Document:

exv10wii

Exhibit 10(ii)

EMPLOYMENT AGREEMENT

     This Employment Agreement (the “Agreement”) is entered into by and between American
Oil & Gas Inc., a Nevada corporation (the “Company”), and Patrick D. O’Brien
(“Employee”) on June 17, 2010. Employee and Company are sometimes referred to individually
as a “Party” and collectively as the “Parties.”

     In consideration of the mutual covenants, promises and agreements herein contained, the
Company and Employee hereby covenant, promise and agree to and with each other as follows:

     1. Employment. The Company shall employ Employee and Employee shall perform services
for and on behalf of the Company upon the terms and conditions set forth in this Agreement.

     2. Positions and Duties of Employment. Employee shall be required to devote his full
energy, skill and best efforts as required to the furtherance of his managerial duties with the
Company as the Company’s Chief Executive Officer, or such other senior executive officer as
determined by the Board of Directors of the Company (the “Board”).

          Employee understands that his employment by the Company involves a high degree of trust and
confidence, that he is employed for the purpose of furthering the Company’s reputation and
improving the Company’s operations and profitability, and that in executing this Agreement he
undertakes the obligations set forth herein to accomplish such objectives. Employee agrees that he
shall serve the Company fully, diligently, competently, and to the best of his ability. Employee
certifies that he fully understands his right to discuss this Agreement with his attorney, that he
has availed himself of this right to the extent that he desires, that he has carefully read and
fully understands this entire Agreement, and that he is voluntarily entering into this Agreement.

     3. Duties. Employee shall perform the following services for the Company:

          3.1 Employee shall serve as CEO of the Company, or in such other senior executive officer
positions as determined by the Board, and in those capacities shall work with the Company to pursue
the Company’s plans as directed by the Board. Employee shall have the responsibilities, duties,
obligations, rights, benefits, and requisite authority as is customary for the positions of CEO,
and as may be determined by the Board.

          3.2 During the term of this Agreement, Employee shall devote substantially all of Employee’s
business time, attention, knowledge, and skills solely to the business and interests of the Company
and to the performance of Employee’s duties under this Agreement. Without limiting the foregoing,
Employee shall perform services on behalf of the Company for at least 40 hours per week, and
Employee shall be available at the request of the Company at other times, including weekends and
holidays, to meet the needs and requests of the Company’s customers.

          3.3 During the term of this Agreement, Employee will not engage in any other activities or
undertake any other commitments that conflict with or take priority over Employee’s

 

 

responsibilities and obligations to the Company and the Company’s customers, including without
limitation those responsibilities and obligations incurred pursuant to this Agreement.

     4. Term. Unless terminated earlier as provided for in this Agreement, the term of
this Agreement shall commence on the date hereof and end on the second anniversary of the date
hereof (the “Term”). If the employment relationship is terminated by either Party,
Employee agrees to cooperate with the Company and with the Company’s new management with respect to
the transition of the new management in the operations previously performed by Employee.
Upon Employee’s termination, Employee agrees to return to the Company all Company documents
(and all copies thereof), any other Company property in Employee’s possession or control, and any
materials of any kind that contain or embody any proprietary or confidential material of the
Company.

     5. Compensation.

          (a) The Employee shall receive a salary at Employee’s current annual rate, subject to possible
increases from time to time in the discretion of the Board, or a committee selected by the Board,
payable in accordance with the Company’s customary payroll practices.

          (b) The Employee shall be entitled to, at the discretion of the Board, or a committee selected
by the Board, a performance-based bonus.

          (c) The Company shall include Employee, if otherwise eligible, in any other profit sharing
plan, executive stock option plan, pension plan, retirement plan, medical and/or hospitalization
plan, and/or any and all other benefit plans, which may be placed in effect by the Company for the
benefit of the Company’s employees during the Term. Except for the fact that the Company at all
times shall provide Employee with all or at least a portion of Employee’s medical and/or
hospitalization insurance, which shall not be less than that afforded to the Company’s other
employees, nothing in this Agreement shall limit (i) Company’s ability to exercise the discretion
provided to it under any such benefit plan, or (ii) the Company’s discretion to adopt, not adopt,
amend or terminate any such benefit plan at any time.

          (d) The Company shall provide Employee with six weeks vacation leave per each year of
Employee’s employment and sick leave consistent with Company plans and policies in effect for
Employees from time to time.

          (e) Any payments which the Company shall make to Employee pursuant to this Agreement shall be
reduced by standard withholding and other applicable payroll deductions, including but not limited
to federal, state or local income or other taxes, Social Security and Medicare Taxes, State
Unemployment Insurance, State Disability Insurance, and the like.

          (f) During the term of his employment, Employee shall be reimbursed for reasonable expenses
that are authorized by the Company and that are incurred by Employee for the benefit of the Company
in accordance with the standard reimbursement practices of the Company. Any direct payment or
reimbursement of expenses shall be made only upon presentation of an itemized accounting conforming
in form and content to standards prescribed

2

 

by the Internal Revenue Service relative to the substantiation of the deductibility of business expenses.

     6. Confidentiality. Employee hereby warrants, covenants and agrees that, Employee may
disclose confidential information, including but not limited to (a) information, memoranda, plans
or other documents concerning Company’s business or development plans, customers or suppliers, (b)
Company’s development, or sales and marketing methods or techniques, or (c) Company’s trade secrets
and other “know-how” or information not of a public nature, regardless of how such information came
to the custody of Employee, only when Employee believes such
disclosure to be in the best interest of the Company and never contrary to the specific
written instruction of the Board. For purposes of this Agreement, such information shall include,
but not be limited to, information, including a formula, pattern, compilation, program, device,
method, technique or process, that (i) derives independent economic value, present or potential,
from not being generally known to, and not being readily ascertainable by proper means by, other
persons who can obtain economic value from its disclosure or use, and (ii) is the subject of
efforts that are reasonable under the circumstances to maintain its secrecy. The warranty,
covenant and agreement set forth in this paragraph shall not expire, shall survive this Agreement,
and shall be binding upon Employee without regard to the passage of time or other events.

     7. Non-Compete.

          (a) Employee acknowledges and recognizes the highly competitive nature of the Company’s
business and that Employee’s duties hereunder justify restricting Employee’s further employment.
The Employee agrees that so long as the Employee is employed by the Company, Employee, except when
acting at the request of the Company on behalf of or for the benefit of the Company, (i) will not
induce customers, agents or other sources of distribution of the Company’s business under contract,
doing business with the Company, or in negotiations to do business with the Company to terminate,
reduce, alter or divert business with or from the Company, (ii) will not, directly or indirectly,
solicit or induce, or enter into any discussions that would have the effect of soliciting or
inducing, any individual that was, within ninety days prior to the termination of this Agreement,
an employee of Company or any of Company’s affiliates to leave the Company or such affiliate of the
Company, (iii) will not, directly or indirectly, employ any individual that was, within ninety days
prior to the termination of this Agreement, an employee of either the Company or an affiliate of
the Company, and (iv) shall not, directly or indirectly, either as a principal, agent, employee,
employer, consultant, partner, member or manager of a limited liability company, shareholder of a
company that does not have securities registered under the Securities Exchange Act of 1934, as
amended (the “1934 Act”), or shareholder in excess of one percent of a company that has
securities registered under the 1934 Act, corporate officer or director, or in any other individual
or representative capacity, engage or otherwise participate in any manner or fashion in any
business that is in competition in any manner whatsoever with the business activities of Company.
Employee further covenants and agrees that the restrictive covenant set forth in this paragraph is
reasonable as to duration, terms, and geographical area and that the same protects the legitimate
interests of Company, imposes no undue hardship on Employee, and is not injurious to the public.
Ownership by Employee, for investment purposes only, of less than one percent of any class of
securities of a corporation if said securities are listed on a national securities exchange or
registered under the 1934 Act shall not constitute a breach of the covenant set forth under (iv)
above. It is the desire and intent of

3

 

the Parties that the provisions of this paragraph be
enforced to the fullest extent permissible under the laws and public policies applied in each
jurisdiction in which enforcement is sought. Accordingly, if any particular portion of this
paragraph shall be adjudicated to be invalid or unenforceable, this paragraph shall be deemed
amended to apply in the broadest allowable manner and to delete therefrom the portion adjudicated
to be invalid or unenforceable, such amendment and deletion to apply only with respect to the
operation of paragraph in the particular jurisdiction in which that adjudication is made.

          (b) In the event that Employee’s employment with Company is terminated
pursuant to Section 8(a) below, the provisions in Section 7(a) above shall continue to apply for a
period of 12 months following the date of termination, however, such provisions will be limited
geographically to any areas that Company is currently developing, or any areas that Company has,
during the 12 month period prior to the date of termination, analyzed to determine if development
and exploration is feasible in such area. Company shall, no later than thirty days after the
termination of Employee’s employment pursuant to Section 8(a) below, provide Employee with a list
of areas to which Section 7(a) is limited.

     8. Termination.

          (a) In the event that Employee’s employment with the Company is terminated for Cause or due to
Employee’s resignation or voluntary termination (except as provided in Section 8(b)(iii)), then all
compensation and benefits will cease as of the effective date of such termination, and Employee
shall receive no severance benefits, or any other compensation; provided that Employee shall be
entitled to receive all compensation earned and all benefits and reimbursements due through the
effective date of termination.

               (i) For purposes of this Agreement, “Cause” shall mean that the Board, acting in good faith
based upon the information then known to the Company, determines that Employee has engaged in or
committed any of the following: willful misconduct, gross negligence, theft, fraud, or other
illegal conduct; refusal or unwillingness to perform Employee’s duties; performance by Employee of
Employee’s duties determined by the Board to be inadequate in a material respect; breach of any
applicable non-competition, confidentiality or other proprietary information or inventions
agreement between Employee and the Company; inappropriate conflict of interest; insubordination;
failure to follow the directions of the Board or any committee thereof; or any other material
breach of this Agreement. Indictment or conviction of any felony, or any entry of a plea of nolo
contendre in a felony proceeding, under the laws of the United States or any State shall also be
considered “Cause” hereunder.

          (b) In the event that: (i) the Board determines, in its sole discretion, that it is in the
best interests of the Company to terminate the Employee’s employment with the Company, and the
Board does not desire to base such termination on the provisions of Section 8(a) regardless of
whether it is unable or does not desire to do so; or (ii) the Employee dies or becomes disabled
(and he shall be deemed disabled if he shall have been unable to substantially perform his duties
with the Company as a result of sickness or injury for a period of more than 120 days in any
twelve-month period); or (iii) the Employee terminates because the Company requires that Employee
relocate his principal place of business to a location more than 50 miles from Denver, Colorado,
then all compensation and benefits will cease as of six months after the

4

 

effective date of such
termination, and Employee shall receive no other severance benefits, or any other compensation;
provided that Employee shall be entitled to receive all compensation earned and all benefits and
reimbursements due through the date which is six months after the effective date of termination.

          (c) Employee agrees that the payments contemplated by this Agreement shall constitute the
exclusive and sole remedy for any termination of employment, and Employee covenants not to assert
or pursue any other remedies, at law or in equity, with respect to any termination of employment.
Employee shall enter into an agreement with the Company
providing for a complete release of the Company as a condition to receiving the payments
provided for in Section 8(b).

          (d) Any party terminating this Agreement shall give prompt written notice (“Notice of
Termination”) to the other party hereto advising such other party of the termination of this
Agreement stating in reasonable detail the basis for such termination.

     9. Remedies. If there is a breach or threatened breach of any provision of Section 6
or Section 7 of this Agreement, the Company will suffer irreparable harm and shall be entitled to
an injunction restraining Employee from such breach. Nothing herein shall be construed as
prohibiting the Company from pursuing any other remedies for such breach or threatened breach.

     10. Severability. It is the clear intention of the Parties to this Agreement that no
term, provision or clause of this Agreement shall be deemed to be invalid, illegal or unenforceable
in any respect, unless such term, provision or clause cannot be otherwise construed, interpreted,
or modified to give effect to the intent of the Parties and to be valid, legal or enforceable. The
Parties specifically charge the trier of fact to give effect to the intent of the Parties, even if
in doing so, information of a specific provision of this Agreement is required consistent with the
foregoing stated intent. In the event that such a term, provision, or clause cannot be so
construed, interpreted or modified, the validity, legality and enforceability of the remaining
provisions contained herein and other application(s) thereof shall not in any way be affected or
impaired thereby and shall remain in full force and effect.

     11 Waiver of Breach. The waiver by the Company or Employee of the breach of any
provision of this Agreement by the other Party shall not operate or be construed as a waiver of any
subsequent breach by that Party.

     12 Entire Agreement. This document contains the entire agreement between the Parties
and supersedes all prior oral or written agreements, if any, concerning the subject matter hereof
or otherwise concerning Employee’s employment by the Company. This Agreement shall not affect any
other contractual agreements with the Company, including stock option and restricted stock
agreements. This Agreement may not be changed orally, but only by agreement in writing signed by
the Parties.

     13. Governing Law. This Agreement, its validity, interpretation and enforcement,
shall be governed by the laws of the State of Colorado, excluding conflict of laws principles.
Employee hereby expressly consents to personal jurisdiction in the state and federal courts

5

 

located in Denver County, Colorado for any lawsuit filed there against him by the Company arising from or
relating to this Agreement.

     14. Notices. Any notice pursuant to this Agreement shall be validly given or served
if that notice is made in writing and delivered personally or sent by certified mail or registered,
return receipt requested, postage prepaid, to the following addresses:

If to Company:     American Oil & Gas Inc.

1050 17th Street, Suite 2400

Denver, CO 80265

Attention: Andrew P. Calerich

If to Employee:     To the address for Employee set forth below his signature.

          All notices so given shall be deemed effective upon personal delivery or, if sent by certified
or registered mail, five business days after date of mailing. Either party, by notice so given,
may change the address to which his or its future notices shall be sent.

     15. Assignment and Binding Effect. This Agreement shall be binding upon Employee and
the Company and shall benefit the Company and its successors and assigns. This Agreement shall not
be assignable by Employee.

     16. Headings. The headings in this Agreement are for convenience only; they form no
part of this Agreement and shall not affect its interpretation.

     17. Construction. Employee represents he has (a) read and completely understands this
Agreement and (b) had an opportunity to consult with any legal and other advisers as he has desired
in connection with this Agreement. This Agreement shall not be construed against any one of the
Parties.

     IN WITNESS WHEREOF, the parties have executed this Agreement to be effective on the day and
year first above written.

	 	 	 	 	 	 	 

	EMPLOYEE	 	 	 	AMERICAN OIL & GAS INC.
	 

	/s/ Patrick D. O’Brien
	 	 	 	/s/ Andrew P. Calerich	 	 
	 	 	 	 	 
	Patrick D. O’Brien, Individually

	 	 	 	Name:	 	Andrew P. Calerich
	 

	 	 	 	 	 	 
	1050
17th ST. #2400

Denver, CO 80265

	 	 	 	Title:	 	President
	 

	 	 	 	 	 	 

6exv10wiii

Exhibit 10(iii)

EMPLOYMENT AGREEMENT

     This Employment Agreement (the “Agreement”) is entered into by and between American
Oil & Gas Inc., a Nevada corporation (the “Company”), and Bobby G. Solomon
(“Employee”) on June 17, 2010. Employee and Company are sometimes referred to individually
as a “Party” and collectively as the “Parties.”

     In consideration of the mutual covenants, promises and agreements herein contained, the
Company and Employee hereby covenant, promise and agree to and with each other as follows:

     1. Employment. The Company shall employ Employee and Employee shall perform services
for and on behalf of the Company upon the terms and conditions set forth in this Agreement.

     2. Positions and Duties of Employment. Employee shall be required to devote his full
energy, skill and best efforts as required to the furtherance of his managerial duties with the
Company as the Company’s Vice President, or such other senior executive officer as determined
by the Board of Directors of the Company (the “Board”).

          Employee understands that his employment by the Company involves a high degree of trust and
confidence, that he is employed for the purpose of furthering the Company’s reputation and
improving the Company’s operations and profitability, and that in executing this Agreement he
undertakes the obligations set forth herein to accomplish such objectives. Employee agrees that he
shall serve the Company fully, diligently, competently, and to the best of his ability. Employee
certifies that he fully understands his right to discuss this Agreement with his attorney, that he
has availed himself of this right to the extent that he desires, that he has carefully read and
fully understands this entire Agreement, and that he is voluntarily entering into this Agreement.

     3. Duties. Employee shall perform the following services for the Company:

          3.1 Employee shall serve as Vice President of the Company, or in such other senior executive
officer positions as determined by the Board, and in those capacities shall work with the Company
to pursue the Company’s plans as directed by the Board. Employee shall have the responsibilities,
duties, obligations, rights, benefits, and requisite authority as is customary for the positions of
Vice President, and as may be determined by the Board.

          3.2 During the term of this Agreement, Employee shall devote substantially all of Employee’s
business time, attention, knowledge, and skills solely to the business and interests of the Company
and to the performance of Employee’s duties under this Agreement. Without limiting the foregoing,
Employee shall perform services on behalf of the Company for at least 40 hours per week, and
Employee shall be available at the request of the Company at other times, including weekends and
holidays, to meet the needs and requests of the Company’s customers.

          3.3 During the term of this Agreement, Employee will not engage in any other activities or
undertake any other commitments that conflict with or take priority over Employee’s

 

 

responsibilities and obligations to the Company and the Company’s customers, including without
limitation those responsibilities and obligations incurred pursuant to this Agreement.

     4. Term. Unless terminated earlier as provided for in this Agreement, the term of
this Agreement shall commence on the date hereof and end on the second anniversary of the date
hereof (the “Term”). If the employment relationship is terminated by either Party,
Employee agrees to cooperate with the Company and with the Company’s new management with respect to
the transition of the new management in the operations previously performed by Employee. Upon
Employee’s termination, Employee agrees to return to the Company all Company documents (and all
copies thereof), any other Company property in Employee’s possession or control, and any materials
of any kind that contain or embody any proprietary or confidential material of the Company.

     5. Compensation.

          (a) The Employee shall receive a salary at Employee’s current annual rate, subject to possible
increases from time to time in the discretion of the Board, or a committee selected by the Board,
payable in accordance with the Company’s customary payroll practices.

          (b) The Employee shall be entitled to, at the discretion of the Board, or a committee selected
by the Board, a performance-based bonus.

          (c) The Company shall include Employee, if otherwise eligible, in any other profit sharing
plan, executive stock option plan, pension plan, retirement plan, medical and/or hospitalization
plan, and/or any and all other benefit plans, which may be placed in effect by the Company for the
benefit of the Company’s employees during the Term. Except for the fact that the Company at all
times shall provide Employee with all or at least a portion of Employee’s medical and/or
hospitalization insurance, which shall not be less than that afforded to the Company’s other
employees, nothing in this Agreement shall limit (i) Company’s ability to exercise the discretion
provided to it under any such benefit plan, or (ii) the Company’s discretion to adopt, not adopt,
amend or terminate any such benefit plan at any time.

          (d) The Company shall provide Employee with six weeks vacation leave per each year of
Employee’s employment and sick leave consistent with Company plans and policies in effect for
Employees from time to time.

          (e) Any payments which the Company shall make to Employee pursuant to this Agreement shall be
reduced by standard withholding and other applicable payroll deductions, including but not limited
to federal, state or local income or other taxes, Social Security and Medicare Taxes, State
Unemployment Insurance, State Disability Insurance, and the like.

          (f) During the term of his employment, Employee shall be reimbursed for reasonable expenses
that are authorized by the Company and that are incurred by Employee for the benefit of the Company
in accordance with the standard reimbursement practices of the Company. Any direct payment or
reimbursement of expenses shall be made only upon presentation of an itemized accounting conforming
in form and content to standards prescribed

2

 

by the Internal Revenue Service relative to the substantiation of the deductibility of business expenses.

     6. Confidentiality. Employee hereby warrants, covenants and agrees that, Employee
may disclose confidential information, including but not limited to (a) information, memoranda,
plans or other documents concerning Company’s business or development plans, customers or
suppliers, (b) Company’s development, or sales and marketing methods or techniques, or (c)
Company’s trade secrets and other “know-how” or information not of a public nature, regardless of
how such information came to the custody of Employee, only when Employee believes such disclosure
to be in the best interest of the Company and never contrary to the specific written instruction of
the Board. For purposes of this Agreement, such information shall include, but not be limited to,
information, including a formula, pattern, compilation, program, device, method, technique or
process, that (i) derives independent economic value, present or potential, from not
being generally known to, and not being readily ascertainable by proper means by, other
persons who can obtain economic value from its disclosure or use, and (ii) is the subject of
efforts that are reasonable under the circumstances to maintain its secrecy. The warranty,
covenant and agreement set forth in this paragraph shall not expire, shall survive this Agreement,
and shall be binding upon Employee without regard to the passage of time or other events.

     7. Non-Compete.

          (a) Employee acknowledges and recognizes the highly competitive nature of the Company’s
business and that Employee’s duties hereunder justify restricting Employee’s further employment.
The Employee agrees that so long as the Employee is employed by the Company, Employee, except when
acting at the request of the Company on behalf of or for the benefit of the Company, (i) will not
induce customers, agents or other sources of distribution of the Company’s business under contract,
doing business with the Company, or in negotiations to do business with the Company to terminate,
reduce, alter or divert business with or from the Company, (ii) will not, directly or indirectly,
solicit or induce, or enter into any discussions that would have the effect of soliciting or
inducing, any individual that was, within ninety days prior to the termination of this Agreement,
an employee of Company or any of Company’s affiliates to leave the Company or such affiliate of the
Company, (iii) will not, directly or indirectly, employ any individual that was, within ninety days
prior to the termination of this Agreement, an employee of either the Company or an affiliate of
the Company, and (iv) shall not, directly or indirectly, either as a principal, agent, employee,
employer, consultant, partner, member or manager of a limited liability company, shareholder of a
company that does not have securities registered under the Securities Exchange Act of 1934, as
amended (the “1934 Act”), or shareholder in excess of one percent of a company that has
securities registered under the 1934 Act, corporate officer or director, or in any other individual
or representative capacity, engage or otherwise participate in any manner or fashion in any
business that is in competition in any manner whatsoever with the business activities of Company.
Employee further covenants and agrees that the restrictive covenant set forth in this paragraph is
reasonable as to duration, terms, and geographical area and that the same protects the legitimate
interests of Company, imposes no undue hardship on Employee, and is not injurious to the public.
Ownership by Employee, for investment purposes only, of less than one percent of any class of
securities of a corporation if said securities are listed on a national securities exchange or
registered under the 1934 Act shall not constitute a breach of the covenant set forth under (iv)
above. It is the desire and intent of

3

 

the Parties that the provisions of this paragraph be
enforced to the fullest extent permissible under the laws and public policies applied in each
jurisdiction in which enforcement is sought. Accordingly, if any particular portion of this
paragraph shall be adjudicated to be invalid or unenforceable, this paragraph shall be deemed
amended to apply in the broadest allowable manner and to delete therefrom the portion adjudicated
to be invalid or unenforceable, such amendment and deletion to apply only with respect to the
operation of paragraph in the particular jurisdiction in which that adjudication is made.

          (b) In the event that Employee’s employment with Company is terminated pursuant to Section
8(a) below, the provisions in Section 7(a) above shall continue to apply for a period of 12 months
following the date of termination, however, such provisions will be limited geographically to any
areas that Company is currently developing, or any areas that Company has, during the 12 month
period prior to the date of termination, analyzed to determine if
development and exploration is feasible in such area. Company shall, no later than thirty days
after the termination of Employee’s employment pursuant to Section 8(a) below, provide Employee
with a list of areas to which Section 7(a) is limited.

     8. Termination.

          (a) In the event that Employee’s employment with the Company is terminated for Cause or due to
Employee’s resignation or voluntary termination (except as provided in Section 8(b)(iii)), then all
compensation and benefits will cease as of the effective date of such termination, and Employee
shall receive no severance benefits, or any other compensation; provided that Employee shall be
entitled to receive all compensation earned and all benefits and reimbursements due through the
effective date of termination.

               (i) For purposes of this Agreement, “Cause” shall mean that the Board, acting in good faith
based upon the information then known to the Company, determines that Employee has engaged in or
committed any of the following: willful misconduct, gross negligence, theft, fraud, or other
illegal conduct; refusal or unwillingness to perform Employee’s duties; performance by Employee of
Employee’s duties determined by the Board to be inadequate in a material respect; breach of any
applicable non-competition, confidentiality or other proprietary information or inventions
agreement between Employee and the Company; inappropriate conflict of interest; insubordination;
failure to follow the directions of the Board or any committee thereof; or any other material
breach of this Agreement. Indictment or conviction of any felony, or any entry of a plea of nolo
contendre in a felony proceeding, under the laws of the United States or any State shall also be
considered “Cause” hereunder.

          (b) In the event that: (i) the Board determines, in its sole discretion, that it is in the
best interests of the Company to terminate the Employee’s employment with the Company, and the
Board does not desire to base such termination on the provisions of Section 8(a) regardless of
whether it is unable or does not desire to do so; or (ii) the Employee dies or becomes disabled
(and he shall be deemed disabled if he shall have been unable to substantially perform his duties
with the Company as a result of sickness or injury for a period of more than 120 days in any
twelve-month period); or (iii) the Employee terminates because the Company requires that Employee
relocate his principal place of business to a location more than 50 miles from Denver, Colorado,
then all compensation and benefits will cease as of six months after the

4

 

effective date of such
termination, and Employee shall receive no other severance benefits, or any other compensation;
provided that Employee shall be entitled to receive all compensation earned and all benefits and
reimbursements due through the date which is six months after the effective date of termination.

          (c) Employee agrees that the payments contemplated by this Agreement shall constitute the
exclusive and sole remedy for any termination of employment, and Employee covenants not to assert
or pursue any other remedies, at law or in equity, with respect to any termination of employment.
Employee shall enter into an agreement with the Company providing for a complete release of the
Company as a condition to receiving the payments provided for in Section 8(b).

          (d) Any party terminating this Agreement shall give prompt written notice (“Notice of
Termination”) to the other party hereto advising such other party of the termination of this
Agreement stating in reasonable detail the basis for such termination.

     9. Remedies. If there is a breach or threatened breach of any provision of Section 6
or Section 7 of this Agreement, the Company will suffer irreparable harm and shall be entitled to
an injunction restraining Employee from such breach. Nothing herein shall be construed as
prohibiting the Company from pursuing any other remedies for such breach or threatened breach.

     10. Severability. It is the clear intention of the Parties to this Agreement that no
term, provision or clause of this Agreement shall be deemed to be invalid, illegal or unenforceable
in any respect, unless such term, provision or clause cannot be otherwise construed, interpreted,
or modified to give effect to the intent of the Parties and to be valid, legal or enforceable. The
Parties specifically charge the trier of fact to give effect to the intent of the Parties, even if
in doing so, information of a specific provision of this Agreement is required consistent with the
foregoing stated intent. In the event that such a term, provision, or clause cannot be so
construed, interpreted or modified, the validity, legality and enforceability of the remaining
provisions contained herein and other application(s) thereof shall not in any way be affected or
impaired thereby and shall remain in full force and effect.

     11. Waiver of Breach. The waiver by the Company or Employee of the breach of any
provision of this Agreement by the other Party shall not operate or be construed as a waiver of any
subsequent breach by that Party.

     12. Entire Agreement. This document contains the entire agreement between the Parties
and supersedes all prior oral or written agreements, if any, concerning the subject matter hereof
or otherwise concerning Employee’s employment by the Company. This Agreement shall not affect any
other contractual agreements with the Company, including stock option and restricted stock
agreements. This Agreement may not be changed orally, but only by agreement in writing signed by
the Parties.

     13. Governing Law. This Agreement, its validity, interpretation and enforcement,
shall be governed by the laws of the State of Colorado, excluding conflict of laws principles.
Employee hereby expressly consents to personal jurisdiction in the state and federal courts

5

 

located in Denver County, Colorado for any lawsuit filed there against him by the Company arising from or
relating to this Agreement.

     14. Notices. Any notice pursuant to this Agreement shall be validly given or served
if that notice is made in writing and delivered personally or sent by certified mail or registered,
return receipt requested, postage prepaid, to the following addresses:

If to Company:     American Oil & Gas Inc.

1050 17th Street, Suite 2400

Denver, CO 80265

Attention: Patrick O’Brien

If to Employee:     To the address for Employee set forth below his signature.

          All notices so given shall be deemed effective upon personal delivery or, if sent by certified
or registered mail, five business days after date of mailing. Either party, by notice so given,
may change the address to which his or its future notices shall be sent.

     15. Assignment and Binding Effect. This Agreement shall be binding upon Employee and
the Company and shall benefit the Company and its successors and assigns. This Agreement shall not
be assignable by Employee.

     16. Headings. The headings in this Agreement are for convenience only; they form no
part of this Agreement and shall not affect its interpretation.

     17. Construction. Employee represents he has (a) read and completely understands this
Agreement and (b) had an opportunity to consult with any legal and other advisers as he has desired
in connection with this Agreement. This Agreement shall not be construed against any one of the
Parties.

     IN WITNESS WHEREOF, the parties have executed this Agreement to be effective on the day and
year first above written.

	 	 	 	 	 	 	 

	EMPLOYEE	 	 	 	AMERICAN OIL & GAS INC.
	 

	/s/ Bobby G. Solomon
	 	 	 	/s/ Andrew P. Calerich
	 	 	 	 	 
	Bobby G. Solomon, Individually

	 	 	 	Name:	 	Andrew P. Calerich
	P.O. BOX 270457

	 	 	 	Title:	 	President
	Louisville, CO 80027

	 	 	 	 	 	 

6

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