Document:

Exhibit
10.22

 

Distributed
Ledger Technology Services Agreement

  

DISTRIBUTED
LEDGER TECHNOLOGY SERVICES AGREEMENT 

[Petroteq Energy Inc.]

 

This
SUPPLY CHAIN TECHNOLOGY SERVICES AGREEMENT (“Agreement”), dated and made effective as of November 1, 2017 (“Effective
Date”), is entered into by and between PETROTEQ ENERGY INC., a Canadian (Ontario) corporation, having a registered office
at 181 Bay Street, Suite 4400, Toronto, Ontario, Canada M5J 2T3 (“Petroteq” or “Company”),
and FIRST BITCOIN CAPITAL CORP., a Canadian (British Columbia) corporation, having a registered office at Royal Centre, Suite
1500, 1055 West Georgia Street, Vancouver, British Columbia, Canada V6E 4N7 (“First Bitcoin” or “FBCC”)
(the parties hereto sometimes referred to individually as a “Party” and collectively as the “Parties”).

 

R
E C I T A L S

 

A. Petroteq is engaged in the exploration, production and sale of crude oil and hydrocarbon
products derived primarily from mining, producing and processing oil sands and associated minerals and is interested in developing
a supply and distribution software platform that is based on and deploys distributed ledger (blockchain) technologies;

 

B.
 First Bitcoin is a distributed ledger software and technology company and deploys various
distributed ledger technologies, know-how and expertise in performing services relating to the development of blockchain-based
supply-side management systems; and

 

C.
 Petroteq desires to retain First Bitcoin for the purpose of designing and building a
blockchain-based platform for Petroteq that may be used by Petroteq and other companies engaged in businesses and operations in
the international oil and gas industry.

 

NOW,
THEREFORE, in consideration of the mutual benefits, promises and covenants contained herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged by each of the Parties, the Parties agree as follows:

 

1.
Definitions; Usage; Procedural Conventions. 

 

1.1
Defined Terms. Unless the context shall otherwise require, terms used and not defined herein shall have the meanings assigned
thereto and set forth in Schedule X hereto.

  

1.2
Interpretation; Protocols. The name assigned to this Agreement and the Section (or subsection) captions used herein are
for reference only and shall not be construed to affect the meaning or construction of the text hereof. Terms defined in the singular
shall have a comparable meaning when used in the plural, and vice versa. Unless otherwise specified:

 

(a)
The terms “hereof,” “herein” and similar terms refer to this Agreement as a whole and references herein
to Sections refer to Sections of this Agreement;

  

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(b)
Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words in the singular form
will be construed to include the plural and vice versa, unless the context otherwise requires; and

 

(c)
The words, “include,” “includes” and “including,” when used herein, shall be deemed in each
case to be followed by the words “without limitation”.

 

1.3
Currency. Unless stated otherwise, references to money herein shall mean and refer to the currency (U.S. Dollars) of the
United States of America.

 

2.
Term of Agreement. 

 

2.1
Primary Term. The term of this Agreement shall commence as of the Effective Date and shall continue in full force and effect
for a continuous period of five (5) years (the “Primary Term”) unless earlier terminated and canceled by a
written agreement of the Parties or as otherwise may be specified in this Agreement.

 

2.2
Extension of Term. Prior to expiration of the Primary Term, the Parties shall be entitled to extend the terms of this Agreement
for such period and under such terms as they may agree upon in writing. Any extension to the term of this Agreement shall be set
forth in an amendment hereto that must be executed by each Party.

 

3.
Scope of Technology & Related Services. 

 

3.1
Technology Services; Platform Development.

 

(a)
First Bitcoin shall, using expertise provided by its own personnel and by such independent consultants and contractors as it may
elect to employ from time to time, design, develop and build for Petroteq a digitally-based architecture and platform MVP (A
minimum viable product (MVP) is a software development protocol in which a new product or website is developed with sufficient
features to satisfy early adopters. The final, complete set of features is only designed and developed after considering feedback
from the product’s initial users. (the “Architecture & Platform”) that will utilize or be based
upon distributed ledger or “blockchain” technologies, the purpose and design of which shall be to establish or create
a supply-side chain management system that Petroteq and its Affiliates, in the exercise of Petroteq’s sole judgment and
determination, may (1) utilize or deploy in connection with their own respective businesses and operations, and/or (2) offer or
make available to other companies and businesses in the international oil and gas industry and in other industries, in each case
pursuant to such terms and conditions as Petroteq may determine from time to time.

  

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(b)
Unless otherwise agreed by the Parties in any initial design package developed by First Bitcoin, the Architecture & Platform
developed by First Bitcoin hereunder shall be an enterprise-based digital system, supported by both solution and enterprise architecture,
consisting of one or more software development platforms, with each platform having multi-channel capabilities that use application
programming interface (API) management, peer-to-peer networks, and public, private or hybrid networks for the purpose of deploying
distributed ledger (blockchain) technologies to provide communications, contract administration, project, supply, product, financial
and other blockchain-based management systems, applications and solutions for Petroteq and its Affiliates and/or for any Third
Person to which Petroteq may elect to make any such platform, system or application available from time to time.

 

3.2
Maintenance; Management Services. During the term of this Agreement (including any extension thereof), First Bitcoin shall
provide to Petroteq, as Petroteq may request from time to time, technological, management, maintenance and other services relating
to the design, installation, operation or expansion of the Architecture & Platform. All such services provided by First Bitcoin
shall be performed or conducted in a good and professional manner and shall use or deploy, to the extent reasonably practicable,
“best blockchain practices” in managing and maintaining each such platform for Petroteq under the terms of this Agreement.

 

4.
Ownership of Platform; Technology License. 

 

4.1
Ownership of Architecture/Platform. Subject to only to the compensation, fees and royalty payable to First Bitcoin under
the provisions of this Agreement, Petroteq shall have the exclusive ownership of the Architecture & Platform developed by
First Bitcoin under the terms of this Agreement, including without limitation the right without reservation or limitation to manage
and control all decisions with respect to its configuration, structure and operation. Petroteq shall further own all improvements,
modifications, changes and enhancements that may be made to the Architecture & Platform at any time, whether such improvements,
modifications, changes or enhancements are conceived, developed and/or made by Petroteq or by First Bitcoin, or by any Third Person.

 

4.2
Technology License. In connection with the Architecture & Platform developed by First Bitcoin for Petroteq hereunder,
and subject only to the royalty payable to First Bitcoin under this Agreement, First Bitcoin hereby grants to Petroteq a permanent,
non-exclusive license and right to use any proprietary technology, software, method, process, know-how and technical information
developed and owned or controlled by First Bitcoin, including rights held by First Bitcoin under any patent, copyright or trademark,
or any applications or registrations corresponding or applicable thereto (collectively, the “FBCC Technology”)
in connection with the ownership, management, operation and/or use of the Architecture & Platform.

  

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4.3
Technology Improvements. First Bitcoin shall own all right, title and interest in and to any improvement, modification
or enhancement that may be made at any time to the FBCC Technology (collectively, the “Technology Improvements”),
or any part, component or aspect thereof, regardless of whether any Technology Improvement is conceived, discovered, invented
or developed by First Bitcoin or by Petroteq, or any of their respective Affiliates or contractors. Any such Technology Improvement
may, at the option of Petroteq, be included or incorporated into the Architecture & Platform or any iteration thereof and
shall be deemed within the scope of the FBCC Technology and subject to the permanent, non-exclusive license and rights of use
granted to Petroteq under this Agreement.

 

4.4
Reservations by First Bitcoin. Except with respect to the permanent, non-exclusive license and right of use granted to
Petroteq herein, First Bitcoin shall reserve all ownership of, together with all intellectual property rights in, the FBCC Technology,
including the right to make or conduct any improvements, modifications or enhancement thereto and to control or conduct any and
all research and development thereto, and shall further reserve the right to develop any software, architecture or platform using
or deploying the FBCC Technology, or any open source software or technology that may be available to First Bitcoin, for any Third
Person anywhere in the world under such circumstances, and pursuant to such terms and conditions, as First Bitcoin may determine
from time to time in its sole discretion.

 

4.5
Restrictions; Open Code. Certain of the software developed or deployed by First Bitcoin in the development of the Architecture
& Platform will be based on open code as to which neither of the Parties shall have nor retain any proprietary rights other
than the non-exclusive right to control or manage the deployment and use thereof and to make any improvements, modifications or
enhancements thereto.

 

5.
Compensation, License Fees & Royalty. 

 

5.1
Compensation Package. Petroteq shall pay or remit to First Bitcoin, as the total compensation paid or payable to First
Bitcoin for the development of the Architecture & Platform and the associated services provided by First Bitcoin to Petroteq
under the terms of this Agreement, the following:

 

(a)
Base Compensation. Petroteq shall pay to First Bitcoin cash compensation of five hundred thousand dollars ($500,000) (the
“Base Compensation”) payable in five (5) equal and consecutive monthly installments, with the initial installment
of $100,000 becoming due and payable on or before the first (1st) day of the calendar month following the Effective Date and each
remaining installment becoming due and payable on or before the first (1st) day of each calendar month thereafter until the Base
Compensation is fully paid.

  

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(b)
Adjustments; Base Compensation. If at any time First Bitcoin determines in good faith that the costs associated with the
initial design and development of the Architecture & Platform shall require an increase in the Base Compensation, First Bitcoin
shall so advise Petroteq in writing and the Parties thereafter shall agree upon any adjustments to the Base Compensation that
the Parties reasonably believe will be necessary to compensate First Bitcoin for all of the costs and expenses it will incur in
designing and developing the Architecture & Platform under the terms of this Agreement; provided, however, notwithstanding
the foregoing, any adjustment(s) that may be agreed upon by the Parties hereunder shall not result in Base Compensation that,
in the aggregate , exceeds a total amount of ______ hundred thousand dollars ($_______).

 

(c)
License Fees & Royalty; Term of Agreement. In addition to the cash compensation payable to First Bitcoin hereunder,
beginning on January 1, 2018 and following the end of each calendar year thereafter during the term of this Agreement (including
any extended term), Petroteq agrees to pay to First Bitcoin, on an annual basis as provided hereafter, the greater of the following:

 

(1)
 An annual license fee (“License Fee”) of ten thousand dollars ($10,000);

 

(2)
 A royalty (“Royalty”) equal to five percent (5%) of all “Net
Revenue” received by Petroteq from time to time from any Third Person during such calendar year.

  

(c)
 Royalty; Post-Agreement. Following the expiration or termination of this Agreement,
Petroteq shall pay to First Bitcoin, as compensation for Petroteq’s continued use of the Architecture & Platform and
the FBC Technology, a Royalty equal to five percent (5%) of all “Net Revenue ” received by Petroteq during each calendar
year.

 

5.2
Net Revenue; Definition.

 

For
purposes of determining the Royalty that may be owed to First Bitcoin under this Agreement, the term “Net Revenue”
shall mean all revenue received by Petroteq from or as a result of:

 

(1)
making the Architecture & Platform available to any Third Person, whether on or through a public or private network, either
in whole or in part;

 

(2)
any grant to any Third Person or to the public-at-large, under such terms as Petroteq may determine, of any license, lease or
other right to use the Architecture & Platform or any of the services or products available thereon or thereunder, or

  

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(3)
any assignment or transfer of all or any part of Petroteq’s ownership rights or interests in the Architecture & Platform
to any Third Person, including without limitation any sale, transfer and/or acquisition effectuated or achieved by (A) merger,
consolidation or otherwise, or by or through the acquisition of a controlling interest in Petroteq or in connection with the acquisition
of Petroteq’s business or assets, or (B) any joint venture or co-venture with respect to which this Agreement and/or any
interest in the Architecture & Platform, is assigned, conveyed, licensed, leased or otherwise transferred, in whole or in
part, to such joint venture or co-venture,

 

LESS
AND REDUCED BY any (x) applicable sales, ad valorem, value added or similar taxes that may be assessed against any of the above
and foregoing transactions, and (y) any license fees, royalties or other amounts that Petroteq may owe or be required to pay any
Third Person in connection with or as a result of any such transaction.

 

5.3
Royalty Statements; Payment.

 

(a)
Within thirty (30) days after the end of each calendar year following the Effective Date, Petroteq shall deliver a written statement
(each a “Royalty Statement”) to First Bitcoin stating the Royalty determined to be payable to First Bitcoin
for and during each such calendar year, together with calculations used in the calculation of Net Revenue for such period. At
the time that each Royalty Statement is delivered to First Bitcoin hereunder, Petroteq shall pay to First Bitcoin an amount that
in each case shall be determined as follows:

 

		(1)	During
                                         the term of this Agreement, Petroteq shall pay to First Bitcoin an amount equal to the
                                         greater of the License Fee and the Royalty determined to be payable during and for each
                                         calendar year; and

  

		(2)	Following
                                         the expiration or termination of this Agreement, Petroteq shall pay to First Bitcoin
                                         the Royalty determined to be payable during and for each calendar year.

 

(b)
All payments and other amounts owed by Petroteq to First Bitcoin hereinunder shall, at Petroteq’s option, be paid by corporate
check or by a wire transfer of immediately available U.S. funds to an account in First Bitcoin’s name or its affiliate company
at a banking institution designated by First Bitcoin to Petroteq in writing from time to time. Any License Fee or Royalty that
is not paid to First Bitcoin on or before the thirtieth (30th) days following the close of each calendar year hereunder shall
bear and accrue interest until paid in full at an annual rate equal to the lesser of (1) ten percent (10%), simple interest, or
(2) the maximum rate of interest allowed by law.

  

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6.
Recordkeeping, Inspections & Audits. 

 

6.1
Retention of Records/Data. Petroteq shall maintain, at its offices or at a location agreed upon by the Parties, originals
or copies of all records and documents relating to any revenue that Petroteq may receive from time to time from Third Persons
that may form the basis of the Royalty paid or payable to First Bitcoin under this Agreement.

 

6.2
Inspection & Audit. First Bitcoin or its Affiliates, acting by or through their respective representatives or contractors,
shall have the right, at their sole cost and expense, to inspect the books and records maintained by Petroteq for the purpose
of verifying the Royalty payable to First Bitcoin during any calendar year. Each such inspection and audit may, upon First Bitcoin
giving Petroteq at least fourteen (14) days prior written notice, be conducted by First Bitcoin at any time within 180 days following
the end of the calendar year as to which any such inspection and audited is to be conducted.

 

6.3
Confidentiality; Non-Public Data. All records, information and data maintained by Petroteq or by First Bitcoin, or by any
of their respective Affiliates, relating to this Agreement or which are to be made available for inspection and audit under the
terms of this Agreement shall be treated as strictly confidential by the receiving Party and shall not be published or disclosed
to any Third Person without the written consent of the non-disclosing Party.

 

7.
Governing Law. 

 

THIS
AGREEMENT SHALL BE GOVERNED, CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE PROVINCE OF ONTARIO (CANADA) WITHOUT REGARD
TO THE CONFLICTS OF LAWS OR CHOICE OF LAWS PRINCIPLES THEREOF.

 

8.
Dispute Resolution.

 

8.1
Disputes; Procedure. Any claim, controversy or dispute between or among the Parties, or any of them, arising out of or
in any way relating to this Agreement (each a “Dispute”) shall be resolved exclusively by the dispute resolution
provisions contained in Schedule Y hereto.

 

8.2
Limitations on Remedies. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, NEITHER PARTY SHALL HAVE ANY LIABILITY
TO THE OTHER FOR ANY SPECIAL, INDIRECT, INCIDENTAL, PUNITIVE OR EXEMPLARY DAMAGES, INCLUDING LOST PROFITS, REVENUE OR SAVINGS,
REGARDLESS OF THE FORM OF ACTION GIVING RISE TO ANY CLAIM FOR SUCH DAMAGES, WHETHER IN CONTRACT OR IN TORT, OR OTHERWISE, EVEN
IF PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

  

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9.
Confidentiality. 

 

9.1
Confidentiality Obligations. The Parties agree that this Agreement, together with any other non-public or proprietary information
or data disclosed by one Party to the other in connection with this Agreement, shall be treated and strictly confidential during
the term of this Agreement and for a period of seven (7) years after the expiration or termination hereof (the “Confidentiality
Period”) and shall not be published or disclosed to any Third Person without the prior consent of the non-disclosing
Party except (1) as may be authorized or contemplated by or under this Agreement, or (2) as may be necessary or convenient in
managing or advertising the existence of the Architecture & Platform and the purposes and objectives thereof and the blockchain
services and products that may be made available to any Third Person or to the public-at-large.

 

9.2
Exceptions; Mandatory Disclosure. Notwithstanding the foregoing, this Agreement and any information or data relating to
the Architecture & Platform may be disclosed by either Party during the Confidentiality Period as may be compelled, requested
or required to be disclosed by any (1) any Third Person that has expressed a bona fide interest in acquiring a license or other
right or interest in using the Architecture & Platform and the services and products thereunder as may be made available by
Petroteq from time to time, (2) any governmental authority, agency or instrumentality or by any stock exchange or over-the-counter
market on or as to which the securities of either Party are registered or being publicly traded, or (3) by applicable law, rules
or regulations.

 

9.3
Exclusions. The confidentiality obligations of the Parties contained herein shall not apply to any open source code embedded
in or included as part of any software utilized in the development, management or use of the Architecture & Platform or any
of the services or products that may be used or offered in connection therewith.

 

10.
General Provisions

 

10.1
Amendments; Waiver.

 

(a)
No course of dealing and no delay by either Party in exercising any right, power or remedy shall operate as a waiver thereof or
otherwise prejudice its rights, powers or remedies. No waiver actually made by either Party of any breach of the terms of this
Agreement by the other Party shall be a waiver of any other term hereof. No right, power or remedy conferred hereby or available
at law or in equity shall be exclusive of any other right, power or remedy.

 

(b)
All amendments and other modifications hereof shall be in writing and signed by each of the Parties. Any Party may by written
instrument (1) waive compliance by the other Party with, or modify any of, the covenants or agreements made by the other Party
in this Agreement or any document or instrument delivered to such Party pursuant to this Agreement, or (2) waive or modify performance
of any of the obligations or other acts of the other Party. Any delay or failure on the part of a Party to insist, in one or more
instances, upon strict performance of any of the terms or conditions of this Agreement, or to exercise any right or privilege
granted herein, shall not be construed as a waiver of any such terms, conditions, rights or privileges but the same shall continue
and remain in full force and effect.

  

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10.2
Notices. Any notice authorized or required under this Sublease shall be in writing and shall be deemed to have been duly
given upon (a) personal delivery to the Party to be notified, (b) transmittal if sent by facsimile transmission with confirmation
that the message was received by the facsimile machine of the Party to be notified, (c) delivery if sent by a private courier
or delivery service, or (d) transmittal if sent by email or electronic communication, in each case delivered, mailed or transmitted
to the Party to be notified at the address, facsimile number or email address set forth below (although notice to any copy recipient
that may be listed below shall not constitute notice to the Party unless otherwise agreed). Either Party may change its address,
facsimile number or copy recipient upon written notice to the other Party.

  

	 	If to Petroteq:	 	If to First Bitcoin:
	 	Petroteq Energy, Inc.	 	First Bitcoin Capital Corp.
	 	Attn:  Secretary	 	Attn:  President
	 	181 Bay Street, Suite 4400	 	1500-1055 W. Georgia Street
	 	Toronto, ON, Canada M5J 2T3	 	Vancouver, BC V6E 4N7
	 	Telephone:  +1 (310) 990-0119	 	Telephone:  +1 (240) 232-5754
	 	Email: exodus_investments@yahoo.com 	 	Email: gregrubin@bitcoincapitalcorp.com

 

10.3
Third Parties. The Parties intend to confer no benefit or right on any Person not a party to this Agreement and no Third
Person shall have the right to claim the benefit of any provision hereof as a third-party beneficiary of this Agreement.

 

10.4
Relationship of Parties. Nothing in this Agreement shall be deemed to create an agency, joint venture, partnership, franchise
or similar relationship between the Parties. Each Party shall conduct all business in its own name as an independent contractor.
Neither Party shall be liable for the representations, acts, or omission of the other Party or shall have any right or power to
act for or on behalf of the other or to bind the other in any respect except as specifically authorized herein.

 

10.5
Assignability.

 

(a)
This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Parties; provided, however,
this Agreement shall be considered personal in nature and shall not be assigned or transferred by any Party, either in whole or
in part, without the prior written consent of the other Party.

  

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(b)
Notwithstanding anything to the contrary herein, Petroteq shall be entitled, without the written consent of First Bitcoin, to
(1) grant to any Third Person or to the public-at-large, under such terms as Petroteq may determine, a license, lease or other
right to use the Architecture & Platform or any of the services or products available thereon or associated therewith, (2)
assign, convey or otherwise transfer all or any part of its rights under this Agreement and/or its right, title and ownership
interests in the Architecture & Platform to (i) any Affiliate of Petroteq, (ii) any Third Person that acquires or purchases
Petroteq, whether by merger, consolidation or otherwise, or by the acquisition of a controlling interest in Petroteq or in connection
with the acquisition of all or substantially all of Petroteq’s business or assets, or (iii) any joint or co-venture with
respect to which Petroteq retains or receives at least a twenty-five percent (25%) economic or equity interest, together with
a right to participate in the management of any such venture through or under voting rights that correspond to its economic or
equity interest.

 

10.6
Survival of Royalty Obligations. The provisions governing the determination and payment of Royalty contained in Sections
5.1(c), 5.2 and 5.3 hereof shall survive the expiration or termination of this Agreement.

 

10.7
Rights, Powers, Remedies Cumulative; Waiver. Each and every right, power and remedy specified in this Agreement shall be
cumulative and in addition to every other right, power and remedy existing now or hereafter at law or in equity. Each and every
right, power and remedy may be exercised from time to time and as often and in such order as may be deemed expedient by a Party.
The exercise of any right, power or remedy shall not be construed as a waiver of the right to exercise at the same time or thereafter
any other right, power or remedy. No delay or omission by a Party in the exercise of any right or power, or in the pursuit of
any remedy, shall impair any right, power or remedy, or be construed to be a waiver thereof, nor shall the acceptance by a Party
of any payment hereunder be deemed a waiver of any right, power or remedy in the future.

 

10.8
Severability. If any provision or clause of this Agreement is held to be invalid or unenforceable by any court, the invalidity
or unenforceability of such clause or provision shall not affect the remaining provisions of this Agreement, and this Agreement
shall be construed and enforced as if such invalid or unenforceable clause or provision had not been contained herein.

 

10.9
Section Headings. The section and subsection headings contained in this Agreement are for reference purposes only and shall
not affect in any way the meaning or interpretation of this Agreement.

 

10.10
Entirety of Agreement. This Agreement, together with the Schedules attached hereto, contains the entire agreement between
the Parties with respect to the subject matter hereof and thereof and supersedes all prior agreements and undertakings between
the Parties relating to the subject matter of this Agreement. No course of prior dealings between the Parties or their predecessors
shall be relevant to supplement or explain any terms used herein.

 

10.11
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original,
but all of which together shall constitute one and the same instrument.

 

[Signatures
of Parties on Following Page]

  

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IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the dates written below.

   

	 	PETROTEQ ENERGY INC.
	 	 
	 	By:	 /s/ Alex Blyumkin
	 	Name: 	Alex Blyumkin
	 	Title:	 Chairman of the Board
	 	Date: 	Nov 03, 2017
	 	 
	 	FIRST BITCOIN CAPITAL CORP.
	 	  
	 	By:	 /s/ Greg Rubin
	 	Name:  	Greg Rubin
	 	Title: 	CEO
	 	Date:	 Nov 03, 2017

  

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SCHEDULE
X INDEX OF DEFINED TERMS

 

1.01
Definitions. Certain capitalized terms used in this Agreement, except where and to the extent that they may be defined
in the text of this Agreement, shall be defined as follows:

 

“Affiliate”
means any company or other entity that (i) controls, (ii) is controlled by or

 

(iii)
is under common control with one of the Parties. For the purpose of this definition, control shall mean the ownership, directly
or indirectly, of Fifty Percent (50%) or more of the stock or other units of ownership having the right to vote for the election
of directors of such company or other entity.

 

“Architecture
& Platform” has the meaning specified in Section 3.1 of this Agreement.

 

“Base
Compensation” has the meaning specified in Section 5.1 of this Agreement.

 

“Confidentiality
Period” has the meaning specified in Section 9.1 of this Agreement.

 

“Dispute”
means, with respect to Section 8.1 of this Agreement, any dispute, controversy or claim (of any and every kind or type, whether
based on contract, tort, statute, regulation, or otherwise) between or among the Parties or their respective Affiliates arising
out of, relating to, or connected with this Agreement, including any dispute as to the construction, validity, interpretation,
enforceability or breach thereof.

 

“FBCC
Technology” means any patent right or patent, copyright, invention, technology, discovery, software, method, process, technical
data, trade secret or know-how developed and owned by First Bitcoin or any of its Affiliates, or that may be controlled, practiced
or used under licenses with Third Persons, used or deployed by First Bitcoin in the design or development of distributed ledger
technology.

 

“Licensee
Fee” has the meaning specified in Section 5.1(b) of this Agreement.

 

“Net
Revenue” has the meaning set forth in Section 5.2 of this Agreement.

 

“Person”
means and shall be deemed to include any natural person, corporation, company, partnership (general and limited), limited liability
company, joint stock company (open or closed), joint venture, trust, and any other incorporated or unincorporated entity or association,
and any governmental authority, agency or instrumentality.

 

“Primary
Term” has the meaning specified in Section 2.1 of this Agreement.

 

“Royalty”
means the annual royalty, expressed as a percentage of Net Revenue, that may be owed or determined to be owed to First Bitcoin
as provided in Sections 5.1(b)(2) and 5.1(c) of this Agreement.

  

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“Royalty
Statement” has the meaning specified in Section 5.3 of this Agreement.

 

“Technology
Improvements” means, as specified in Section 4.2 of this Agreement, any improvements, modifications or enhancements to
the FBCC Technology.

 

“Third
Person” means any Person other than the Parties and their respective Affiliates and each of their respective shareholders,
members, owners, managers, directors, officers and employees.

 

SCHEDULE
Y 

DISPUTE RESOLUTION 

 

1.01
Duty to Negotiate; Exception.

 

In
the event of any Dispute, the Parties shall, during a period of thirty (30) days after a Party notifies the other Party in writing
of the existence of any such Dispute (the “Negotiation Period”), attempt in good faith to resolve the Dispute
amicably and without litigation or arbitration hereunder; provided, however, if a Party reasonably believes that
any threat or potential threat exists of (1) damage, harm or loss, in whole or in part, of any of its property, (2) an unauthorized
disclosure, publication or misappropriation of its Confidential Information, or (3) a material violation or breach of any obligation
contained in this Agreement or any agreement executed hereunder or pursuant to the terms hereof may cause irreparable harm to
such Party if not restrained or abated, such Party shall not be constrained or limited by the duty to negotiate during the Negotiation
Period as specified herein, but shall have the immediate right, exercisable in its sole discretion and at its option, to invoke
mandatory arbitration as provided in Section 1.02 below.

 

1.02
Mandatory Arbitration.

 

(a)
Subject to the provisions contained in Section 1.01 hereof, if the Parties are unable to resolve a Dispute during the Negotiation
Period (or to any extension thereof that may be agreed upon by the Parties in writing), then and upon expiration of such period,
the Dispute shall be finally and exclusively resolved by binding arbitration administered by the American Arbitration Association’s
International Centre for Dispute Resolution (“ICDR”) under the ICDR’s International Dispute Resolution
Procedures (English) (“ICDR Rules”).

 

(b)
In addition to the ICDR Rules, or in supplementation or as an exception thereto, as the case may be, the following rules and procedures
shall govern any arbitration of a Dispute conducted hereunder:

  

    Page 13  of 15

    Distributed Ledger Technology Services Agreement

    

 

(1)
Unless otherwise agreed by the parties to the Dispute, the place of the arbitration shall be ___________________ and the
arbitration shall be conducted in the English language.

 

(2)
Unless otherwise agreed by the parties to the Dispute, the arbitration shall be conducted by a three (3) arbitrators (the “Arbitral
Tribunal”). One arbitrator shall be nominated by the claimant(s) and the second arbitrator shall be nominated by the
respondent(s). The two nominated arbitrators shall then jointly nominate the third arbitrator, who shall act as chairman of the
Arbitral Tribunal and shall be a licensed to practice law in ___________ and shall have expertise in the matters involved in the
Dispute. If the claimant(s) or the respondent(s) fails to nominate an arbitrator to the Arbitral Tribunal within thirty (30) calendar
days after the date on which a Notice of Arbitration has been received by the ICDR to commence the arbitration under the ICDR
Rules (the “Arbitration Commencement Date”), or the two arbitrators nominated by the claimant(s) and respondent(s),
respectively, fail to designate the third arbitrator to the Arbitral Tribunal within thirty (30) calendar days after the Arbitration
Commencement Date, the ICDR shall appoint any arbitrator or arbitrators required to complete the Arbitral Tribunal, including
the third arbitrator that is to act as the chairman of the Arbitral Tribunal.

 

(3)
The appointing authority shall be the ICDR.

 

(4)
No arbitrator selected or appointed to the Arbitral Tribunal shall be older than seventy (70) years of age at the time of his/her
appointment.

 

(c)
The decision or award of the arbitrator(s) shall be in writing and shall state its detailed reasoning for the award.
Discovery of evidence shall be conducted expeditiously by the Parties, bearing in mind the Parties’ desire to limit
discovery and to expedite the decision or award of the arbitrator(s) at the most reasonable cost and expense of the Parties.
Judgment upon an award rendered pursuant to such arbitration may be entered in any court having jurisdiction or application
may be made to such court for a judicial confirmation of the award and/or an order of enforcement, as the case may
be.

 

(d)
Any decision or award of the Arbitral Tribunal (including any assessment of the costs and expenses of the arbitration) shall be
final, conclusive and binding on the Parties, and any right of application or appeal to the U.S. courts or to the courts in any
other jurisdiction in connection with any question of law or fact arising in the arbitration or in connection with any award or
decision made by the Arbitral Tribunal or the arbitrator(s) shall, so far as lawfully possible, is and shall be waived and excluded
(except as may be necessary to enforce such award or decision).

  

    Page 14  of 15

    Distributed Ledger Technology Services Agreement

    

 

1.03
Emergency Measures; Remedies.

 

(a)
Each Party acknowledges and agrees that any material default under any binding and enforceable provisions contained in this Agreement
may cause irreparable harm and substantial economic injury that may be difficult to ascertain or to remedy in damages. Each Party
therefore agrees that emergency relief and measures (including temporary restraining orders, temporary or permanent injunctive
relief, specific performance and other similar relief), in addition to other legal and equitable relief, are and will be appropriate
remedies for any actual or threatened breach or violation of this Agreement and may be obtained by a Party on an emergency basis
from the Arbitral Tribunal or, if one has not been formed, from a single arbitrator or neutral designated by the ICDR, or as otherwise
authorized or available under the ICDR Rules, or from any court having jurisdiction hereunder.

 

(b)
All legal and equitable relief available hereunder, or that may be available under the ICDR Rules (including permanent injunctive
relief and specific performance and similar relief) shall be available to any Party as an interim or permanent measure or remedy
to interdict and arrest any material default and to require that a defaulting Party fully comply with the binding and enforceable
terms contained in this Agreement.

 

(c)
In any arbitral action or claim submitted to the ICDR for emergency or permanent relief hereunder, or for emergency relief to
any court having jurisdiction hereunder, the Party initiating the claim or request for emergency relief shall not be required
to demonstrate that it has no adequate remedy at law in respect of the relief sought and shall not be required to post a bond
or other security.

 

1.04
Confidentiality.

 

Each
Party in any arbitration conducted hereunder shall keep any Dispute and the proceedings relating thereto confidential and shall
not publish or disclose to any person or entity, other than those persons or entities involved in the proceedings, the existence
of the arbitration, any information submitted during or in the arbitration, any pleading or other document submitted in connection
therewith, any oral submissions or testimony, transcripts, or any award, unless and to the extent that such disclosure is required
by law or is necessary for the recognition or enforcement of any order or arbitration award. In addition thereto, the parties
to any Dispute in any arbitration hereunder shall be subject to the confidentiality rules contained in the ICDR Rules.

 

1.05
Enforcement; Limitations on Remedies.

 

(a)
Any order or award issued by the Arbitral Tribunal or other arbitrator or neutral appointed by the ICDR hereunder, including any
interim measure or emergency relief granted to a Party, shall be considered an international award under the U.S. Federal Arbitration
Act and the 1958 U.N. Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York Convention) and may be
confirmed and enforced in accordance therewith. Any such order or award may be enforced, and any interim measures or emergency
relief required by a Party may be obtained in aid of arbitration or to protect the status quo or the interests or property of
the Parties prior to or during the pendency of arbitration, in or from the courts located in the United States or Canada or in
any other court having jurisdiction over the subject matter hereof and of the Parties.

   

(b)
Each of the Parties hereby submits to the ICDR in __________________ as the forum for the resolution of any Dispute and to the
jurisdiction of the courts sitting in the United States for the enforcement of any order or award issued by the Arbitral Tribunal
or by any arbitrator or neutral appointed by the ICDR or the issuance of interim measures or emergency relief. Service of process
in any arbitral or judicial action or proceeding instituted hereunder may be made upon the Parties, or any of them, by delivering
a request for arbitration or other pleading or document, using the methods set forth in the “Notice” provisions contained
in this Agreement, to a Party at the address for such Party as listed therein.

 

(c)
In any arbitration (or other legal action) involving a Dispute, no Party shall be liable for or assert any claim for consequential,
incidental, special or punitive damages. Each Party shall pay its own costs and expenses incurred in any arbitration hereunder
or in any civil action to enforce arbitration, including attorneys’ fees and the fees and expenses of its experts and witnesses.

  

    Page 15  of 15Exhibit 10.23

 

Fourth Amendment

November 21, 2018

 

FOURTH
AMENDMENT TO

MINING
AND MINERAL LEASE AGREEMENT

 

This
FOURTH AMENDMENT TO MINING & MINERAL LEASE AGREEMENT (“Fourth Amendment”), dated and made effective as
of November 21, 2018, is made and entered into by and between ASPHALT RIDGE, INC., a Utah corporation having offices at
6083 Carriage House Way, Reno, NV 89519 (“Lessor”), and TMC CAPITAL, LLC, a Utah limited liability company
having offices at: c/o Petroteq Energy, Inc., 4370 Tujunga Ave Ste. #320, Studio City, CA 91604 (“Lessee”)
(the parties are sometimes referred to herein individually as a “Party” or collectively as the “Parties”).

 

R
E C I T A L S

 

A.
Lessor and Lessee are Parties to that certain that certain “Mining and Mineral Lease Agreement” dated as of July 1,
2013, as amended by the First Amendment to Mining & Mineral Lease Agreement dated as of October 15, 2015, the Reinstatement
of and Second Amendment to Mining & Mineral Lease Agreement dated March 1, 2016, and the Third Amendment to Mining & Mineral
Lease Agreement dated February 21, 2018 (collectively, the “Lease”), whereby Lessor granted to Lessee an exclusive
right to explore for, mine, produce, extract and sell or otherwise dispose of Tar Sands and any Minerals which are associated
with or contained in any Tar Sands (as defined in the Lease), subject to a depth limitation of above 3,000 feet above Mean Sea
Level (MSL), located in and under the Properties in Uintah County, Utah more particularly described in Exhibit A of the Lease
and to use in connection therewith the Water Rights described in Exhibit B of the Lease attached hereto;

 

B.
Lessor and Lessee desire to amend the Lease effective as of November 21, 2018 in order to (1) add to and include in the Lease
certain Properties that were excluded from the Lease under the Third Amendment to Mining & Minerals Lease Agreement dated
February 21, 2018, and (2) modify and revise certain other provisions of the Lease upon the terms and conditions set forth in
this Fourth Amendment.

 

NOW,
THEREFORE, in consideration of the covenants, promises and obligations contained herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

1.
AMENDMENT TO LANDS UNDER LEASE. Lessor and Lessee hereby agree to amend the Lease to include the Properties described in Exhibit
A attached hereto and further agree that the Properties described in Exhibit A hereto shall constitute all of the Properties made
subject to and included in and as part of the Lease effective as of the date of the Third Amendment.

 

2.
OTHER AMENDMENTS TO LEASE. The Lease shall be and is hereby further amended in in accordance with and as set forth below.

 

(a)
Amendment of Paragraph 11 of the Lease. Paragraph 11 of the Lease is hereby amended in its entirety and replaced with
the following:

 

11)
Termination.

 

Lack
of Financial Commitment. Lessee intends to construct a minimum of two similar processing facilities to the 1,000 barrel
per day facility currently under construction. This Lease shall automatically terminate without notice, if a written letter
from a financially capable institution or individual providing a binding commitment, satisfactory to Lessor, in Lessor’s sole
discretion, to fund the full cost of the second 1,000 barrel/day processing facility to be constructed for the benefit of the
Properties (the “Financial Commitment”) is not obtained or secured by Lessee and a true and accurate copy of the
Financial Commitment is received by Lessor on or before July 1, 2019 for the 2nd processing facility and a similar Financial
Commitment for the 3rd processing facility by July 1, 2020. The period of time between March 1, 2018 and the earlier of (i)
March 1, 2019 or (ii) the date on which a true and accurate copy of the Financial Commitment is received by Lessor shall be
referred to herein as the “Extension Period.”

 

    1

     

    

 

Fourth Amendment

November 21, 2018

 

For
the avoidance of doubt, the requirement hereinabove that Lessee obtain Financial Commitments for a second 1,000 barrel/day processing
facility and a third 1,000 barrel//day processing facility may be satisfied, as may be determined by Lessee, by one or more Financial
Commitments for (1) any expansion (or series of expansions) to any existing or future processing facility, or (2) the construction
of one or more new or additional processing facilities, in each (or either) case that will achieve (or exceed) the increases in
processing capacity required under this Lease.

 

b)
Cessation of Operations or Inadequate Production. If the technology, techniques or process deployed by Lessee in the development
of the Lease prove to be uneconomic and operations cease due to increased operating costs or decreased marketability, this Lease
shall automatically terminate without notice if operations are not resumed at 80% of capacity within three (3) months of any such
cessation.

 

If
the proposed 3,000 barrel/day processing facility to be constructed for the benefit of the Properties fails to produce an average
at a minimum of 80% of its rated capacity for at least 180 calendar days during the Lease Year commencing July 1, 2021, or any
successive Lease Year, this Lease shall terminate within thirty (30) days after Lessor delivers to Lessee a written notice of
termination. The 3,000 barrel/day rated capacity is determined solely by the quantity of ore processed from the Property to produce
3,000 barrels/day prier to being diluted by condensate or any other dilutant.

 

c)
Surrender by Lessee. Lessee may at any time after the Effective Date surrender this Lease provided thirty (30) days advance
written notice of termination is given to Lessor, after which all rights and obligations of Lessee hereunder shall cease, save
and excepting all accrued obligations and any reclamation and similar obligations that were occasioned by Lessee’s operations
and Lessee’s environmental obligations, which shall survive any termination. Lessee shall leave the Properties in a clean, good
and safe condition and in accordance with all applicable laws and regulations. Upon termination of this Lease, Lessee shall comply
with all DOGM and/or BLM reclamation requirements and shall have a continuing right to enter upon the Properties to complete required
reclamation and to remove from the Properties all equipment, machinery, facilities and other items belonging to Lessee in accordance
with DOGM’s standards, in accordance with all relevant operating permits and reclamation plans, and to DOGM’s satisfaction. Lessee’s
reclamation obligations hereunder shall be deemed complete upon final release by DOGM and/or the BLM of Lessee’s surety bond
or other financial guarantee.

 

d)
Breach of Lease by Lessee. In the event of Lessee’s failure to comply with any material provision of this Lease,
Lessor shall provide Lessee with written notice setting forth the nature of such non-compliance after receipt of which, if the
non-compliance relates to the payment of money, Lessee shall within thirty (30) days of receipt of notice cure such non-compliance.
If the noncompliance relates other than to the payment of money, Lessee shall within thirty (30) days of receipt of notice pursue
diligently all appropriate actions to cure the non-compliance within one hundred fifty (150) days of receipt of notice. If the
non-compliance is not timely cured, Lessor may thereupon terminate this Lease by giving Lessee written notice to that effect.
However, should there be a dispute as to whether or not non-compliance has occurred or remained, then the provisions of paragraph
12 below shall apply.

 

    2

     

    

 

Fourth
Amendment 

November 21, 2018

 

In the event
of any breach of this Lease by Lessee and the failure to cure after notice as provided above, Lessor, in addition to the other
rights or remedies it may have, shall have the immediate right of reentry and may remove all persons and property from the premises;
such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of Lessee. Should
Lessor elect to reenter, as herein provided, or should it take possession pursuant to legal proceedings or pursuant to any notice
provided for by law, Lessor may terminate this Lease. Should Lessor at any time terminate this Lease for any breach, in addition
to any other remedy it may have, Lessor may recover from Lessee all damages incurred by reason of such breach, including the cost
of recovering the premises. If Lessee doesn’t remove personal property, after six (6) months it will become Lessor’s property.

 

(b) Amendment of Paragraph
2 of the Lease. Paragraph 2 of the Lease is hereby amended in its entirety and replaced with the following:

 

a) Term.
This Lease is granted for a primary term of six (6) years plus the Extension Period provided in Paragraph 11 (the “Primary
Term”) commencing July 1, 2013 (the “Effective Date”). If at any time during the Primary Term, Lessee
fails to achieve (or exceed) the requirements of Continuous Operations (as defined below), this Lease shall terminate unless mutually
agreed in writing by both Parties. If within the Primary Term, Lessee meets or exceeds the applicable requirements of Continuous
Operations, then this Lease shall continue after the Primary Term for so long as such requirements continue to be met or maintained.
If, at any time following the Primary Term, the operations conducted by Lessee cease for longer than 180 days during any Lease
Year or 600 days in any three consecutive Lease Years, Lessor shall be entitled, upon complying with the provisions contained
in Paragraphs 12 (Termination) and 14 (Notices), respectively, to terminate this Lease. a) Definition of “Continuous
Operations”. For purposes of this Lease, the term “Continuous Operations” means:

 

		(i)	the construction or operation of one or more facilities having the capacity to produce, from bituminous
ores, sands and compounds mined or extracted from the Properties, an average daily quantity (“ADQ”) of bitumen, synthetic
crude oil and/or bitumen products (excluding blending agents and dilutant) that, in the aggregate, equals or exceeds the following:

 

By 07-01-2019, at 80% of the ADQ of
1,000 bbls/day;

By 07-01-2020, at 80% of the ADQ of
2,000 bbls/day; and

By 07-01-2021, and thereafter during
the remainder of this Lease, at 80% of the ADQ of 3,000 bbls/day or greater; and

 

		(ii)	from and after 07-01-2019, the continuation of operations for a minimum period of 180 days during
each Lease Year or 600 days in any period of three consecutive Lease Years at (or in excess of) the applicable ADQ specified hereinabove.

 

		(iii)	The requirement that Lessee construct or operate facilities having
specified (or minimum) processing capacities as provided herein may be satisfied by (A) any expansion (or series of expansions)
to any existing or future processing facility located on or near the Properties, or (B) the construction of any new or additional
processing facility, in each (or either) case that satisfies (or exceeds) the applicable processing capacity requirement. If permitting
allows for further increases in the capacity of the processing facilities constructed for the benefit of the leasehold in Exhibit
A beyond an ADQ of 3,000 bbls/day, the site(s) of any additional
processing facilities shall be given priority for any additional capital expenditure by TMC Capital for expanding the rate of production
from the Properties.

 

    3

     

    

  

Fourth
Amendment 

November 21, 2018

 

b)
Offsite Operations. Operations conducted by Lessee off the Properties shall be included in determining whether the applicable
requirements of Continuous Operations have been met if they are conducted in connection with an integrated mining operation involving
the Properties and other properties in which Lessee holds an interest, provided that, during any period of three (3) Lease Years,
at least fifty percent (50%) percent of the ores, tar sands, or feed stock of whatever nature mined or otherwise extracted from
or in the integrated mining operation comes from the Properties.

 

c) Smaller
Operations. In the event that the operation of any facility or facility constructed or deployed by Lessee to produce bitumen,
synthetic crude oil and/or bitumen products from the Properties fails to achieve (or exceed) the requirements for Continuous Operations
in or for any Lease Year (or any period of three consecutive Lease Years), Lessor shall be entitled, upon complying with the provisions
contained in Paragraphs 12 (Termination) and 14 (Notices), respectively, to terminate this Lease.”

 

(c) Amendment solely to Paragraph
4(g) of the Lease. Paragraph 4(g) of the Lease is hereby amended
in its entirety and replaced with the following:

 

g) Minimum
Expenditures. During the Lease Year commencing July 1, 2021, and each year thereafter in which Lessee fails to achieve (or
exceed) an ADQ of at least 3,000 bbls/day during a 180-day period, Lessee shall make expenditures (which shall include operational
costs but shall not include depreciation or corporate overhead) for the benefit of the Properties of not less than $2,000,000 per
year. Any amount of Expenditures in excess of those stated above in or during any Lease Year may be carried forward to the next
Lease Year. The term “benefit’ shall mean expenditures for exploration, mapping, developing or acquiring water rights, assaying,
metallurgical testing, permitting, preparing feasibility studies, and construction of plant and surface facilities, including facilities
constructed and/or operated on property located near the Properties. (Any acquisition of water rights shall be made in the name
of the Lessor with Lessee’s right to utilize said water rights during the Term of the Lease. Lessee is responsible for maintaining
and/or perfecting any newly acquired water rights and the existing Water Right in Exhibit B.) Lessee will provide Lessor with copies
of all acquired data relating to such expenditures, other than data considered proprietary to Lessee or that are or include the
trade secrets of Lessee, which shall become the sole property of the Lessor on termination for any reason including copies of expenditures
made for those qualifying categories above.

 

3.
EFFECT OF FOURTH AMENDMENT. Except as amended by this Fourth Amendment,
the terms of the Lease shall continue in full force and effect in accordance with the terms thereof.

 

IN
WITNESS WHEREOF, the Parties have executed this Fourth Amendment as
of the date(s) written below.

 

	TMC CAPITAL, LLC	 	ASPHALT RIDGE, INC.
	 	 	 
	By:	/s/ Aleksandr Blyumkin      	 	By:	/s/ Sam Arentz   

	Name: Aleksandr Blyumkin 	 	Name: Sam Arentz, III 
	Title: Manager	 	Title: President
	Date: November 21,
    2018	 	Date: November 21,
2018

 

    4

     

    

 

Fourth Amendment

November 21, 2018

 

ACKNOWLEDGEMENTS

 

	STATE OF NEVADA	)
	 	) ss
	COUNTY OF WASHOE	)

 

The foregoing instrument
was acknowledged before me on November 21st, 2018, by Sam S. Arentz, III, the President of Asphalt Ridge, Inc., a Utah
corporation.

 

	 	/s/ Jackie Moritzky
		Notary Public

 

CALIFORNIA ACKNOWLEDGEMENT

 

	A notary public
or other officer completing this certificate verifies only the identity of the individual who signed the document to which this
certificate is attached, and not the truthfulness, accuracy, or validity of that document.	 

 

	STATE OF CALIFORNIA	)
	 	)
	COUNTY OF LOS ANGELES	)

 

On November    ,
2018, before me,                                                ,
Notary Public in and for                                       ,
State of California, personally appeared Aleksandr Blyumkin, who proved to me on the basis of satisfactory evidence to be the person(s)
whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their
authorized capacity(ies), and that by his/her/their signatures(s) on the instrument the person(s), or the entity upon behalf of
which the person(s) acted, executed the instrument.

 

I certify under PENALTY
OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

 

WITNESS my hand and official seal.

 

	Signature
                                                                 (Seal)

 

    5

     

    

 

Fourth Amendment

November 21, 2018

 

EXHIBIT A

THE PROPERTIES

 

Certain lands and property
situated and lying in Uintah County (SLM), State of Utah, being and comprising all of the lands and property described in Exhibit
A to that certain Mining and Mineral Lease Agreement dated July 1, 2013, executed between Asphalt Ridge, Inc., as lessor, and TMC
Capital, LLC, as lessee, all as more particularly described as follows:

 

Township 4 South, Range 20 East (SLM),
Uintah County, Utah. This property, also owned by Asphalt Ridge, Inc. and the Telecommunication sites are not included in this
Lease.

 

	Section 25:	Lots
1 & 2, W1⁄2NE1⁄4
	 	(Enterprise No. 6 patented mining claim)

 

Township 4 South, Range 21 East (SLM),
Uintah County, Utah. This property, also owned by Asphalt Ridge, Inc. and the Telecommunication sites are not included in this
Lease.

 

	Section 30:	Lots
1 & 2, W1⁄2NE1⁄4NW1⁄4, SE1⁄4NE1⁄4NW1⁄4, SE1⁄4NW1⁄4
	 	(Enterprise No. 5 patented mining claim)

 

Township 5 South, Range 21 East (SLM),
Uintah County, Utah.

 

	Section 4:	SW1⁄4NW1⁄4,
NW1⁄4SW1⁄4, E1⁄2SW1⁄4
	 	 
	Section 15:	W1⁄2NW1⁄4,
SE1⁄4NW1⁄4, SW1⁄4NE1⁄4
	 	 
	Section 25:	SW1⁄4
	 	(Cameron No. 7 patented mining claim)
	 	 
	Section 25:	Lots 9 & 10,
W1⁄2SE1⁄4
	 	(Cameron No. 5 patented mining claim)
	 	 
	Section 25:	Lots 4 & 5,
S1⁄2NW1⁄4
	 	(Cameron No. 8 patented mining claim)

 

Township 5 South, Range 22 East (SLM),
Uintah County, Utah.

 

	Section 31:	Lot
3, SW1⁄4SE1⁄4, E1⁄2SW1⁄4
	 	 
	Section 31:	N1⁄2SE1⁄4,
SE1⁄4SE1⁄4
	 	(Cameron No. 1 patented mining claim)
	 	 
	Section 32:	SW1⁄4

 

[containing 1,229.82 acres, more or less].

 

    6

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