Document:

2013 Q3 Ex 10.7 Jhangiani 2012 Annual RSU Award

EXHIBIT 10.7

Coca-Cola Enterprises, Inc. 
2012 Restricted Stock Unit Award to Manik Jhangiani

The terms and conditions applicable to the restricted stock unit award (“RSU Award” or “Award”) made on November 5, 2012 by Coca-Cola Enterprises, Inc. (the “Company”) to Manik Jhangiani are described below in this 2012 Restricted Stock Unit Award Agreement (the “Agreement”).  This grant of 4,872 restricted stock units was made under the Coca-Cola Enterprises, Inc. 2010 Incentive Award Plan (the “Plan”), the terms of which are incorporated into this Agreement.  All capitalized terms in the Agreement shall have the meaning assigned to them in this Agreement or in the Plan.   

		
	1.
	2012 RSU Award.  A RSU Award represents an unfunded promise by the Company to deliver shares of Coca-Cola Enterprises, Inc.’s common stock (“Stock”) and to pay certain amounts to you upon the vesting of all or a portion of the restricted stock units (“RSUs”) credited under your RSU Award.  A RSU Award does not entitle you to vote any shares of the Company’s Stock or receive actual dividends.  A RSU Award may not be transferred, assigned, hypothecated, pledged, or otherwise encumbered or subjected to any lien, obligation, or liability of you or any other party.

		
	2.
	Vesting in Your 2012 RSU Award. Your RSU Award will become vested on November 5, 2015, provided you are continually employed by the Company or a Subsidiary through that date.  Notwithstanding the foregoing, your RSU Award will become vested to the extent set forth below in the following circumstances:

		
	i.
	    Death or Disability:  For 100% of your RSU Award, in the event of your death or your termination of employment on account of Disability. 

		
	ii.
	   Retirement or Redundancy:  For a pro rata portion of your RSU Award, upon your termination of employment due to your Retirement or termination of employment on account of Redundancy, to the extent permitted under local law.  The pro rata fraction is determined by dividing the number of months between the grant date of this Award (November 5, 2012) and your termination date by 36 (the number of months between the grant date and November 5, 2015).

		
	iii.
	Change in Control:  For 100% of your RSU Award, in the event your employment is terminated without Cause within 24 months following a Change in Control of the Company.  

		
	3.
	Effect of Separation from Service.  If you separate from service with the Company or a Subsidiary before November 5, 2015 on account of any reason other than described in Section 2, above, 100% of the RSU Award will be forfeited.

4.    Dividend Equivalents on Your 2012 RSU Award.  Upon vesting of your RSU Award and immediately prior to the distribution of the shares of Stock subject to your vested RSU Award, your RSU account will be credited with dividend equivalent units. The value of these dividend equivalent units will equal the total amount of dividends declared by the Board on a share of the Stock from the date of grant through the date on which your RSUs vest, multiplied by the number of vested RSUs.  
		
	5.
	Form and Timing of Payments from Your RSU Account.  The Company will distribute a share of Stock to you (electronically or in certificate form) for each RSU that vests under your RSU Award, and it will make a cash payment to you equal to any dividend equivalent units credited to your RSU account.  Your RSU account will be distributed to you as soon as practicable following the date your RSUs vest.   

		
	6.
	Definitions.  For purposes of this Award, the following definitions apply:  

a.  “Disability” means your inability, by reason of a medically determinable physical or mental impairment, to engage in any substantially gainful activity, which condition, in the opinion of a physician approved of by the Company, is expected to have a duration of not less than one year. 
b.    “Redundancy” means your involuntary termination of employment due to a reduction in workforce, internal reorganization or similar business reason unrelated to individual performance.
		
	c.
	“Retirement” means your termination of employment on or after the earliest date on which you would be eligible (or if you do not participate, participants are eligible) for an immediately payable benefit under the defined benefit pension or retirement plan sponsored by or contributed to by your employer, provided your termination is not for Cause.

 
THIS DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING
SECURITIES THAT HAVE BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933

        
 

		
	7.
	Deemed Acceptance of Award.  There is no need to acknowledge your acceptance of this Award, as you will be deemed to have accepted the Award and the terms and conditions of the Plan and this document unless you notify the Company otherwise in writing. This deemed acceptance is applicable even if you do not acknowledge acceptance though the electronic process the Company may make available at the time of grant.

8.     Acknowledgment of Nature of Plan and RSUs.  In accepting the Award, you acknowledge, understand and agree that: 
		
	a.
	the Plan is established voluntarily by the Company, it is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan; 

		
	b.
	the RSU Award is voluntary and occasional and does not create any contractual or other right to receive future RSU Awards, or benefits in lieu of RSUs even if RSUs have been awarded in the past; 

		
	c.
	all decisions with respect to the RSU Award and future Awards, if any, will be at the sole discretion of the Company and the RSUs are not an employment condition for any purpose including, but not limited to, for purposes of any legislation adopted to implement EU Directive 2000/78/EC of November 27, 2000;

		
	d.
	the RSU Award and your participation in the Plan or any policies adopted pursuant to the Plan shall not create a right to employment or be interpreted as forming an employment or service contract with the Company, with your employer or any Subsidiary and shall not interfere with the ability of the Company, your employer or any Subsidiary, as applicable, to terminate your employment or service relationship (if any);

		
	e.
	your participation in the Plan is voluntary;

		
	f.
	the RSU Award and the shares of Stock subject to the RSU Award are not intended to replace any pension rights or compensation; 

		
	g.
	the RSU Award and the shares of Stock subject to the RSU Award and the income and the value of the same are not part of normal or expected compensation for any purpose, including, without limitation, calculating any severance, resignation, termination, dismissal, redundancy, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments; 

		
	h.
	the future value of the underlying shares of Stock is unknown, indeterminable and cannot be predicted with certainty; 

		
	i.
	if you receive shares of Stock, the value of such shares acquired on vesting of RSUs may increase or decrease in value; 

		
	j.
	no claim or entitlement to compensation or damages shall arise from forfeiture of the RSU Award resulting from the termination of your employment or other service relationship (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you are employed or the terms of your employment agreement, if any), and in consideration of the grant of the RSU Award to which you are otherwise not entitled, you irrevocably agree never to institute any such claim against the Company, any of its Subsidiaries or your employer, waive your ability, if any, to bring any such claim, and release the Company, its Subsidiaries and your employer from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, you shall be deemed irrevocably to have agreed not to pursue such claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such claim;

		
	k.
	for purposes of the RSU Award, your employment or service relationship will be considered terminated as of the date you are no longer actively providing services to the Company or one of its Subsidiaries (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you are employed or the terms of your employment agreement, if any) and unless otherwise expressly provided in this Agreement or determined by the Company, your right to vest in the Award under the Plan, if any, will terminate as of such date and will not be extended by any notice period (e.g., your period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where you are employed or the terms of your employment agreement, if any); the Board/Committee shall have the exclusive discretion to determine when you are no longer actively providing services for purposes of your Award (including whether you may still be considered to be providing services while on a leave of absence); 

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	l.
	the RSU Award and the benefits evidenced by this Agreement do not create any entitlement, not otherwise specifically provided for in the Plan or by the Company in its discretion, to have the RSUs or any such benefits transferred to, or assumed by, another company, nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Company’s Stock; and

		
	n.
	neither the Company, your employer nor any Subsidiary shall be liable for any foreign exchange rate fluctuation between your employer’s local currency and the United States dollar that may affect the value of the RSU Award or of any amounts due to you pursuant to the settlement of the RSUs or the subsequent sale of Stock acquired upon vesting of the RSU Award. 

		
	9.
	Tax Obligations.  You acknowledge that, regardless of any action taken by the Company or, if different, your employer, the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to your participation in the Plan and legally applicable to you or deemed by the Company or your employer in their discretion to be an appropriate charge to you even if legally applicable to the Company or your employer (“Tax-Related Items”) is and remains your responsibility and may exceed the amount actually withheld by the Company or your employer. You further acknowledge that the Company and/or your employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSU Award, including, but not limited to, the grant, vesting or settlement of the RSU Award, the subsequent sale of any shares of Stock acquired pursuant to such settlement and the receipt of any dividends or dividend equivalents; and (ii) do not commit to and are under no obligation to structure the terms of the Award or any aspect of the RSUs to reduce or eliminate your liability for Tax-Related Items or achieve any particular tax result.  Further, if you are subject to Tax-Related Items in more than one jurisdiction between the grant date and the date of any relevant taxable or tax withholding event, as applicable, you acknowledge that the Company and/or your employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

Prior to any Tax-Related Items becoming due with respect to the RSUs, the issuance of shares upon vesting of the RSUs or the receipt of any cash payments, you shall pay, or make adequate arrangements to satisfy all Tax-Related Items.  In this regard, you authorize the Company or your employer to withhold all applicable Tax-Related Items from outstanding RSUs, from your wages or other cash compensation payable to you by the Company or your employer or from any cash payment received upon the payment of your RSU Award.  In addition, if or to the extent any applicable Tax-Related Items payment or withholding obligation has not been satisfied prior to the Award’s payment date (and if permissible under local law), the Company or your employer shall withhold shares of Stock to satisfy the withholding or payment obligation, provided that the Company or your employer shall withhold only the amount of shares necessary to satisfy the minimum withholding amount.  To the extent the Tax-Related Items obligation is satisfied by reducing the number of shares of Stock issued upon vesting of the RSUs, for tax purposes, you are deemed to have been issued the full number of shares of Stock subject to the vested RSUs, notwithstanding that a number of shares of Stock are held back solely for the purpose of paying the Tax-Related Items.  Further, in the event that such share withholding method is prevented by applicable law or has materially adverse accounting or tax consequences, the Tax-Related Items withholding obligation that has not been satisfied prior to the payment of the RSU Award may be satisfied by one or a combination of the following: (A) withholding from proceeds of the sale of shares of Stock acquired upon payment of the RSUs, either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf pursuant to this authorization without further consent); or (B) withholding from your wages or other cash compensation payable to you by the Company and/or your employer.  In the event that the Company withholds the Tax-Related Items from the proceeds of the sale of shares of Stock acquired upon payment of the RSUs, it may do so using maximum applicable withholding rates, in which case you will receive a refund of any over-withheld amount in cash and will have no entitlement to the Stock equivalent.  Finally, you agree to pay to the Company or your employer any amount of Tax-Related Items that the Company or your employer may be required to withhold or account for as a result of your participation in the Plan that cannot be satisfied by the means previously described.  The Company may refuse to issue or deliver the shares of Stock or the proceeds of the sale of shares of Stock to you, if you fail to comply with your obligations in connection with the Tax-Related Items.
Additionally, you agree that if you do not pay or your employer or the Company does not withhold from you the full amount of income tax that you owe due to the vesting of the RSUs, or the release or assignment of the RSUs for consideration, or the receipt of any other benefit in connection with the RSU Award (the “Taxable Event”) within 90 days after the Taxable Event, or such other period specified in Section 222(1)(c) of the U.K. Income Tax (Earnings and Pensions) Act 2003, then the amount that should have been withheld shall constitute a loan owed by you to your employer, effective 90 days after the Taxable Event.  You agree that the loan will bear interest at the official rate of HM Revenue and Customs (“HMRC”) and will be immediately due and repayable by you, and the Company and/or your employer may recover it at any time thereafter by withholding the funds from salary, bonus or any other 

3
            
 

funds due to you by your employer, by withholding in shares of Stock issuable upon vesting and settlement of the RSUs or from the cash proceeds from the sale of shares of Stock issued upon vesting or by demanding cash or a cheque from you.
Notwithstanding the foregoing, if you are an officer or executive director (as within the meaning of Section 13(k) of the Exchange Act), the terms of the immediately foregoing provision will not apply.  In the event that you are an officer or executive director and income tax is not collected from or paid by you within 90 days of the Taxable Event, the amount of any uncollected income tax may constitute a benefit to you on which additional income tax and national insurance contributions may be payable.  You will be responsible for reporting any income tax on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Company and/or your employer (as appropriate) for the value of any national insurance contributions due on this additional benefit.  
		
	10.
	Data Privacy.  You hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this Agreement and any other Award materials (“Data”) by and among, as applicable, your  employer, the Company and its Subsidiaries for the exclusive purpose of implementing, administering and managing your participation in the Plan.

You understand that the Company and your employer may hold certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social security/ insurance number or other identification number, salary, nationality, job title, residency status, any shares of Stock or directorships held in the Company, details of all RSUs or any other entitlement to shares of Stock awarded, canceled, vested, unvested or outstanding in your favor, for the purpose of implementing, administering and managing the Plan.  You understand that Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located in your country, or elsewhere (including outside the European Economic Area), and that the recipient’s country may have different data privacy laws and protections than your country.  You understand that you may request a list with the names and addresses of any potential recipients of the Data by contacting your local human resources representative.  You authorize the recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing your participation in the Plan, including any requisite transfer of such Data as may be required to a broker, escrow agent or other third party with whom the shares of Stock received upon vesting of the RSUs may be deposited.  You understand that Data will be held only as long as is necessary to implement, administer and manage your participation in the Plan.  You understand that you may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consent herein, in any case without cost, by contacting in writing your local human resources representative.  Further, you understand that you are providing the consents herein on a purely voluntary basis. If you do not consent, or if you later seek to revoke your consent, your employment status or service and career with your employer will not be adversely affected; the only adverse consequence of refusing or withdrawing your consent is that the Company would not be able to award you RSUs or other equity awards or administer or maintain such Awards. Therefore, you understand that refusing or withdrawing your consent may affect your ability to participate in the Plan.  For more information on the consequences of your refusal to consent or withdrawal of consent, you understand that you may contact your local human resources representative.

		
	11.
	Electronic Delivery and Acceptance.  The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means or request your consent to participate in the Plan by electronic means.  You hereby consent to receive such documents by electronic delivery and agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

		
	12.
	Repayment/Forfeiture.  In the event a two-thirds majority of the independent members of the Board, after permitting you to respond on your own behalf, determines that you engaged in fraud or ethical misconduct that resulted in or directly contributed to the restatement of the Company’s financials, the Board may require you to repay some or all of the gains from the vesting of the RSUs under this Award if such vesting occurs in or after the year or years affected by the restatement.  Additionally, any benefits you may receive hereunder shall be subject to repayment or forfeiture as may be required to comply with (i) any applicable listing standards of a national securities exchange adopted in accordance with Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (regarding recovery of erroneously awarded compensation) and any implementing rules and regulations of the U.S. Securities and Exchange Commission adopted thereunder, (ii) similar rules under the laws of any other jurisdiction and (iii) any policies adopted by the Company to implement such requirements, all to the extent determined by the Company in its discretion to be applicable to you.  

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	13.
	Compliance with Code Section 409A.  To the extent that this RSU Award is subject to section 409A of the Internal Revenue Code (the “Code”), the Award will be administered and interpreted in accordance with Code section 409A and the final regulations and other IRS guidance promulgated thereunder.  

		
	14.
	Severability.  If one or more of the provisions of this Agreement shall be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and the invalid, illegal or unenforceable provisions shall be deemed null and void; however, to the extent permissible by law, any provisions which could be deemed null and void shall first be construed, interpreted or revised retroactively to permit this Agreement to be construed so as to foster the intent of this Agreement and the Plan.

		
	15.
	Language.  If you receive this Agreement or any other document related to the Plan translated into a language other than English and the meaning of the translated version is different than the English version, the English version will control.

		
	16.
	Waiver. The waiver by the Company with respect to your (or any other Participant’s) compliance with any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by you of any provision of this Agreement.

		
	17.
	Governing Law.  The RSU Award and the provisions of this Agreement are governed by, and subject to, the laws of the State of Georgia, U.S.A., (excluding Georgia’s conflict of laws provision).  For purposes of litigating any dispute that arises under this Award or the Agreement, the parties hereby submit to and consent to the jurisdiction of the State of Georgia, and agree that such litigation shall be conducted in the courts of Cobb County, Georgia, or the federal courts for the United States for the Northern District of Georgia, and no other courts, where this grant is made and/or to be performed.

		
	18.
	Compliance with Law.  Notwithstanding any other provision of the Plan or this Agreement, unless there is an available exemption from any registration, qualification or other legal requirement applicable to the Stock, the Company shall not be required to deliver any Stock issuable upon settlement of the RSU Award prior to the completion of any registration or qualification of the shares under any local, state, federal or foreign securities or exchange control law or under rulings or regulations of the U.S. Securities and Exchange Commission (“SEC”) or of any other governmental regulatory body, or prior to obtaining any approval or other clearance from any local, state, federal or foreign governmental agency, which registration, qualification or approval the Company shall, in its absolute discretion, deem necessary or advisable.  You understand that the Company is under no obligation to register or qualify the shares with the SEC or any state or foreign securities commission or to seek approval or clearance from any governmental authority for the issuance or sale of the shares.  Further, you agree that the Company shall have unilateral authority to amend the Plan and the Agreement without your consent to the extent necessary to comply with securities or other laws applicable to issuance of shares of Stock.

		
	19.
	Imposition of Other Requirements.  The Company reserves the right to impose other requirements on your participation in the Plan, on the RSU Award and on any shares of Stock acquired under the Plan for legal or administrative reasons and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

		
	20.
	No Advice Regarding Grant.  The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding your participation in the Plan, or your acquisition or sale of the underlying shares of Stock.  You are hereby advised to consult with your own personal tax, legal and financial advisors regarding your participation in the Plan before taking any action related to the Plan.

		
	21.
	Headings. The headings in this Agreement have been inserted for convenience of reference only, and are to be ignored in any construction of the provisions of this Agreement.

		
	22.
	Plan Administration.  The Plan is administered by a Committee of the Company’s Board, whose function is to ensure the Plan is managed according to its respective terms and conditions.  To the extent any provision of this Agreement is inconsistent or in conflict with any provision of the Plan, the Plan shall govern.  A request for a copy of the Plan and any questions pertaining to the Plan should be directed to: EXECUTIVE COMPENSATION OFFICE; COCA-COLA ENTERPRISES, INC.; 2500 WINDY RIDGE PARKWAY; ATLANTA, GA 30339 USA; (001) 678-260-3000.

5EXHIBIT 10.1

 

THIS
NOTE, THE COMMON SHARES ISSUABLE UPON CONVERSION OF THIS NOTE, THE STOCK PURCHASE WARRANT ISSUABLE IN CONNECTION WITH THIS NOTE
AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THE STOCK PURCHASE WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), AND ACCORDINGLY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED
IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR
IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS.

 

JAMESON
STANFORD RESOURCES CORPORATION

12%
CONVERTIBLE REDEEMABLE PROMISSORY NOTE

  

	October
    18, 2013	 $500,000

 

Jameson
Stanford Resources Corporation, a Nevada corporation (the “Company”), hereby promises to pay to the order of
Edward F. Brogan (the “Holder”) the principal amount of $500,000 (the “Principal Amount”)
together with interest thereon calculated from the date hereof in accordance with the provisions of this Convertible Redeemable
Promissory Note (the “Note”). This Note was offered in a private securities offering, the terms of which are
described in the Subscription Agreement executed by the Holder dated October 14, 2013 (the “Offering”).

 

1.
Payment of Interest. Simple interest will accrue at a rate of twelve percent (12%) annually on the unpaid Principal Amount
of this Note outstanding from time to time. The Company will pay to the Holder all accrued, but unpaid, interest no later than
October 31, 2015 (the “Maturity Date”). Any accrued interest which for any reason has not theretofore been
paid will be paid in full on the date on which the final principal payment on this Note is paid. Interest will accrue on any principal
payment due under this Note and on any interest which has not been paid on the date on which it is payable until such time as
payment is actually delivered to the Holder.

 

2.
Payment of Principal. The Company will pay the principal amount of five hundred thousand dollars ($500,000) (or such principal
amount then outstanding) to the Holder on or before the Maturity Date.

 

3.
Security. This Convertible Redeemable Promissory Note is secured by certain collateral assets owned by the Company through
its wholly-owned subsidiary, Bolcán Mining Corporation, subject to the terms, conditions and obligations of the Pledge
and Security Agreement dated as of the date hereof and shall rank pari passu in right of payment with the indebtedness
of the Company arising from the promissory notes described in Exhibit A hereto.

 

4.
Right of Redemption. Subject to the terms and provisions of this paragraph 4, the Company has the right to call this Note
for Redemption.

 

4.1.
Redemption. At any such time that shares of Common Stock of the Company (the “Common Stock”) shall have closed
at or above two dollars ($2.00) per share for twenty (20) consecutive trading days, the Company shall have the right (upon providing
written notice to the Holder), but not the obligation, to redeem all or any portion of the outstanding Principal Amount and accrued
interest by prepayment of such amount as the Company may determine (a “Redemption Event”).

 

    	- 1 -

    	 

    

 

4.2.
In the event of any Redemption Event, the Company shall deliver to the Holder a written irrevocable redemption notice (the “Redemption
Notice”) indicating the amount intended to be so redeemed (the “Redemption Amount”) and the date
on which such redemption shall be made (the “Redemption Date”). Such Redemption Notice shall be delivered to
the Holder at least fifteen (15) business days prior to the Redemption Date.

 

4.3.
Upon receipt of any Redemption Notice, the Holder shall then have the option (by notifying the Company in writing within ten (10)
business days of receipt of the Redemption Notice) to accept the prepayment in cash or elect to convert the Note into Common Stock
pursuant to paragraph 6, below.

 

5.
Event of Default. Subject to the terms and provisions of this paragraph 5, default by the Company in payment of principal,
interest or other obligations of this Note when due shall cause an acceleration of all of the amounts due hereunder .

 

5.1.
An “Event of Default”, wherever used herein, means any one of the following events (whatever the reason and
whether it shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any
court, or any order, rule or regulation of any administrative or governmental body):

 

(a)
Any default in the payment of the principal of, interest on or other charges in respect of this Note, as and when the same shall
become due and payable (whether on a Conversion Date or the Maturity Date or by acceleration or otherwise);

 

(b)
The Company shall fail to observe or perform any other covenant, agreement or warranty contained in, or otherwise commits any
breach or default of any provision of this Note.

 

5.2.
During the time that any portion of this Note is outstanding, if any Event of Default has occurred and such Default is not cured
by the Company within sixty (60) days of the occurrence of the Event of Default (the “Cure Period”), the amount
equal to one hundred fifty percent (150%) of the outstanding principal amount of this Note, together with accrued interest and
other amounts owing in respect thereof (the “Default Amount”) shall become at the Holder’s election,
immediately due and payable in cash, provided however, the Holder at its option shall have the right(but shall have no obligation),
with three (3) business days advance written notice to the Company after the expiration of the Cure Period, to elect to convert
the Note into Common Stock pursuant to paragraph 6, below.

 

6.
Conversion.

 

6.1.
Optional Conversion by Holder. At any time prior to Maturity, the Holder shall have the right (upon providing written notice to
the Company), but not the obligation, to convert all or any portion of the outstanding Principal Amount together with accrued
interest into fully paid and nonassessable shares of Common Stock at the conversion price set forth below.

 

6.2.
Conversion Price. Subject to adjustment as described below, the conversion price per share (the “Conversion Price”)
shall be the lower of (a) fifty cents ($0.50) per share, or (b) eighty percent (80%) of the per share price of any equity offering
closed by the Company while this Note remains outstanding. The shares of Common Stock to be issued upon conversion are herein
referred to as the “Conversion Shares”.

 

    	- 2 -

    	 

    

 

6.3.
Mechanics of Conversion. In the event that the Holder or the Company elects to convert this Note into shares of the Company’s
Common Stock (the “Converting Party”), the Converting Party shall give notice of such election by delivering
an executed and completed notice of conversion (“Notice of Conversion”) to the other party and such Notice
of Conversion shall provide a breakdown in reasonable detail of the amount of Principal Amount, accrued interest and fees that
are being converted. On each Conversion Date (as hereinafter defined) and in accordance with its Notice of Conversion, the Company
shall make the appropriate reduction to the Principal Amount and accrued interest as entered in its records and shall provide
written notice thereof to the Holder within ten (10) business days after the Conversion Date. Each date on which a Notice of Conversion
is delivered or telecopied to the Company in accordance with the provisions hereof shall be deemed a Conversion Date (the “Conversion
Date”). In the case of the exercise of the conversion rights set forth herein, the conversion privilege shall be deemed
to have been exercised and the Conversion Shares issuable upon such conversion shall be deemed to have been issued upon the date
of receipt by the Company of the Notice of Conversion.

 

6.4.
Adjustment Provisions. The Conversion Price and the number and kind of shares or other securities to be issued upon conversion
determined herein shall be subject to adjustment from time to time upon the happening of certain events while this conversion
right remains outstanding, as follows:

 

(a)
Reclassification, etc. If the Company at any time shall, by reclassification or otherwise, change the Common Stock into the same
or a different number of securities of any class or classes, this Note, as to the unpaid Principal Amount and accrued interest
thereon, shall thereafter be deemed to evidence the right to purchase an adjusted number of such securities and kind of securities
as would have been issuable as the result of such change with respect to the Common Stock immediately prior to such reclassification
or other change.

 

(b)
Stock Splits, Combinations and Dividends. If the shares of Common Stock are subdivided or combined into a greater or smaller number
of shares of Common Stock, or if a dividend is paid on the Common Stock in shares of Common Stock, the Conversion Price shall
be proportionately reduced in case of subdivision of shares or stock dividend or proportionately increased in the case of combination
of shares, in each such case by the ratio which the total number of shares of Common Stock outstanding immediately after such
event bears to the total number of shares of Common Stock outstanding immediately prior to such event.

 

6.5.
Reservation of Shares. During the period the conversion right exists, the Company will reserve from its authorized and unissued
Common Stock a sufficient number of shares to provide for the issuance of Common Stock upon the full conversion of this Note.
The Company represents that upon issuance, such shares will be duly and validly issued, fully paid and non-assessable. The Company
agrees that its issuance of this Note shall constitute full authority to its officers, agents, and transfer agents who are charged
with the duty of executing and issuing stock certificates to execute and issue the necessary certificates for shares of Common
Stock upon the conversion of this Note.

 

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7.
Common Stock Purchase Warrant. In connection with the Offering, the Company shall issue to the Holder a Common Stock Purchase
Warrant entitling the Holder to purchase, through and including October 31, 2015, five hundred thousand (500,000) shares of Common
Stock at an exercise price of one dollar ($1.00) per share. The form of the Common Stock Purchase Warrant is attached hereto as
Exhibit B.

 

8.
Amendment and Waiver. Except as otherwise expressly provided herein, the provisions of the Note may be amended and the Company
may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has
obtained the written consent of the Holder.

 

9.
Cancellation. After all principal and accrued interest at any time owed on this Note has been paid in full or upon full conversion
of this Note, this Note shall be surrendered to the Company for cancellation and will not be reissued.

 

10.
Place of Payment. Payments of principal and interest are to be delivered to the Holder at the address set forth below for
the Holder or to such other address or to the attention of such other person as specified by prior written notice to the Note.

 

11.
Rank, Pari Passu. This Note shall be senior in rank to any other debt held by officers, directors or affiliates of the Company
and may not be subordinated to any other debt issued by the Company without the written consent of the Holder except the obligations
of the Company under this Note rank pari passu in right of payment with the indebtedness of the Company arising from the
promissory notes described in Exhibit A hereto.

 

IN
WITNESS WHEREOF, the Company has executed and delivered this Note as of the date first above written.

  

JAMESON
STANFORD RESOURCES CORPORATION

  

	By: 	/s/
    Michael Stanford	 
	 	 	 
	Name:	Michael Stanford	 
	 	 	 
	Title: 	Chairman & Chief Executive Officer	 
	 	 	 
	Date:	October 18, 2013	 

 

    	- 4 -

    	 

    

 

Exhibit
A

 

Other
Indebtedness

 

Jameson Stanford Resources Corporation 12% Convertible Redeemable Promissory Note dated August 19, 2013 in the principal amount
of $500,000 due September 14, 2015 issued to Joseph Marchal.

 

Jameson
Stanford Resources Corporation 12% Convertible Redeemable Promissory Note dated October 18, 2013 in the aggregate principal amount
of up to $1,000,000 due October 31, 2015, which amount includes the principal amount of this Note.

 

    	- 5 -

    	 

    

 

Exhibit
B

 

Common
Stock Purchase Warrant

 

THIS
COMMON STOCK PURCHASE WARRANT AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THE COMMON STOCK PURCHASE WARRANT HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND ACCORDINGLY MAY NOT BE SOLD, OFFERED
FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO
AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS.

 

JAMESON
STANFORD RESOURCES CORPORATION

COMMON
STOCK PURCHASE WARRANT

 

Jameson
Stanford Resources Corporation, a Nevada corporation (the “Company”), hereby agrees that, for value received,
Joseph Marchal (the “Holder”), is entitled, subject to the terms set forth below, to purchase from the Company
at any time or from time to time before 5:00 p.m. ET, on September 30, 2015, five hundred thousand (500,000) shares of Common
Stock of the Company (the “Common Stock”), at an exercise price of $1.00 per share, subject to adjustment (the
“Exercise Price”). This Common Stock Purchase Warrant (the “Warrant”) was offered as part
of a private securities offering of Convertible Redeemable Promissory Notes and Common Stock Purchase Warrants, the terms of which
are described in such respective agreements executed by the Holder of same date herewith (the “Offering”).

 

	1.		EXERCISE OF WARRANT. The
purchase rights granted by this Warrant shall be exercised in whole or in part by the Holder surrendering this Warrant with the
form of exercise document attached hereto duly executed by such Holder, to the Company at its principal office, accompanied by
cash or by certified check or by bank wire transfer in immediately available funds payable to the order of the Company for the
purchase price payable in respect of the shares of Common Stock being purchased (the “Warrant Shares”). If
less than all of the shares purchasable hereunder are purchased, the Company will, upon such exercise, execute and deliver to
the Holder hereof a new Warrant (dated the date hereof) evidencing the number of shares not so purchased.

 

			Net Issue
                                                                            Exercise. In lieu of exercising this Warrant, the Holder may elect to receive Warrant Shares equal to the value of this
                                                                            Warrant by surrender of this Warrant at the principal office of the Company together with notice of such election, in which
                                                                            event the Company shall issue to the Holder the number of Warrant Shares computed using the following formula:

 

    	- 6 -

    	 

    

 

	 	X	= 	Y*(Z-T)/Z
	 	 	 	 
	Where: 	X	=	the number of Warrant Shares to be issued to the Holder.
	 	Y	=	the number of Warrant Shares purchasable hereunder.
	 	Z	=	the market value of one Share of Common Stock on the date of determination.
	 	T	=	the per share Exercise Price (as adjusted).

 

Market Value. For purposes of
this Section 1, the per share market value of the Warrant Shares shall be the average of the closing prices of the Common Stock
as quoted on the Over-the-Counter Bulletin Board, or the principal exchange on which the Common Stock is listed, for the fifteen
trading days ending five trading days prior to the date of determination of market value.

 

As soon as practicable after
any exercise of this Warrant and payment of the purchase price (if applicable), the Company will cause to be issued in the name
of and delivered to the Holder hereof, or as such Holder may direct, a certificate or certificates representing the Warrant Shares
purchased upon such exercise. The Company may require that such certificate or certificates contain on the face thereof a legend
substantially as follows:

 

“The transfer of the shares
represented by this certificate is restricted pursuant to the terms of a Common Stock Purchase Warrant dated August 19, 2013 issued
by Jameson Stanford Resources Corporation, a copy of which is available for inspection at the offices of Jameson Stanford Resources
Corporation. Transfer may not be made except in accordance with the terms of the Common Stock Purchase Warrant. In addition, no
sale, offer to sell or transfer of this Common Stock Purchase Warrant or the shares of common stock represented by this certificate
shall be made unless a Registration Statement under the Securities Act of 1933, as amended (the “Securities Act”),
with respect to such shares is then in effect or an exemption from the registration requirements of the Securities Act is then
in fact applicable to such shares.”

 

2. NEGOTIABILITY AND TRANSFER. This
Warrant is issued upon the following terms, to which each Holder hereof consents and agrees:

 

(a) Until this Warrant is duly transferred
on the books of the Company, the Company may treat the registered Holder of this Warrant as the absolute owner hereof for all purposes
without being affected by any notice to the contrary.

 

(b) Each successive Holder of this Warrant, or of any
portion of the rights represented thereby, shall be bound by the terms and conditions set forth herein.

 

3. STOCK SPLIT; STOCK DIVIDENDS; REORGANIZATIONS.
If the Company shall at any time hereafter subdivide or combine its outstanding shares of common stock, or declare a dividend payable
in common stock, the exercise price hereof in effect immediately prior to the subdivision, combination or record date for such
dividend payable in common stock shall forthwith be proportionately increased, in the case of combination, or proportionately decreased,
in the case of subdivision or declaration of a dividend payable in common stock, and the number of shares purchasable upon exercise
of this Warrant immediately preceding such event shall be changed to the number determined by dividing the then current exercise
price by the exercise price as adjusted after such subdivision, combination or dividend payable in common stock and against the
number of shares purchasable upon the exercise of this Warrant immediately preceding such event, so as to achieve an exercise price
and number of shares purchasable after such event proportional to such exercise price and number of shares purchasable immediately
preceding such event.

 

    	- 7 -

    	 

    

 

(a) No fractional shares are to
be issued upon the exercise of the Warrant, but the Company shall pay a cash adjustment in respect of any fraction of a share which
would otherwise be issuable in an amount equal to the same fraction of the market price per share of the Common Stock on the day
of exercise as determined in good faith by the Company.

 

(b) In case of any capital reorganization
or any reclassification of the common stock of the Company, or in the case of any consolidation with or merger of the Company into
or with another entity or the sale of all or substantially all of its assets to another entity, which is effected in such a manner
that the Holders of common stock shall be entitled to receive stock, securities or assets with respect to or in exchange for common
stock, then, as a part of such reorganization, reclassification, consolidation, merger or sale, as the case may be, lawful provision
shall be made so that the Holder of the Warrant shall have the right thereafter to receive, upon the exercise hereof, the kind
and amount of shares of stock or other securities or property which the Holder would have been entitled to receive if, immediately
prior to such reorganization, reclassification, consolidation, merger or sale, the Holder had held the number of shares which were
then purchasable upon the exercise of the Warrant. In any such case, appropriate adjustment (as determined in good faith by the
Board of Directors of the Company) shall be made in the application of the provisions set forth herein with respect to the rights
and interest thereafter of the Holder of the Warrant, to the end that the provisions set forth herein (including provisions with
respect to adjustments of the exercise price) shall thereafter be applicable, as nearly as reasonably may be, in relation to any
shares of stock or other property thereafter deliverable upon the exercise of the Warrant.

 

(c) When any adjustment is required
to be made in the exercise price, initial or adjusted, the Company shall forthwith determine the new exercise price, and (i) prepare
and retain on file a statement describing in reasonable detail the method used in arriving at the new exercise price, and (i) cause
a copy of such statement to be mailed to the Holder of the Warrant as of a date within ten (10) days after the date when the circumstances
giving rise to the adjustment occurred.

 

4. NOTICES. The Company shall mail
to the registered Holder of the Warrant, at his or her last known post office address appearing on the books of the Company, not
less than fifteen (15) days prior to the date on which (a) a record will be taken for the purpose of determining the holders of
common stock entitled to dividends (other than cash dividends) or subscription rights, or (b) a record will be taken (or in lieu
thereof, the transfer books will be closed) for the purpose of determining the Holders of common stock entitled to notice of and
to vote at a meeting of shareholders at which any capital reorganization, reclassification of common stock, consolidation, merger,
dissolution, liquidation, winding up or sale of substantially all of the Company’s assets shall be considered and acted upon.

 

    	- 8 -

    	 

    

 

5. RESERVATION OF COMMON STOCK.
A number of shares of common stock sufficient to provide for the exercise of the Warrant and the shares of common stock included
therein upon the basis herein set forth shall at all times be reserved for the exercise hereof.

 

6. MISCELLANEOUS. Whenever reference
is made herein to the issue or sale of shares of common stock, the terms “common stock” or “shares” shall
include any stock of any class of the Company other than preferred stock that has a fixed limit on dividends and a fixed amount
payable in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company.

 

(a) The Company will not, by amendment
of its Articles of Incorporation or through reorganization, consolidation, merger, dissolution or sale of assets, or by any other
voluntary act or deed, avoid or seek to avoid the observance or performance of any of the covenants, stipulations or conditions
to be observed or performed hereunder by the Company, but will, at all times in good faith, assist, insofar as it is able, in the
carrying out of all provisions hereof and in the taking of all other action which may be necessary in order to protect the rights
of the Holder hereof against dilution.

 

(b) The representations, warranties and
agreements herein contained shall survive the exercise of this Warrant. References to the “Holder of” include the immediate
Holder of shares purchased on the exercise of this Warrant, and the word “Holder” shall include the plural thereof.
This Warrant shall be interpreted under the laws of the State of Nevada.

 

(c) All shares or other securities issued
upon the exercise of the Warrant shall be validly issued, fully paid and non assessable, and the Company will pay all taxes in
respect of the issuer hereof.

 

(d) Notwithstanding anything contained
herein to the contrary, the Holder of this Warrant shall not be deemed a shareholder of the Company for any purpose whatsoever
until and unless this Warrant is duly exercised or converted.

 

    	- 9 -

    	 

    

 

IN WITNESS WHEREOF, the Company has caused this Warrant
to be executed by its officer thereunto duly authorized as of this 18th day of October 2013.

 

	JAMESON STANFORD RESOURCES CORPORATION	 
	 	 	 
	By: 	/s/
    Michael Stanford	 
	 	 	 
	Name:	Michael Stanford	 
	 	 	 
	Title:	President & Chief Executive Officer	 
	 	 	 
	Date:	October 18, 2013	 

 

    	- 10 -

    	 

    

 

Exhibit to Common Stock Purchase Warrant
dated October 18, 2013

 

NOTICE OF EXERCISE OF WARRANT TO PURCHASE
SHARES OF

 

COMMON STOCK OF JAMESON STANFORD RESOURCES
CORPORATION

 

The undersigned does
by this notice request that Jameson Stanford Resources Corporation, a Nevada corporation (the “Company”), issue
to the undersigned that number of shares of Common Stock of the Company specified below (the “Shares”) at the
price per Share specified below pursuant to the exercise of the undersigned’s rights under the Common Stock Purchase Warrant
(the “Warrant”) dated October 18, 2013.

 

Simultaneously herewith,
the undersigned delivers to the Company the purchase price for the Shares (i.e., that amount which is obtained by multiplying the
number of Shares for which the Warrant is being exercised by the price specified), by good funds. In the event of Net Issue Exercise
no payment is required.

 

The undersigned hereby
represents and warrants that the undersigned is acquiring the Shares for the undersigned’s own account and not on behalf
of any other person and without any present view to making a public offering or distribution of same and without any present intention
of selling same at any particular time or at any particular price or upon the occurrence of any particular event or circumstance.

 

The undersigned acknowledges
and understands that in connection with the acquisition of the Shares by the undersigned:

 

	 	1.	The Company has informed the undersigned that the Shares are not registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities or Blue Sky law or laws, and thus the Shares may not be transferred or otherwise disposed of until the Shares are subsequently registered under the Securities Act and the applicable state securities or Blue Sky law or laws or an ex-emption from such registration requirements is available.
	 	 	 
	 	2.	The undersigned has been informed that a legend referring to the restrictions indicated herein on transferability and sale will be placed upon the certificate(s) evidencing the Shares.
	 	 	 
	 	3.	The undersigned is an “accredited investor” as defined in Regulation D under the Securities Act, as amended.
	 	 	 
	 	4.	If the undersigned is required to file a Form 144 with the Securities and Exchange Commission in connection with sales of the Shares pursuant to Rule 144 under the Act, the undersigned shall mail a copy of such Form to the Company at the same time and each time the undersigned mails a copy to the Securities and Exchange Commission.

 

    	- 11 -

    	 

    

 

Cash Exercise:

 

		A.	Date of Warrant: October 18, 2013

 

		B.	Number of Shares purchasable under Warrant: 500,000

 

		C.	Number of Shares of Common Stock to be purchased at this time: _______________

 

		D.	Exercise price per Share: $1.00

 

		E.	Aggregate price to be paid for Shares actually purchased (D*C) = $______________

 

OR

 

Net Issue Exercise:

 

		A.	Date of Warrant: October 18, 2013

 

		B.	Number of Warrant Shares covered by Warrant: 500,000 (Y)

 

		C.	Market value of one Share of Common Stock (Z)

 

		D.	Exercise price per Share: $1.00 (T)

 

		E.	Number
of Warrant Shares to be issued to the Holder: _______________ (X) Where: X =  Y*(Z-T)/Z

  

	PURCHASER	 
	 	 	 
	By:	 	 
	 	 	 
	Name:	Edward F. Brogan	 
	 	 	 
	Date:	 	 

 

    	- 12 -

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