Document:

SECOND AMENDMENT TO FORBEARANCE AGREEMENT

 

This Second Amendment
To Forbearance Agreement is made as of the 11th day of December, 2013 by and among, SRT SECURED HOLDINGS, LLC (f/k/a TNP
SRT SECURED HOLDINGS, LLC), a Delaware limited liability company ("Lead Borrower"), TNP SRT SAN JACINTO,
LLC, a Delaware limited liability company ("San Jacinto Borrower"), TNP SRT CRAIG PROMENADE, LLC,
a Delaware limited liability company ("Craig Borrower"), TNP SRT AURORA COMMONS, LLC, a Delaware
limited liability company (the "Aurora Borrower"), TNP SRT VISALIA MARKETPLACE, LLC, a Delaware
limited liability company (the "Visalia Borrower", and collectively with Lead Borrower, San Jacinto Borrower,
Craig Borrower, and Aurora Borrower, the "Borrowers" and each individually, a "Borrower"),
STRATEGIC REALTY TRUST, INC. (f/k/a TNP Strategic Retail Trust, Inc.), a Maryland corporation (the "REIT"),
STRATEGIC REALTY OPERATING PARTNERSHIP, L.P. (f/k/a TNP Strategic Retail Operating Partnership, LP), a Delaware limited
partnership (the "OP" or the "Parent", and collectively with the REIT, the "Guarantors"
and each individually, a "Guarantor") (the Borrowers and the Guarantors are collectively the "Credit
Parties" and each individually, a "Credit Party"), and KEYBANK NATIONAL ASSOCIATION,
a national banking association having a place of business at 225 Franklin Street, 18th Floor, Boston, Massachusetts 02110, as agent
(in such capacity, "Agent") for itself and any other lenders who become lenders under the Credit Agreement
(as hereinafter defined) collectively referred to as "Lenders" and each individually referred to as a "Lender").

 

RECITALS

 

WHEREAS, the Credit
Parties, Agent and Lender are parties to a certain Forbearance Agreement dated as of April 1, 2013, as amended by a letter agreement
dated as of July 9, 2013, an Amendment to Forbearance Agreement dated as of July 31, 2013 and a Letter Agreement also dated as
of July 31, 2013 (the "Forbearance Agreement"); and

 

WHEREAS, each party
desires to amend the Forbearance Agreement in the manner set forth below;

 

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

 

1.         The aggregate
outstanding principal amount of Credit Parties' obligations to Lender under the Obligations as of even date is $28,296,678 plus
accrued and unpaid interest, fees and any other costs and expenses incurred under the obligations.

 

2.         Section 1(a)(i)
of the Forbearance Agreement is hereby amended to change the date from January 31, 2014 to July 31, 2014.

  

    	 

    	 

    

 

3.         Section 4(d)
of the Forbearance Agreement is hereby amended to change the Initial Tranche A Maturity Date from January 31, 2014 to July 31,
2014.

  

4.         The reference
to the Fee Letter in Section 7 of the Forbearance Agreement is hereby changed to refer to the Agent's Fee Letter dated as of April
1, 2013, as amended as of July 31, 2013, as of even date, and as may be further amended from time to time.

  

5.         All references
to TNP Strategic Retail Trust, Inc. or the defined term "TNP REIT" shall be changed to be Strategic Realty
Trust, Inc. and the defined term "REIT".

 

6.         All references
to TNP Strategic Retail Operating Partnership, LP or the defined term "Parent" shall be changed to be Strategic
Realty Operating Partnership, L.P.

 

7.         Subsection (a)
in the definition of "Net Proceeds" as set forth in Section 1.01 of the Credit Agreement shall be amended
to read as follows:

 

"(a) with
respect to a sale or refinancing of a Real Property, the net proceeds shall be calculated as the sum of the gross proceeds less
all customary and reasonable broker's fees, prorations, taxes, other costs, expenses or obligations payable in connection with
the closing, and proceeds used to pay down Property Level Debt or which are required to be placed in escrow by a Property Lender,
in each case in accordance with the terms of the Property Loan Documents for such Real Property but in no event shall the amount
of the Net Proceeds relating to a sale be less than 95% of the gross sales price;"

 

8.         The definition
of "Restricted Payment" as set forth in Section 1.01 of the Credit Agreement shall be amended to read as
follows:

 

"Restricted
Payment" means any dividend or other distribution (whether in cash, securities or other property) with respect to
any ownership interests in the REIT, the Parent, Borrower or any Subsidiary, or any payment (whether in cash, securities or other
property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation
or termination of any such ownership interests in the REIT, the Parent or Borrower or any option, warrant or other right to acquire
any such shares of capital stock of the REIT, the Parent or the Borrower; provided that the foregoing shall not preclude any dividend
or distribution in connection with any contribution of real estate or Equity Interests, or any other non-cash consideration, in
exchange for the issuance of Equity Interests.

 

9.         The definition
of "Tranche A Available Amount" as set forth in Section 1.01 of the Credit Agreement is hereby amended
in its entirety to read as follows:

 

    	 

    	 

    

 

"Tranche
A Available Amount" means the lesser of (a) the Tranche A Commitment and (b) as adjusted from time to time pursuant
to the terms hereof, the Tranche A Loan amount which would produce a Debt Yield of no less than eleven percent (11%)."

 

10.       The following
new definitions are hereby added to Section 1.01 of the Credit Agreement:

 

" 'Adjusted
Funds From Operations' is calculated by (i) adding to Funds from Operations (1) any charges for asset impairments,
(2) non-cash items, and (3) non-recurring extraordinary expenses (to the extent approved for purposes of this definition by Agent)
and (ii) subtracting from that number (1) normalized recurring expenditures that are capitalized by the REIT and then amortized,
but which are necessary to maintain the REIT’s properties and its revenue stream (e.g. new carpeting and drapes in apartment
units, leasing expenses and tenant improvement allowances) (2) "straight-lining " of rents and (3) amortization of above
and below market leases.   AFFO shall be determined starting with the fiscal year quarter beginning April 1, 2013 and
thereafter building up to a trailing twelve (12) month basis."

 

'Funds
From Operations' is equal to the REIT's net income or loss computed in accordance with GAAP, excluding gains or losses
from sales of property but including asset impairment writedowns, plus depreciation and amortization, and after adjustments for
the REIT's pro-rata ownership of unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and
joint ventures are calculated to reflect Funds from Operations."

 

11.       Section 2.08(d)
of the Credit Agreement is hereby amended in its entirety to read as follows:

 

"(d)Borrower and REIT
shall apply eighty percent (80%) of the Net Proceeds to repay the Tranche A Loans; provided, however, if an Event
of Default exists (other than the Existing Events of Default, as defined in the Forbearance Agreement), then Borrower and REIT
shall apply one hundred percent (100%) of the Net Proceeds to repay the Tranche A Loans."

 

12.       Notwithstanding
the provisions of the First Amendment and Restated Limited Liability Company Agreement (the "LLC Agreement")
for Lead Borrower dated as of July 9, 2013, no distributions shall be made to the Members pursuant to Section 6.6 of the LLC Agreement
or any other provisions of the LLC Agreement except as set forth in Section 6.05 of the Credit Agreement which is hereby amended
in its entirety to read as follows:

 

"SECTION
6.05     Restricted Payments. REIT, the Parent and the Borrower will not,
and will not permit any of their Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, during any
calendar quarter, any Restricted Payment, except that any of the following Restricted Payments are permitted: (a) Restricted Payments
by REIT required to comply with Section 5.16(b), (b) so long as no Default or Event of Default shall then exist, Restricted
Payments declared and paid ratably by Subsidiaries to Borrower, Parent or REIT with respect to their capital stock or equity interest,
(c) so long as no Default or Event of Default shall then exist, Restricted Payments declared and paid ratably (i) by Borrower
to Parent (and then by Parent to REIT) and to Glenborough Purchaser (except that Glenborough Purchaser shall not receive any repayment
of its Invested Capital (as defined in the LLC Agreement) until the Obligations have been repaid in full) with respect to its
capital stock or equity interest and (ii) by REIT to its shareholders with respective to their capital stock or equity interest
so long as the aggregate amount of Restricted Payments paid pursuant to (a) and (c) (without double counting for distributions
by Borrower to Parent, by Parent to REIT, or by REIT to its shareholders) does not exceed 100% of the REITs Adjusted Funds From
Operations, or (d) or any other Restricted Payments if the making of them has been approved by the prior written consent of the
Required Lenders."

 

    	 

    	 

    

 

13.       The first sentence
of Section 6.10 (Management; Management Fees) shall be amended (as last amended in the Letter Amendment dated as of July
9, 2013) to read as follows:

 

"The Credit Parties shall
not replace Glenborough Advisor as advisor or Glenborough Property Manager as the property manager on any Mortgaged Property or
Approved Property without the Agent's prior written consent, which consent may be given or not given in the Agent's sole discretion."

 

14.       Borrowers have
informed Agent and Lenders that (a) an Affiliate of Lead Borrower currently owns property known as Osceola Village located in Kissimmee,
Florida of which a portion will be released soon from its current CMBS mortgage and (b) it is anticipated that Lead Borrower may
provide a loan to the Affiliate for the construction of a Pep Boys facility, which loan will be evidenced by a promissory note
and secured by a mortgage from that affiliate. Contemporaneously with the making of that loan Lead Borrower shall pledge the promissory
note, the mortgage and any related documents to Agent as additional security for the repayment of the Obligations. Lead Borrower
shall keep Agent informed about the status of these matters and shall cooperate with Agent (at Borrower's expense) in connection
with the documentation and related matters.

 

15.       KeyBank National
Association is currently holding approximately $2,000,000 (the "Willow Run Pledged Funds") in a cash collateral
account that has been pledged to Agent pursuant to a Cash Collateral Pledge And Security Agreement dated as of October 31, 2013
(the "Willow Run Pledge Agreement"). After the execution and closing of this Second Amendment Agent shall
release to Borrower the Willow Run Pledged Funds at which time the Willow Run Pledge Agreement shall terminate.

  

    	 

    	 

    

 

16.       The Credit Parties
jointly and severally agree to pay to Agent the attorneys' fees of Agent's counsel in connection with this Amendment and with other
matters relating to the Loans that have accrued prior hereto on or before even date.

  

17.       The execution
of this Amendment and all related documents have been duly authorized by all necessary shareholder, director, partnership, member,
manager, trustee and beneficiary action. The representatives of the Credit Parties signing below have been duly authorized to sign
this Agreement. This Agreement, the Loan Documents, and all related documents are valid, binding and enforceable obligations of
the Credit Parties.

 

18.       Litigation is
currently pending against some of the Credit Parties as listed on Exhibit A to this Amendment. However, there are no actions, suits
or proceedings by or before any arbitrator or Governmental Authority pending against or, to the best of the Credit Parties' knowledge,
threatened against or affecting any Credit Party or any of the Borrower's Subsidiaries (i) as to which there is a reasonable
possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the
aggregate, to have a Material Adverse Effect or (ii) that involve this Agreement or the Transactions. Any costs, expenses and liabilities
incurred by Agent and Lenders relating thereto shall be included in the indemnification provisions set forth in Section 9.03 of
the Credit Agreement.

 

19.       Defined terms
used herein that are not defined herein shall have the same meanings as set forth in the Forbearance Agreement or in the Credit
Agreement (as defined in the Forbearance Agreement).

 

20.       Except as otherwise
set forth in this Amendment, each of Credit Parties hereby warrants that all of the representations and warranties contained in
the Forbearance Agreement are true and correct as of the date hereof and that no default has occurred and is continuing and would
result by the execution of this Amendment which constitutes a default under the Forbearance Agreement or the Loan Documents or
would constitute such a default but for the requirement that notice be given or time lapse or both.

  

21.       Except as modified
hereby, the Forbearance Agreement shall remain in full force and effect and is in all other respects ratified and affirmed.

  

22.       This Amendment
may be executed and delivered in counterparts, each of which shall be deemed an original and all of which together shall constitute
one document.

 

(Signatures on Next Page)

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Amendment Agreement by their duly authorized representatives as of the date stated above.

 

	 	BORROWERS:	 
	 	 	 	 	 	 
	 	SRT SECURED HOLDINGS, LLC, a Delaware limited liability company	 
	 	 	 	 	 	 
	 	By:	SRT Secured Holdings Manager, LLC, its Manager	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 		By:	/s/ Andrew Batinovich	 
	 	 	 	Andrew Batinovich, CEO	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	TNP SRT SAN JACINTO, LLC, a Delaware limited liability company	 
	 	 	 	 	 	 
		By:	SRT Secured Holdings, LLC, a Delaware limited liability company, its Sole Member	 
	 	 	 	 	 	 
	 		By:	SRT Secured Holdings Manager,	 
		 	 	LLC, its Manager	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 		 	By:	/s/ Andrew Batinovich	 
	 	 	 	 	Andrew Batinovich, CEO	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	

 TNP SRT CRAIG PROMENADE, LLC, a Delaware limited liability company	 
	 	 	 	 	 	 
	 	By	SRT Secured Holdings, LLC, a Delaware limited liability company, its Sole Member	 
	 	 	 	 	 	 
	 		By:	SRT Secured Holdings Manager,	 
		 	 	LLC, its Manager	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 		 	By:	/s/ Andrew Batinovich	 
	 	 	 	 	Andrew Batinovich	 

  

    	 

    	 

    

 

	 	TNP SRT AURORA COMMONS, LLC, a Delaware limited liability company	 
	 	 	 	 	 	 
	 	By	SRT Secured Holdings, LLC, a Delaware limited liability company, its Sole Membe	 
	 	 	 	 	 	 
	 		By:	SRT Secured Holdings Manager, 	 
	 		 	LLC, its Manager	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 		 	By:	/s/ Andrew Batinovich	 
	 		 	 	Andrew Batinovich, CEO	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	TNP SRT VISALIA MARKETPLACE, LLC, a Delaware limited liability company	 
	 	 	 	 	 	 
		By:	SRT Secured Holdings, LLC, a Delaware limited liability company, its Sole Member	 
	 	 	 	 	 	 
	 		By:	SRT Secured Holdings Manager,	 
	 	 	 	LLC, its Manager	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 		 	By:	/s/ Andrew Batinovich	 
	 	 	 	 	Andrew Batinovich, CEO	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	AGENT AND MAJORITY LENDER:	 
	 	 	 	 	 	 
	 	KEYBANK NATIONAL ASSOCIATION, as Agent and Lender	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	By:	/s/ Kathleen Ahern	 
	 	 	Kathleen Ahern, Senior Banker	 

 

    	 

    	 

    

 

	 	GUARANTORS:	 
	 	 	 	 	 
	 	STRATEGIC RETAIL OPERATING	 
	 	PARTNERSHIP, LP, a Delaware limited partnership	 
	 	 	 	 	 
		By:	Strategic Retail Trust, Inc., its general partner	 
	 	 	 	 	 
	 	 	 	 	 
	 		By:	/s/ Andrew Batinovich	 
	 	 	 	Andrew Batinovich, CEO	 
	 	 	 	 	 
	 	 	 	 	 
	 	STRATEGIC REALTY TRUST, INC., (f/k/a TNP Strategic Retail Trust, Inc.), a Maryland corporation	 
	 	 	 	 	 
	 	 	 	 	 
	 		By:	/s/ Andrew Batinovich	 
	 	 	 	Andrew Batinovich, CEO	 
	 	 	 	 	 
	 	 	 	 	 
	Consented to in all respects:	 	 	 	 
	 	 	 		 
	 	STRATEGIC REALTY OPERATING	 
	 	PARTNERSHIP, L.P. (formerly TNP Strategic Retail Operating Partnership, LP), a Delaware limited partnership	 
	 	 	 	 	 
	 	By:	Strategic Realty Trust, Inc., its general partner	 
	 	 	 	 	 
	 	 	 	 	 
	 		By:	/s/ Andrew Batinovich	 
	 		 	Andrew Batinovich, CEO	 
	 	 	 	 	 
	 	 	 	 	 
	 	

 SRT SECURED HOLDINGS MANAGER, LLC, a Delaware limited liability company	 
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ Andrew Batinovich	 
	 	 	Andrew Batinovich, CEO	 

   

    	 

    	 

    

 

EXHIBIT A to Second Amendment to Forbearance
Agreement

  

List of Pending Litigation

 

 

 

Litigation Concerning Termination of Property Management Agreements

 

On or about September 9, 2013, TNP Property Manager, LLC (“TNP
Property Manager”), the former property manager of Strategic Realty Trust, Inc. (the “Company”), commenced a
civil action in the Superior Court of the State of California for Orange County against Glenborough and the Company.  The
Company was not served until October 15, 2013.  The complaint relates to the recently announced termination by the Company
of the property management agreements between TNP Property Manager and the subsidiaries of the Company that own the various real
estate projects in the Company’s portfolio and the selection of Glenborough to act as the Company’s new property manager. 
TNP Property Manager alleges that there was no valid basis for the Company to terminate the prior property management agreements
and that the Company is now in breach of the agreements.  In addition, the TNP Property Manager accuses Glenborough of “intentional
interference with economic relationship.”  From the Company, TNP Property Manager seeks an award of compensatory damages
in the amount of at least $5 million.  From Glenborough, TNP Property Manager seeks an award of compensatory damages in the
amount of at least $5 million, an award of punitive damages in an unspecified amount, and equitable relief. Glenborough has submitted
a request for indemnification to the Company, and the Company has agreed to advance Glenborough’s litigation expenses based
on the Company’s obligation under the Consulting Agreement.  The Company intends to defend the action vigorously.  

 

Securities Litigation

 

On or about September 23, 2013, a civil action captioned Stephen
Drews v. TNP Strategic Retail Trust, Inc., et al., SA-CV-13-1488-PA-DFMx, was commenced in the United States District Court for
the Central District of California.  The named defendants were the Company, various of its present or former officers and
directors, including Anthony W. Thompson, and several entities controlled by Mr. Thompson.  The plaintiff alleged that he
invested in connection with the initial public offering of the Company’s shares (the “IPO”) and purported to
represent a class consisting of all persons who invested in connection with the IPO between September 23, 2010 and February 7,
2013.  The plaintiff alleged that the Company and all of the individual defendants violated Section 11 of the Securities Act
of 1933, as amended (the “Securities Act”) because the offering materials used in connection with the IPO allegedly
failed to disclose financial difficulties that Mr. Thompson and the entities controlled by him were experiencing.  Additional
claims under the Securities Act were asserted against Mr. Thompson, the entities controlled by Mr. Thompson and the other individual
defendants who were employees of Mr. Thompson.  The complaint sought a class-wide award of damages in an unspecified amount. 
On October 22, 2013, the plaintiff filed a notice of voluntary dismissal without prejudice.  On October 23, 2013, a virtually
identical complaint was filed in the United States District Court for the Northern District of California, asserting the same claims
against the same defendants.  The only material difference was that an additional plaintiff was added.  Like the original
plaintiff, the additional plaintiff alleges that he invested in connection with the IPO.  The new action is captioned Lewis
Booth, et al. v. Strategic Realty Trust, Inc., et al., CV-13-4921-JST.  The Company believes that the claims brought against
the Company and the individual defendants other than Mr. Thompson or employees of Mr. Thompson are without merit and intends to
defend the action vigorously.EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT
(“Agreement”), dated as of December 01, 2013, is made by and among Black River Petroleum Corp a Company
organized under the laws of Nevada (the “Company”), and Alexander Stanbury (the “Executive”).
Each of the Company, and the Executive are referred to herein individually as a “Party” and collectively as
the “Parties.”

 

RECITALS:

 

WHEREAS, the Company
wishes to employ the Executive as its President, Chief Executive Officer, Secretary, Treasurer and Chief Financial Officer,
and the Executive wishes to accept such employment, on the terms set forth below, effective as of December 01, 2013 (“Effective
Date”);

 

NOW, THEREFORE, in
consideration of the foregoing premises, and the covenants, representations and warranties set forth herein, and for other good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged and accepted, the Parties, intending to
be legally bound, hereby agree as follows:

 

1.                 
Term. The Company hereby employs the Executive, and the Executive hereby accepts such employment, for an initial
term commencing as of the Effective Date and continuing through December 01, 2016, unless sooner terminated in accordance with
the provisions of Section 5 hereof (the “Initial Term”), with such employment to continue for successive
one-year periods in accordance with the terms of this Agreement (subject to termination as aforesaid) unless either Party notifies
the other Party of non-renewal in writing prior to three months before the expiration of the initial term and each annual renewal,
as applicable. (The period during which the Executive is employed hereunder being hereinafter referred to as the “Term”).

 

2.                 
Duties. During the Term, the Executive shall be employed by the Company as its President, Chief Executive
Officer, Secretary, Treasurer and Chief Financial Officer. The Executive shall devote his entire working time, energy, attention,
skill and best efforts to the affairs of the Company and to the faithful performance of the duties of said offices and shall faithfully
perform such other duties of an executive, managerial or administrative nature as shall be specified and designated from time to
time by the Company’s Board.

 

3.                 
Compensation.

 

(a)               
Base Salary. The Company shall pay the Executive during the Term a salary at a minimum rate of $120,000
per annum for the period beginning on the Effective Date through the Initial Term (the “Base Salary”), in
accordance with the customary payroll practices of the Company applicable to senior executives. For each year thereafter, the Board
shall review the Executive’s Base Salary and may provide for such increases therein as it may, in its discretion, deem appropriate.
(Any such increased salary shall constitute the “Base Salary” as of the time of the increase.)

 

    	 

    	 

    

 

(b)              
Bonus. During the Term, in addition to the Base Salary, for each fiscal year of the Company ending during
the Term, the Executive shall have the opportunity to receive an annual bonus in an amount and on such terms to be determined by
the Board (“Performance Bonus”). The Board shall further have the discretion to grant Executive annual bonuses
in such amounts and on such terms as it shall determine in its sole discretion. Nothing contained in the foregoing shall limit
the Executive’s eligibility to receive any other bonus under any other bonus plan, stock option or equity–based plan,
or other policy or program of or the Company.

 

(c)               
Equity Incentive Compensation. Executive shall be entitled to receive three million (3,000,000) shares of Common Stock, $0.00001 par
value, of the Company during the Term. One million (1,000,000) shares of the Common Stock shall vest on the Effective Date and
one million (1,000,000) shall vest on each one-year anniversary of the Effective Date, commencing in 2014 and shall be fully vested
in 2015. If the Executive’s employment is terminated before the end of the Initial Term, the pro-rata portion of the shares
due on the anniversary of the year in which the termination occurred shall immediately vest effective the date of such termination.
The Executive acknowledges and agrees that the Common Stock may not be transferred absent such registration or pursuant to an exemption
from registration. On each one year anniversary of the Effective Date for three years, the Company will deliver to the Executive
a stock certificate representing one million (1,000,000) shares of Common Stock that have vested as of such date. The Executive
agrees to execute and deliver such other documentation requested by the Company, including but not limited to a Subscription Agreement,
necessary or desirable in connection with the issuance of the Common Stock.

 

(d)              
Benefits. The Executive shall be permitted during the Term to participate in any group life, hospitalization
or disability insurance plans, health programs, retirement plans, fringe benefit programs and other benefits that may be available
to other senior executives of the Company generally, in each case to the extent that the Executive is eligible under the terms
of such plans or programs.

 

(e)               
Vacation. The Executive shall be entitled to vacation of no less than 28 business days per year, to be credited
in accordance with ordinary Company policies.

 

(f)               
Expenses. The Company shall pay or reimburse the Executive for all ordinary and reasonable out-of-pocket expenses
actually incurred (and, in the case of reimbursement, paid) by the Executive during the Term in the performance of the Executive’s
services under this Agreement, in accordance with the Company’s policies regarding such reimbursements.

 

4.                 
Termination of Employment; Change of Control.

 

(a)               
Termination upon Death or Disability. This Agreement and Executive’s employment hereunder shall automatically
terminate on the date on which Executive dies or becomes permanently incapacitated. Executive shall be deemed to have become “permanently
incapacitated” on the date that is thirty (30) days after the Company has determined that Executive has suffered a Permanent
Incapacity (as defined below) and so notifies Executive. For purposes of this Agreement, “Permanent Incapacity”
shall mean that (i) Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical
or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than
twelve (12) months; or (ii) Executive is, by reason of any medically determinable physical or mental impairment that can be expected
to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement
benefits for a period of not less than three (3) months under an accident and health plan covering employees of the service provider’s
employer.

 

    	2

    	 

    

 

(b)              
Termination by the Company for Cause. The Company may terminate this Agreement and Executive’s employment
hereunder without Cause (as defined below), effective upon delivery of written notice to Executive given at any time during the
Term (without any necessity for prior notice). For purposes of this Agreement, “Cause” shall mean the Executive’s:
(i) conviction of any felony or any other crime involving moral turpitude, (ii) fraud against the Company or any of its subsidiaries
or affiliates or theft of or maliciously intentional damage to the property of the Company or any of their subsidiaries or affiliates,
(iii) willful breach of Executive’s fiduciary duties to the Company, or (iv) breach by Executive of any provision of this
Agreement.

 

(c)               
Termination by Company without Cause. The Company may terminate this Agreement and Executive’s employment
hereunder without Cause, effective upon delivery of written notice to Executive given at any time during the Term (without any
necessity for prior notice) provided that the Company complies with all provisions of this Agreement, including without limitation,
obligations related to severance, vesting of options and continuation of benefits as set forth herein.

 

(d)              
Termination by the Executive for Good Reason. The Executive may terminate this Agreement and Executive’s
employment hereunder with Good Reason (as defined below). For purposes of this Agreement, “Good Reason” shall
mean (i) the material reduction of the Executive’s title, authority, duties and responsibilities or the assignment to the
Executive of duties materially inconsistent with the Executive’s position or positions with the Company; (ii) a material
reduction in Base Salary of the Executive; (iii) the Company’s material breach of this Agreement; or (iv) any change in the
geographic location at which Executive must perform the services under this Agreement, which change is reasonably material to Executive.
Notwithstanding the foregoing, (x) Good Reason shall not be deemed to exist unless notice of termination on account thereof (specifying
a termination date no later than thirty (30) days from the date of such notice) is given no later than 30 days after the time at
which the event or condition purportedly giving rise to Good Reason first occurs or arises and (y) if there exists (without regard
to this clause (y)) an event or condition that constitutes Good Reason, the Company shall have fifteen (15) days from the date
notice of such a termination is given to cure such event or condition and, if the Company does so, such event or condition shall
not constitute Good Reason hereunder.

 

(e)               
Termination by the Executive other than for Good Reason. The Executive may terminate this Agreement and Executive’s
employment hereunder other than for Good Reason, provided that the Executive gives the Company no less than thirty (30) days prior
written notice of such termination.

 

    	3

    	 

    

 

(f)               
Change of Control. The Executive may terminate this Agreement and Executive’s employment hereunder within
the one year period following a Change of Control (as defined below), provided that the Executive gives the Company no less than
thirty (30) days prior written notice of such termination. For purposes of this Agreement, “Change of Control”
shall mean the occurrence of any of the following:

 

(i)                
Change in Ownership. A change in ownership of the Company occurs on the date that any one person, or more
than one person acting as a group, acquires ownership of stock of the Company that, together with stock held by such person or
group, constitutes more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company,
excluding the acquisition of additional stock by a person or more than one person acting as a group who is considered to own more
than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company.

 

(ii)              
Change in Effective Control. A change in effective control of the Company occurs on the date that either:
(A) any one person, or more than one person acting as a group, acquires (or has acquired during the twelve (12) month period ending
on the date of the most recent acquisition by such person or persons) ownership of stock of the Company possessing thirty percent
(30%) or more of the total voting power of the stock of the Company; or (B) a majority of the members of the Company’s Board
is replaced during any twelve (12) month period by directors whose appointment or election is not endorsed by a majority of the
members of the Company’s Board prior to the date of the appointment or election; provided, that this paragraph (2) will apply
to the Company only if no other corporation is a majority shareholder of the Company.

 

(iii)            
Change in Ownership of Substantial Assets. A change in the ownership of a substantial portion of the Company’s
assets occurs on the date that any one person, or more than one person acting as a group, acquires (or has acquired during the
twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that
have a total gross fair market value equal to or more than forty percent (40%) of the total gross fair market value of the assets
of the Company immediately prior to such acquisition or acquisitions. For this purpose, “gross fair market value” means
the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities
associated with such assets.

 

(iv)            
Intended Interpretation. It is the intent of the Parties that the definition of Change in Control under this
Agreement be construed consistent with the definition of “Change in Control” as defined in Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”) and the applicable Treasury Regulations, as amended from time
to time.

 

5.                 
Payments Upon Termination.

 

(a)               
Upon termination of this Agreement and Executive’s employment hereunder due to Executive’s death or disability
pursuant to Section 5(a) hereof, (i) the Executive (or the Executive’s estate or beneficiaries in the case of the
death of the Executive) shall be entitled to receive any Base Salary and other benefits (including any bonus and accrued but unused
vacation time for a calendar year completed before termination) earned and accrued under this Agreement prior to the date of termination
(and reimbursement under this Agreement for expenses incurred prior to the date of termination) and (ii) the Executive (or the
Executive’s estate or beneficiaries in the case of the death of the Executive) shall have no further rights to any other
compensation or benefits hereunder, or any other rights hereunder (but, for the avoidance of doubt, shall receive such disability
and death benefits as may be provided under the Company’s plans and arrangements in accordance with their terms).

 

    	4

    	 

    

 

(b)              
Upon termination of this Agreement and Executive’s employment hereunder (i) by the Company for Cause pursuant
to Section 5(b) hereof, by Executive other than for Good Reason pursuant to Section 5(e) hereof, or pursuant to a
Change of Control under Section 5(f), (x) the Company shall pay to Executive an amount equal to Executive’s then Base Salary
and other benefits (including any bonus and accrued but unused vacation time for a calendar year completed before termination)
earned and accrued under this Agreement prior to the date of termination (and reimbursement under this Agreement for expenses incurred
prior to the date of termination) and (y) the Executive shall have no further rights to any other compensation or benefits under
this Agreement on or after the termination of employment.

 

(c)               
Upon termination of this Agreement and Executive’s employment hereunder (i) by the Company without Cause
pursuant to Section 5(c) hereof, (ii) by Executive for Good Reason pursuant to Section 5(d) hereof or (iii) by
Executive following a Change in Control of the Company pursuant to Section 5(f) hereof, (x) the Company shall pay to
Executive (I) any earned but unpaid Base Salary (including accrued but unused vacation time); (II) an amount equal to Executive’s
then Base Salary and other benefits (including any bonus for a calendar year completed before termination) earned and accrued under
this Agreement prior to the date of termination (and reimbursement under this Agreement for expenses incurred prior to the date
of termination); and (III) the Executive shall have no further rights to any other compensation or benefits under this Agreement
on or after the termination of employment.

 

(d)              
Nothing contained in this Section 6 shall affect the terms of any employee stock options, stock grants, or
other equity-based compensation that may have been issued by the Company to Executive, which in the event of termination of Executive’s
employment with the Company shall continue to be governed by their own terms and conditions.

 

(e)               
Unless the payment is required to be delayed pursuant to Code Section 409A (as defined below), the cash amounts payable
to the Executive (or the Executive’s estate or beneficiaries in the case of the death of the Executive) under this Section
6 shall be paid to the Executive (or the Executive’s estate or beneficiaries in the case of the death of the Executive)
in a single-sum payment within 60 days following the effective date of termination of this Agreement and Executive’s employment
hereunder.

 

6.                 
Execution of Release. The Executive acknowledges that, if required by the Company prior to making the payments
and benefits set forth in Section 5 (other than accrued but unpaid Base Salary and other benefits), all such payments and
benefits are subject to his execution of a general release from liability of the Company, and their respective Officers (including
his successor), Directors/Managers and employees, and such release becoming irrevocable by its terms.

 

    	5

    	 

    

 

7.                 
Application of Code Section 409A.

 

(a)               
This Agreement shall be interpreted to avoid any penalty sanctions under Section 409A of the Code (“Code
Section 409A”). If any payment or benefit cannot be provided or made at the time specified herein without incurring sanctions
under Code Section 409A, then such benefit or payment will be provided in full (to the extent not paid in part at earlier date)
at the earliest time thereafter when such sanctions will not be imposed. For purposes of Code Section 409A, all payments to be
made upon a termination of employment under this Agreement may only be made upon Executive’s “separation from service”
(within the meaning of such term under Code Section 409A) with the Company, each payment made under this Agreement will be treated
as a separate payment, and the right to a series of installment payments under this Agreement will be treated as a right to a series
of separate payments. In no event will Executive, directly or indirectly, designate the calendar year of payment, except as permitted
under Code Section 409A.

 

(b)              
Notwithstanding anything herein to the contrary, if, at the time of Executive’s “separation from service”
with the Company, the Company has securities which are publicly traded on an established securities market and Executive is a “specified
employee” (as such term is defined in Code Section 409A) and it is necessary to postpone the commencement of any payments
or benefits otherwise payable under this Agreement as a result of such termination of employment to prevent any accelerated or
additional tax under Code Section 409A, then the Company will postpone the commencement of the payment of any such payments or
benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to Executive), until the first
payroll date that occurs after the date that is six (6) months following Executive’s “separation of service”
with the Company. If any payments are postponed due to such requirements, such postponed amounts will be paid with interest at
the applicable federal rate as provided under Section 7872(f)(2)(A) of the Code in a lump sum to Executive on the first payroll
date that occurs after the date that is six (6) months following Executive’s “separation of service” with the
Company. If Executive dies during the postponement period prior to the payment of the postponed amount, the amounts withheld on
account of Code Section 409A will be paid to the personal representative of Executive’ s estate within sixty (60) days after
the date of Executive’s death.

 

(c)               
All reimbursements and in-kind benefits provided under this Agreement will be made or provided in accordance with
the requirements of Code Section 409A, including, where applicable, the requirement that (i) any reimbursement will be for expenses
incurred during Executive’s lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount of
expenses eligible for reimbursement, or in kind benefits provided, during a calendar year may not affect the expenses eligible
for reimbursement, or in kind benefits to be provided, in any other calendar year, (iii) the reimbursement of an eligible expense
will be made on or before the last day of the calendar year following the year in which the expense is incurred, and (iv) the right
to reimbursement or in kind benefits is not subject to liquidation or exchange for another benefit.

 

(d)              
To the extent applicable, all grants, awards, bonuses or other payments made to Executive or for which Executive
is eligible under any Company bonus, incentive, deferred compensation plan or program or any other compensation arrangement will
be structured to comply with the requirements of Code Section 409A or an exception from such requirements.

 

    	6

    	 

    

 

8.                 
Covenants of the Executive.

 

(a)               
Confidentiality. During the Term, the Company has and will continue to provide Executive with access to, and
may confide in him, information, business methods and systems, techniques and methods of operation developed at great expense by
the Company and which are assets of the Company. Executive recognizes and acknowledges that: (i) all Confidential Information (defined
below) is the property of the Company and is unique, extremely valuable and developed and acquired by great expenditures of time,
effort and cost; (ii) the misuse, misappropriation or unauthorized disclosure by Executive of the Confidential Information would
constitute a breach of trust and would cause serious irreparable injury to the Company; and (iii) it is essential to the protection
of the Company’s goodwill and to the maintenance of the Company’s competitive position that the Confidential Information
be kept secret and that Executive not disclose the Confidential Information to others or use same to his own advantage or to the
advantage of others. Accordingly, Executive shall not, during the Term or thereafter, directly or indirectly, in any manner, utilize
or disclose to any person, firm, corporation, association or other entity, or use on his own behalf, any confidential and proprietary
information of the Company, including, but not limited to, information relating to strategic plans, sales, costs, client lists,
client preferences, client identities, investment strategies, computer programs, profits or the business affairs and financial
condition of the Company, or any of its clients, or any of the Company’s business methods, systems, marketing materials,
clients or techniques (collectively “Confidential Information”), except for (i) such disclosures where required
by law, but only after written notice to the Company detailing the circumstances and legal requirement for the disclosure; or (ii)
as authorized during the performance of Executive’s duties for such use or purpose as are reasonably believed by Executive
to be in the best interests of the Company. At any time, upon request, Executive shall deliver to the Company all of its property
including, but not limited to, its Confidential Information (whether electronically stored or otherwise) which are in his possession
or under his control. Property to be returned includes, but is not limited to, notebook pages, documents, records, prototypes,
client files, drawings, electronically stored data, computer media or any other materials or property in Executive’s possession.

 

(b)              
Noninterference. During the Term and for a period of one (1) year following the end of the Term (the
“Restricted Period”), for whatever reason, he will not, directly or indirectly, for himself or on behalf of
any third party, at any time or in any manner:

 

(i)                
persuade, induce, solicit, influence or attempt to influence, or cause any person who is an employee of the Company
to terminate his or her relationship with the Company or refer any such employee to anyone, without prior written approval from
the Company;

 

(ii)              
request or cause any of the Company’s clients or potential clients to cancel, modify or terminate any existing
or continuing or, to Executive’s knowledge, prospective business relationship with the Company;

 

    	7

    	 

    

 

(iii)            
engage in or participate in any effort or act to induce, or in any way cause, any client or, to Executive’s
knowledge, prospective client of the Company, to deal with Executive or any other person or entity except in a capacity as representative
of the Company, or otherwise take any action which might reasonably be expected to be disadvantageous to the Company;

 

(iv)            
persuade, induce, solicit, influence or attempt to influence, or cause any client or, to Executive’s knowledge,
prospective client of the Company to cease or refrain from doing business, or to decline to do business, or to change or alter
any existing or prospective business relationship, with the Company;

 

(v)              
accept business from, or perform or provide any services for, any client, or to Executive’s knowledge, prospective
client of the Company;

 

(vi)            
contract with or communicate with, in either case in connection with services, any client or, to Executive’s
knowledge, prospective client of the Company; or

 

(vii)          
provide any third party with any information concerning any client, or to Executive’s knowledge, prospective
client of the Company, including but not limited to, the disclosure of any client name or data, in whatever form, to such third
party.

 

(c)               
Injunctive Relief. Executive acknowledges that his compliance with the covenants in Sections 7(a),
7(b) and 7(c) hereof (the “Restrictive Covenants”) is necessary to protect the good will, Confidential
Information and other proprietary interests of the Company, that such covenants are supported by adequate and sufficient consideration,
and that, in the event of any violation or threatened violation by Executive of any such provision, the Company will sustain serious,
irreparable and substantial harm to its business, the extent of which will be difficult to determine and impossible to remedy by
an action at law for money damages. Accordingly, Executive agrees that, in the event of such violation or threatened violation
by him, the Company shall be entitled to an injunction before trial from any court of competent jurisdiction as a matter of course
and upon the posting of not more than a nominal bond, in addition to all such other legal and equitable remedies as may be available
to the Company. Executive further acknowledges that he has carefully considered the nature and extent of the restrictions contained
herein and the rights and remedies conferred upon the Company under this Agreement, and hereby acknowledges and agrees that the
same are reasonable, are designed to protect the legitimate business interests of the Company, and do not confer benefits upon
the Company disproportionate to the detriment upon him. In the event that Executive violates any of the covenants in this Agreement
and the Company commences legal action for injunctive or other relief, the Company shall have the benefit of the full period of
the covenants, computed from the date Executive ceased violation of the covenants, either by order of the court or otherwise. Executive
acknowledges that any claim or cause of action he may have against the Company shall not constitute a defense to the enforcement
by the Company of his covenants in Article 5 of this Agreement (e.g., these covenants are independent of any other provision in
this Agreement and of any other promise made to Executive). Executive also acknowledges that his experience and capabilities are
such that he can obtain suitable employment otherwise than in violation of the covenants in this Agreement and that the enforcement
of these covenants will not prevent the earning of a livelihood nor cause undue hardship. Without limiting the foregoing, in the
event of a breach by Executive of any Restrictive Covenant, the Company’s obligations under this Agreement shall immediately
terminate, Executive shall not be entitled to any additional monetary payments or benefits of any kind whatsoever and Executive
shall reimburse the Company for all of its attorneys fees and costs associated with any legal or equitable proceedings or litigation
seeking to enforce the terms of this Agreement.

 

    	8

    	 

    

 

(d)              
Remedies Cumulative and Concurrent. The rights and remedies of the Company as provided in this Section
8 shall be cumulative and concurrent and may be pursued separately, successively or together, at the sole discretion of the
Company, and may be exercised as often as occasion therefor shall arise. The failure to exercise any right or remedy shall in no
event be construed as a waiver or release thereof.

 

(e)               
Executive’s Authorization. Executive authorizes the Company to inform any third parties, including future
employers, prospective employers and the Company’s clients or prospective clients, of the existence of this Agreement and
his obligations under it.

 

(f)               
Survivability. The provisions of this Section 8shall survive the cessation of Employee’s employment
for any reason, as well as the expiration of this Agreement at the end of its Term or at any time prior thereto.

 

(g)              
Definition of Company. For purposes of this Section 8, the term “Company” shall include
the Company and any of its parents, subsidiaries, affiliates or any related companies including their respective successors and
assigns.

 

9.                 
Other Provisions.

 

(a)               
Severability. The Executive acknowledges and agrees that (i) he has had an opportunity to seek advice of counsel
in connection with this Agreement and (ii) the Restrictive Covenants are reasonable in geographical and temporal scope and in all
other respects. If it is determined that any of the provisions of this Agreement or any part thereof, including, without limitation,
any of the Restrictive Covenants, is held invalid or unenforceable by any court of competent jurisdiction, the other provisions
of this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part
or degree will remain in full force and effect to the extent not held invalid or unenforceable.

 

(b)              
Duration and Scope of Covenants. If any court or other decision-maker of competent jurisdiction determines
that any of the Restrictive Covenants contained in this Agreement, including, without limitation, any of the Restrictive Covenants,
or any part thereof, is unenforceable because of the duration or geographical scope of such provision, then, after such determination
has become final and unappealable, the duration or scope of such provision, as the case may be, shall be reduced so that such provision
becomes enforceable and, in its reduced form, such provision shall then be enforceable and shall be enforced.

 

(c)               
Arbitration.

 

(i)                
Subject to the limitations of this Section 9(c), if any dispute arises between the Parties under or concerning
this Agreement or the terms hereof, or regarding the manner in which Executive was treated while employed by the Company, the termination
of his employment, or any alleged violation by the Company of Executive’s rights under any common law theory, or any applicable
federal, state, or local law, statute, regulation, or ordinance (including without limitation 42 U.S.C. § 1981, Title VII
of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans with Disabilities Act, and any other local,
state, or federal legislation that pertains to employee rights or discrimination in employment), the Parties agree to submit such
issue to final and binding arbitration in accordance with the then existing National Rules for the Resolution of Employment Disputes
of the American Arbitration Association. Nothing in this Section 9(c), however, will preclude the Company from seeking the
judicial relief set forth under Section 8 of this Agreement.

 

    	9

    	 

    

 

(ii)              
The Parties agree that the interpretation and enforcement of the arbitration provisions in this Agreement will be
governed exclusively by the Federal Arbitration Act (the “FAA”), 9 U.S.C. § 1 et seq., provided that they are
enforceable under the FAA, and will otherwise be governed by the law of the State of Nevada.

 

(iii)            
The Parties agree and understand that one of the objectives of this arbitration agreement is to resolve disputes
expeditiously, as well as fairly, and to those ends it is the obligation of all Parties to raise any disputes subject to arbitration
hereunder in an expeditious manner. Accordingly, the Parties agree that, as to any dispute that can be brought hereunder, a demand
for arbitration must be postmarked or delivered in person to the other Party no later than six (6) months after the date the demanding
Party knows or should have known of the event or events giving rise to the claim. Failure to demand arbitration on a claim within
these time limits is intended to, and will to the furthest extent permitted by law, be a waiver and release with respect to such
claims. If, and only if, the waiver and release of claims referenced in the immediately preceding sentence is found by a court
of competent jurisdiction to be unenforceable as against Executive or the Company under this Agreement, then the Parties will nevertheless
submit such claims to arbitration pursuant to this Section 11(c) within the time permitted by law.

 

(iv)            
The Company and Executive will jointly and equally pay the arbitrator’s fees.

 

(v)              
Unless otherwise agreed by the Parties, arbitration will take place in, Nevada.

 

(vi)            
In rendering an award, the arbitrator will determine the rights and obligations of the Parties according to federal
law and the substantive law of the State of Nevada without regard to any principles governing conflicts of laws and the
arbitrator’s decision will be governed by state and federal substantive law, including state and federal discrimination laws
referenced in Section 11(c)(i) hereof, as though the matter were before a court of law.

 

(vii)          
Any arbitration award will be accompanied by a written statement containing a summary of the issues in controversy,
a description of the award, and an explanation of the reasons for the award. The decision of the arbitrator will be made within
thirty (30) days following the close of the hearing. The Parties agree that the award will be enforceable exclusively by any state
or federal court of competent jurisdiction within Nevada.

 

    	10

    	 

    

 

(viii)        
It is understood and agreed by the Parties that their agreement herein concerning arbitration does not contain, and
cannot be relied upon Executive to contain, any promises or representations concerning the duration of the employment relationship,
or the circumstances under or procedures by which the employment relationship may be modified or terminated.

 

(ix)            
If any part of this arbitration procedure is in conflict with any mandatory requirement or applicable law, the law
will govern, and that part of this arbitration procedure will be reformed and construed to the maximum extent possible in conformance
with the applicable law. The arbitration procedure will remain otherwise unaffected and enforceable.

 

Any such person may by notice given in
accordance with this Section 11(d) to the other Parties hereto designate another address or person for receipt by such person
of notices hereunder.

 

(d)              
Section Headings. The headings of Sections in this Agreement are provided for convenience only and will not
affect its construction or interpretation. All references to or “Section” or “Sections” refer to the corresponding
Article or Section or Sections of this Agreement, unless the context indicates otherwise.

 

(e)               
Construction. The Parties have participated jointly in the negotiation and drafting of this Agreement. In
the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly
by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship
of any of the provisions of this Agreement. Any reference to any federal, state, local, or foreign statute or law shall be deemed
also to refer to all rules and regulations promulgated thereunder, unless the context requires otherwise. Unless otherwise expressly
provided, the word “including” shall mean including without limitation. The Parties intend that each representation,
warranty, and covenant contained herein shall have independent significance. If any Party has breached any representation, warranty,
or covenant contained herein in any respect, the fact that there exists another representation, warranty, or covenant relating
to the same subject matter (regardless of the relative levels of specificity) which the Party has not breached shall not detract
from or mitigate the fact that the Party is in breach of such representation, warranty, or covenant. All words used in this Agreement
will be construed to be of such gender or number as the circumstances require.(f)               
 

 

(g)              
Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed to
be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement.
In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data
file, such signature shall create a valid and binding obligation of the Party executing (or on whose behalf such signature is executed)
with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.

 

    	11

    	 

    

 

(h)              
Entire Agreement. This Agreement contains the entire agreement between the Parties with respect to the subject
matter hereof and supersedes all prior agreements, written or oral, with respect thereto.

 

(i)                
Waivers and Amendments. This Agreement may be amended, superseded, canceled, renewed or extended, and the
terms hereof may be waived, only by a written instrument signed by the Parties or, in the case of a waiver, by the Party waiving
compliance. No delay on the part of any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof,
nor shall any waiver on the part of any Party of any such right, power or privilege nor any single or partial exercise of any such
right, power or privilege, preclude any other or further exercise thereof or the exercise of any other such right, power or privilege.

 

(j)                
Assignment. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective
successors, heirs (in the case of the Executive) and assigns. No rights or obligations of the Company under this Agreement may
be assigned or transferred by the Company except that such rights or obligations may be assigned or transferred pursuant to a merger
or consolidation in which the Company is not the continuing entity, or the sale or liquidation of all or substantially all of the
assets of the Company; provided, however, that the assignee or transferee is the successor to all or substantially all of the assets
of the Company and such assignee or transferee assumes the liabilities, obligations and duties of the Company, as contained in
this Agreement, either contractually or as a matter of law.

 

(k)              
Withholding. The Company shall be entitled to withhold from any payments or deemed payments any amount of
tax withholding it determines to be required by law.

 

(l)                
Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective
successors, permitted assigns, heirs, executors and legal representatives.

 

(m)            
Survival. Anything contained in this Agreement to the contrary notwithstanding, the provisions of Section
8 and any other provisions of this Agreement expressly imposing obligations that survive termination of Executive’s employment
hereunder, and the other provisions of this Section 9 to the extent necessary to effectuate the survival of such provisions,
shall survive termination of this Agreement and any termination of the Executive’s employment hereunder.

 

(n)              
Existing Agreements. The Executive represents to the Company that he is not subject or a Party to any employment
or consulting agreement, non-competition covenant or other agreement, covenant or understanding which might prohibit him from executing
this Agreement or limit his ability to fulfill his responsibilities hereunder.

 

(o)              
GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEVADA WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW WHICH COULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION
OTHER THAN THE STATE OF NEVADA.

 

    	12

    	 

    

 

(p)              
Waiver of Jury Trial. EACH OF THE PARTIES HEREBY IRREVOCABLY WANES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

[Signatures follow
on next page]

 

 

 

 

 

 

    	13

    	 

    

 

 

 

IN WITNESS WHEREOF,
Company and the Executive have caused their respective signature pages to this Agreement to be duly executed as of the date first
written above.

 

 

 

 

 

	 	COMPANY:
	 	BLACK RIVER PETROLEUM CORP.
	 	 
	 	 
	 	By:	 
	 	Name:	ALEXANDER STANBURY
	 	Title:	President, Chief Executive Officer, Secretary, Treasurer,

 Chief Financial Officer

 

 

	 	EXECUTIVE:
	 	 
	 	 
	 	 
	 	Name:	ALEXANDER STANBURY

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