
	By:
	 
	 
	 

	 
	 
	Name:
	 
	 
	 

	 
	 
	Title:
	 
	 
	 

8

Exhibit A

Escrow Agreement
ESCROW AGREEMENT

This ESCROW AGREEMENT (the “Escrow Agreement”) is effective as of the ___ day of _______ 2020 by and among INUVO, INC., a Nevada corporation (the “Corporation”), the undersigned investor (the “Investor”) and PEARLMAN LAW GROUP LLP, a Florida limited liability partnership (the “Escrow Agent”).

RECITALS
 
WHEREAS, the Corporation is offering (the “Offering”) for sale to investors up to $245,000 of its shares of Common Stock (the “Shares”) pursuant to (a) an effective Registration Statement on Form S‐3, File No. 333-220317 (the “Registration Statement”) filed by the Corporation with the Securities and Exchange Commission (the “Commission”) (including the prospectus contained therein (the “Base Prospectus”), (b)  a Prospectus Supplement (the “Prospectus Supplement” and together with the Base Prospectus, the “Prospectus”) containing certain supplemental information regarding the Shares and terms of the Offering that has been or will be filed with the Securities and Exchange Commission and (c) a Subscription Agreement by and between the Corporation and the Investor dated even herewith (the “Subscription Agreement”).  

WHEREAS, the Investor has subscribed for the number of Shares set forth opposite its name on the signature page of the Subscription Agreement.  

WHEREAS, the Corporation and the Investor have agreed that the Purchaser Aggregate Purchase Price (as that term is defined in the Subscription Agreement) of the Shares will be deposited in escrow (the “Escrow Amount”) to be distributed to the Corporation.

WHEREAS, the Corporation and the Investor asked the Escrow Agent, and the Escrow Agent has agreed, to hold in escrow the Escrow Amount pursuant to the terms of this Escrow Agreement.

NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged by each of the parties hereto, the parties hereto hereby agree as follows:

1.    Appointment of Escrow Agent.  The Corporation and the Investor hereby appoint the Escrow Agent as escrow agent upon the terms and conditions set forth herein, and the Escrow Agent hereby accepts such appointment.  

2.Delivery of Escrow Property.  Contemporaneously with the execution of this Escrow Agreement by the Investor, the Investor shall deposit the Escrow Amount with the Escrow Agent in immediately available funds (the “Escrow Account”).  The Escrow Amount is sometimes hereinafter referred to as the “Escrow Property”.  This Escrow Agreement and the Escrow Account created hereunder shall not become effective unless and until the Escrow Property has been deposited with the Escrow Agent.

3.Investment of the Escrow Property.  The Escrow Account shall not bear interest and no investment of the Escrow Property shall be made while held by the Escrow Agent.

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4.Release of Escrow Property.  The Escrow Agent shall disburse the Escrow Property, at such time as the Escrow Agent has received Investor’s signature page to the Subscription Agreement and written instructions from the Corporation (the “Closing Notice”).  In the event the Escrow Agent does not receive a Closing Notice on or before April 3, 2020, the Escrow Property shall be returned to the Investor without interest or deduction.  Upon disbursement of the Escrow Property as set forth in this Section 4, the obligations of the Escrow Agent under this Escrow Agreement shall terminate.  
5.Disbursement Into Court.  At any time, the Escrow Agent, in its sole discretion, may commence an action in the nature of interpleader in any court it deems appropriate, to determine ownership or disposition of the Escrow Property or it may deposit the Escrow Property with the clerk of any appropriate court or it may retain the Escrow Property pending receipt of a final, non‐appealable order of a court having jurisdiction over all of the parties hereto directing to whom and under what circumstances the Escrow Property are to be disbursed and delivered.  During the pendency of any such action, the Escrow Agent may suspend the performance of any of its obligations under this Escrow Agreement until such dispute or uncertainty shall be resolved to the sole satisfaction of Escrow Agent or until a successor Escrow Agent shall have been appointed (as the case may be).  The Escrow Agent shall have no liability to the Corporation, the Investor or any other person with respect to any such suspension of performance or disbursement into court, specifically including any liability or claimed liability that may arise, or be alleged to have arisen, out of or as a result of any delay in the disbursement of funds held in the Escrow Account or any delay in or with respect to any other action required or requested of Escrow Agent.  

6.Limitation of Responsibility and Liability and Duties of the Escrow Agent.  The acceptance by the Escrow Agent of its duties as such under this Escrow Agreement is subject to the following terms and conditions, which all parties to this Escrow Agreement hereby agree shall govern and control with respect to the rights, duties, liabilities and immunities of the Escrow Agent:

(a)The Escrow Agent shall not be liable for any error in judgment or mistake of law or fact, or for any action taken or omitted to be taken by it, or any action suffered by it to be taken or omitted by it, in good faith and in the exercise of its own best judgment.  The Escrow Agent shall not be liable for any delay in delivering Escrow Property as required hereby, absent its own gross negligence or willful misconduct.

(b)The Escrow Agent may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Escrow Agent other than itself), statement, instrument, report or other paper or document (not only as to its due execution and validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is believed by the Escrow Agent to be genuine and to be signed or presented by the proper person or persons.  

(c)The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Escrow Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the Corporation and the Investor and, if the duties or rights of the Escrow Agent are affected by any such modification of or waiver under this Escrow Agreement, unless the Escrow Agent shall have given its prior written consent thereto.

(d)The Escrow Agent acts hereunder as a depositary only, and shall not be responsible for the sufficiency or accuracy, the form of, or the execution, validity, value or genuineness of any document or property received, held or delivered by it hereunder, or of any signature or endorsement thereon, or for any lack of endorsement thereon, or for any description therein, nor shall the Escrow Agent be responsible 

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or liable in any respect on account of the identity, authority or rights of the persons executing or delivering or purporting to execute or deliver any document or property paid or delivered by the Escrow Agent pursuant to the provisions hereof.

(e)The Escrow Agent shall have the right to assume, in the absence of written notice to the contrary from the Corporation and the Investor, that a fact or an event by reason of which an action would or might be taken by the Escrow Agent does not exist or has not occurred, without incurring liability for any action taken or omitted, in good faith and in the exercise of its own best judgment, in reliance upon such assumption.

(f)The Escrow Agent shall be severally, and not jointly, indemnified and held harmless by the Corporation and the Investor, and each of their respective officers, directors, shareholders, employees, agents and affiliates, upon demand by the Escrow Agent, from and against any claims, demands, losses, damages, liabilities, costs and expenses, including counsel fees and disbursements, (collectively, “Damages”) suffered by the Escrow Agent in connection with any action, suit or other proceeding involving any claim, or in connection with any claim or demand, which in any way directly or indirectly arises out of or relates to this Escrow Agreement, the services of the Escrow Agent hereunder, the monies or other property held by it hereunder or any such Damages.  Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any action, suit or proceeding, the Escrow Agent shall, if a claim in respect thereof shall be made against the other parties hereto, notify such parties thereof in writing; but the failure by the Escrow Agent to give such notice shall not relieve any party from any liability which such party may have to the Escrow Agent hereunder, except to the extent of actual prejudice demonstrated by such party.  The obligations of the Corporation and the Investor under this Section 6(f) shall survive any termination of this Escrow Agreement and the resignation of the Escrow Agent.

(g)From time to time on and after the date hereof, the parties shall deliver or cause to be delivered to the Escrow Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably request (it being understood that the Escrow Agent shall have no obligation to make such request) to carry out more effectively the provisions and purposes of this Escrow Agreement, to evidence compliance herewith or to assure itself that it is protected in acting hereunder.

(h)The Escrow Agent may resign at any time and be discharged from its duties as Escrow Agent hereunder by its giving the other parties hereto prior written notice of at least seven (7) business days.  As soon as practicable after its resignation, the Escrow Agent shall turn over to a successor escrow agent appointed by the other parties hereto, jointly, all of the Escrow Property held hereunder upon presentation of the document appointing the new escrow agent and its acceptance thereof.  If no new escrow agent is so appointed within the seven (7) day period following the giving of such notice of resignation, the Escrow Agent may deposit the Escrow Property with any court it deems appropriate.

(i)The Escrow Agent may consult with, and obtain advice from, legal counsel in the event of any dispute or question as to the construction of any of the provisions hereof or its duties hereunder, and it shall incur no liability and shall be fully protected in acting in good faith in accordance with the opinion and instructions of such counsel, other than itself.

(j)The Escrow Agent is authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Property, without determination by the Escrow Agent of such court’s jurisdiction in the matter.  If any portion of the Escrow Property is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or 

3

delivery of any such property shall be stayed or enjoined by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ, judgment or decree which it is advised by legal counsel selected by it (other than itself) is binding upon it without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.

(k)The parties acknowledge that the Escrow Agent has acted as counsel to the Corporation in various matters, including but not limited to the preparation of the Registration Statement and the Prospectus and has prepared this Escrow Agreement, and shall continue to act as counsel to the Corporation during and following the term of this Escrow Agreement.  All parties to this Escrow Agreement waive any conflicts that exist or may arise by reason of such representation; provided, however, that the Escrow Agent shall ensure that the Escrow Account is under the sole control of the Escrow Agent.

7.Fees of Escrow Agent.  The fees of the Escrow Agent, if any, shall be paid by the Corporation.  

8.Governing Law; Jurisdiction, Venue.  This Escrow Agreement shall be governed by and construed and enforced in accordance with the laws (other than the law governing conflict of law questions) of the State of Florida.  Except as otherwise set forth herein, any suit, action or proceeding arising out of or relating to this Escrow Agreement shall be brought in State Circuit Court or Federal District Court located in Broward County, Florida, and the parties hereby (a) submit to the exclusive jurisdiction of such courts, (b) waive any objection to the laying of venue in such courts, and (c) agree that service of process in any such suit, action or proceeding, in addition to any other method permitted by applicable law, may be effected by certified mail, return receipt requested, to a party at its address set forth in Section 9 hereof.

9.Notices.  All notices and communications shall be deemed to have been duly given: at the time (a) delivered by hand, if personally delivered; (b) when received, if deposited in the mail, postage prepaid, addressed as provided below; (c) when transmission is verified, if telecopied; and (d) on the next business day, if timely delivered to a courier service guaranteeing overnight delivery; provided, however, that the Escrow Agent shall have no obligation hereunder unless notice is actually received by it:

		
	(n)
	If to the Corporation:    to the address and telecopier number set forth under the Subscription Agreement

		
	If to the Investor:
	to the address and telecopier number set forth under the Subscription Agreement

If to the Escrow Agent:        Pearlman Law Group LLP
200 South Andrews Avenue, Suite 901
Fort Lauderdale, FL 33301
Attention: Brian A. Pearlman, Esq.
Email: brian@pslawgroup.net

Any party may change its address by providing written notice of such change to the other parties hereto.  All notices and communications provided by the Corporation and the Investor shall be signed by duly authorized persons of each.

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10.Termination of Escrow Agreement.  The Escrow Agent’s responsibilities hereunder shall terminate upon the earlier of disbursement of the Escrow Property, including into court under Section 5 hereof, or the resignation of the Escrow Agent under Section 6(h) hereof.

11.Entire Escrow Agreement.  This Escrow Agreement contains the entire understanding by and among the parties hereto with respect to the subject matter hereof; there are no promises, agreements, understandings, representations or warranties, other than as herein set forth.  No change or modification of this Escrow Agreement shall be valid or effective unless the same is in writing and is signed by all of the parties hereto.

12.Counterparts; Terms.  This Escrow Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same agreement.  All terms not otherwise defined herein shall have the same meaning as in the Subscription Agreement.

[Remainder of Page Intentionally Left Blank.  Signature Page Follows.]

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IN WITNESS WHEREOF, the parties hereto have caused their respective hands to be set hereto with the intention of being bound effective in all respects as of the date and year first hereinabove written.

	
					
	 
	 
	 
	 
	INUVO, INC.

	 
	 
	 
	 
	 

	 
	 
	 
	 
	By: ________________________

	 
	 
	 
	 
	Name:
Its:

	 
	 
	 
	 
	 

	 
	 
	 
	 
	INVESTOR:

	 
	 
	 
	 
	 

	 
	 
	 
	 
	

By: _________________________

	 
	 
	 
	 
	Name:
Its:

	 
	 
	 
	 
	 

	 
	 
	 
	 
	PEARLMAN LAW GROUP LLP

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	By: _______________________

	 
	 
	 
	 
	Brian A. Pearlman, Esq.,
Authorized Representative

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