Document:

U.S.
Energy corp.

 

amended
and restated 2012 equity and performance incentive plan

 

INCENTIVE
STOCK OPTION AGREEMENT

 

THIS
OPTION AGREEMENT (this “Agreement”) is made and entered into as of [___________] by and between U.S. Energy
Corp., a Wyoming corporation (the “Company”) and [______] (the “Participant”).

 

	 	Grant
    Date:	 	 
	 	 	 	 
	 	Exercise
    Price Per Share:	 	 
	 	 	 	 
	 	Number
    of Option Shares:	 	 
	 	 	 	 
	 	Expiration
    Date:	 	 

 

ARTICLE
I

Grant of Option

 

Section
1.01. Grant; Type of Option. The Company hereby grants to the Participant an option (the “Option”) to purchase
the total number of shares of Common Stock of the Company set forth above, at the Exercise Price set forth above. The Option is
being granted pursuant to the terms of the Company’s Amended and Restated 2012 Equity and Performance Incentive Plan (the
“Plan”). The Option is intended to be an Incentive Stock Option within the meaning of Section 422 of the Code, although
the Company makes no representation or guarantee that the Option will qualify as an Incentive Stock Option. To the extent that
the aggregate fair market value (determined on the date of grant) of the shares of Common Stock with respect to which Incentive
Stock Options are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and
its affiliates) exceeds $100,000, the Options or portions thereof which exceed such limit (according to the order in which they
were granted) shall be treated as non-qualified stock options.

 

Section
1.02. Consideration; Subject to Plan. The grant of the Option is made in consideration of the services to be rendered by the
Participant to the Company and is subject to the terms and conditions of the Plan. Capitalized terms used but not defined herein
will have the meanings ascribed to them in the Plan.

 

    	 	 	 

     

    

 

ARTICLE
II

Exercise Period; Vesting

 

Section
2.01. Vesting Schedule. The Option will become vested and exercisable in accordance with the following Vesting Schedule until
the Option is 100% vested:

 

	Dates	 	Percentage
    Vested
	 	 	 

 

A
Participant shall vest according to the above schedule as of each anniversary provided the Participant is in Continuous Service
(as defined below) on that Date. The unvested portion of the Option will not be exercisable on or after the Participant’s
termination of Continuous Service. Continuous Service means that the Participant’s service with the Company, whether as
an employee, officer or Director, is not interrupted or terminated.

 

Section
2.02. Expiration. The Option will expire on the Expiration Date set forth above, or earlier as provided in this Agreement
or the Plan.

 

ARTICLE
III

Termination of Continuous Service

 

Section
3.01. Termination for Reasons Other Than Cause, Death, Disability. If the Participant’s Continuous Service is terminated
for any reason other than Cause (as defined below), death or Disability, the Participant may exercise the vested portion of the
Option, but only within such period of time ending on the earlier of (a) the date three months following the termination of the
Participant’s Continuous Service, or (b) the Expiration Date.

 

Section
3.02. Termination for Cause. If the Participant’s Continuous Service is terminated for cause, the Option (whether vested
or unvested) shall immediately terminate and cease to be exercisable. Cause means, with respect to any employee, consultant or
Director: (a) if the employee or consultant is a party to an employment or service agreement with the Company and such agreement
provides for a definition of Cause, the definition contained therein, or (b) if no such agreement exists, or if such agreement
does not define Cause: (i) the commission of, or plea of guilty or no contest to, a felony or a crime involving moral turpitude
or the commission of any other act involving willful malfeasance or material fiduciary breach with respect to the Company; (ii)
gross negligence or willful misconduct with respect to the Company; or (iii) material violation of state or federal securities
laws.

 

Section
3.03. Termination Due to Disability. If the Participant’s Continuous Service terminates as a result of the Participant’s
Disability (as defined below), the Participant may exercise the vested portion of the Option, but only within such period of time
ending on the earlier of (a) the date 12 months following the Participant’s termination of Continuous Service, or (b) the
Expiration Date. Disability means that the Participant is unable to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment.

 

Section
3.04. Termination Due to Death. If the Participant’s Continuous Service terminates as a result of the Participant’s
death, or the Participant dies within a period following termination of the Participant’s Continuous Service during which
the vested portion of the Option remains exercisable, the vested portion of the Option may be exercised by the Participant’s
estate, by a person who acquired the right to exercise the Option by bequest or inheritance or by the person designated to exercise
the Option upon the Participant’s death, but only within the time period ending on the earlier of (a) the date 12 months
following the Participant’s death, or (b) the Expiration Date.

 

    	 	2	 

     

    

 

Section
3.05. Extension of Termination Date. Generally, the exercise period may not be extended. However, if following the Participant’s
termination of Continuous Service the exercise of the Option would violate applicable law or jeopardize the ability of the Company
to continue as a going concern, then the Option shall terminate on the earlier of (a) the Expiration Date, or (b) not more than
30 days following the end of the period during which the exercise of the Option would be in violation of applicable law or jeopardize
the ability of the Company to continue as a going concern. The exercise period may also be extended in compliance with Section
409A of the Code when the Option Price equals or exceeds the Market Value per Share of the Common Stock.

 

ARTICLE
IV

Manner of Exercise

 

Section
4.01. Election To Exercise. To exercise the Option, the Participant (or in the case of exercise after the Participant’s
death or incapacity, the Participant’s executor, administrator, heir or legatee, as the case may be) must deliver to the
Company an executed exercise election in the form attached to this Agreement as Exhibit A.

 

Section
4.02. Payment of Exercise Price. The entire Exercise Price of the Option shall be payable in full at the time of exercise
in the manner designated by the Board. A cash payment by certified or bank check at the time the Option is exercised is always
acceptable.

 

Section
4.03. Withholding. If the Company, in its discretion, determines that it is obligated to withhold any tax in connection with
the exercise of the Option, or any Disqualifying Disposition (as defined below), prior to the issuance of Common Stock upon the
exercise of the Option, the Participant must make arrangements satisfactory to the Company to pay or provide for any applicable
federal, state and local withholding obligations of the Company. The Participant may satisfy any federal, state or local tax withholding
obligation relating to the exercise of the Option by any of the following means:

 

(a)
tendering a cash payment;

 

(b)
authorizing the Company to withhold Common Stock from the Common Stock otherwise issuable to the Participant as a result of the
exercise of the Option; provided, however, that no Common Stock is withheld with a value exceeding the minimum amount of tax required
to be withheld by law; or

 

(c)
delivering to the Company previously owned and unencumbered Common Stock.

 

The
Company also has the right to withhold from any compensation paid to a Participant.

 

    	 	3	 

     

    

 

Section
4.04. Issuance of Shares. Provided that the exercise election and payment are in form and substance satisfactory to the Company,
the Company shall issue the Common Stock registered in the name of the Participant, the Participant’s authorized assignee,
or the Participant’s legal representative.

 

ARTICLE
V

No Right to Continued service;

No Rights as shareholder

 

Neither
the Plan nor this Agreement shall confer upon the Participant any right to be retained in any position, as an employee, consultant
or director of the Company. Further, nothing in the Plan or this Agreement shall be construed to limit the discretion of the Company
to terminate the Participant’s service at any time, with or without cause. The Participant shall not have any rights as
a shareholder with respect to any Common Stock subject to the Option prior to the date of exercise of the Option.

 

ARTICLE
VI

Transferability

 

Except
as otherwise provided in the Plan, the Option is not transferable by the Participant other than to a designated beneficiary upon
the Participant’s death or by will or the laws of descent and distribution, and is exercisable during the Participant’s
lifetime only by him or her. No assignment or transfer of the Option, or the rights represented thereby, whether voluntary or
involuntary, by operation of law or otherwise (except to a designated beneficiary upon death by will or the laws of descent or
distribution) will vest in the assignee or transferee any interest or right herein whatsoever, but immediately upon such assignment
or transfer the Option will terminate and become of no further effect.

 

ARTICLE
VII

Change in Control.

 

Section
7.01. Reserved.

 

Section
7.02. Cash-out. In the event of a Change in Control, the Board may, in its discretion and upon at least 10 days’ advance
notice to the Participant, cancel the Option and pay to the Participant the value of the Option based upon the price per Common
Stock received or to be received by other shareholders of the Company in the event. Notwithstanding the foregoing, if at the time
of a Change in Control the Exercise Price of the Option equals or exceeds the price paid for a share of Common Stock in connection
with the Change in Control, the Board may cancel the Option without the payment of consideration therefor.

 

    	 	4	 

     

    

 

ARTICLE
VIII

Adjustments; Clawback

 

The
Common Stock subject to the Option may be adjusted or terminated in any manner as contemplated by Section 15 of the Plan. In addition,
if the Participant receives any amount (or number of Common Stock) in excess of what the Participant should have received under
the terms of this Option for any reason (including, but not limited to, by reason of a financial restatement, mistake in calculations
or other administrative error), then the Participant shall be required to repay any such excess amount (or transfer such excess
Common Stock) to the Company.

 

ARTICLE
IX

Tax Liability and Withholding

 

Notwithstanding
any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding
(“Tax-Related Items”), the ultimate liability for all Tax-Related Items is and remains the Participant’s responsibility
and the Company (a) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with
the grant, vesting, or exercise of the Option or the subsequent sale of any shares acquired on exercise; and (b) does not commit
to structure the Option to reduce or eliminate the Participant’s liability for Tax-Related Items.

 

ARTICLE
X

 

QUALIFICATION
AS AN INCENTIVE STOCK OPTION

 

It
is understood that this Option is intended to qualify as an incentive stock option as defined in Section 422 of the Code to the
extent permitted under applicable law. Accordingly, the Participant understands that in order to obtain the benefits of an incentive
stock option, no sale or other disposition may be made of shares for which incentive stock option treatment is desired within
one (1) year following the date of exercise of the Option or within two (2) years from the date of grant. The Participant understands
and agrees that the Company shall not be liable or responsible for any additional tax liability the Participant incurs in the
event that the Internal Revenue Service for any reason determines that this Option does not qualify as an incentive stock option
within the meaning of the Code.

 

ARTICLE
XI

 

DISQUALIFYING
DISPOSITION

 

If
the Participant disposes of the shares of Common Stock prior to the expiration of either two (2) years from the date of grant
or one (1) year from the date the shares are transferred to the Participant pursuant to the exercise of the Option (a “Disqualifying
Disposition”), the Participant shall notify the Company in writing within thirty (30) days after such disposition of the
date and terms of such disposition. The Participant also agrees to provide the Company with any information concerning any such
dispositions as the Company requires for tax purposes.

 

    	 	5	 

     

    

 

ARTICLE
XII

Compliance with Law

 

The
exercise of the Option and the issuance and transfer of Common Stock shall be subject to compliance by the Company and the Participant
with applicable law, all applicable requirements of federal and state securities laws and with all applicable requirements of
any stock exchange on which the Company’s equity securities may be listed. No Common Stock shall be issued pursuant to this
Option unless and until any then applicable requirements of state or federal laws and regulatory agencies have been fully complied
with to the satisfaction of the Company and its counsel. The Participant understands that the Company is under no obligation to
register the Common Stock with the Securities and Exchange Commission, any state securities commission or any stock exchange to
effect such compliance. Further, the Company shall have no obligation to indemnify any Person against any taxes, interest, or
penalties attributable to the transfer, exercise, ownership, disposition of, or any transaction involving the Options or the Common
Stock.

 

ARTICLE
XIII

Notices

 

Any
notice required to be delivered to the Company under this Agreement shall be in writing and addressed to the Secretary of the
Company at the Company’s principal corporate offices. Any notice required to be delivered to the Participant under this
Agreement shall be in writing and addressed to the Participant at the Participant’s address as shown in the records of the
Company. Either party may designate another address in writing (or by such other method approved by the Company) from time to
time.

 

ARTICLE
XIV

Governing Law

 

This
Agreement will be construed and interpreted in accordance with the laws of the State of Wyoming without regard to conflict of
law principles.

 

ARTICLE
XV

Interpretation

 

Any
dispute regarding the interpretation of this Agreement shall be submitted by the Participant or the Company to the Board of Directors
of the Company for review. The resolution of such dispute by the Board of Directors of the Company shall be final and binding
on the Participant and the Company.

 

    	 	6	 

     

    

 

ARTICLE
XVI

Options Subject to Plan

 

This
Agreement is subject to the Plan. The terms and provisions of the Plan as it may be amended from time to time are hereby incorporated
herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the
Plan, the applicable terms and provisions of the Plan will govern and prevail.

 

ARTICLE
XVII

Successors and Assigns

 

The
Company may assign any of its rights under this Agreement. This Agreement will be binding upon and inure to the benefit of the
successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement will be binding
upon the Participant and the Participant’s beneficiaries, executors, administrators and the person(s) to whom the Option
may be transferred by will or the laws of descent or distribution.

 

ARTICLE
XVIII

Severability

 

The
invalidity or unenforceability of any provision of the Plan or this Agreement shall not affect the validity or enforceability
of any other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement shall be severable and
enforceable to the extent permitted by law.

 

ARTICLE
XIX

Discretionary Nature of Plan

 

The
Plan is discretionary and may be amended, cancelled or terminated by the Company at any time, in its discretion. The grant of
the Option in this Agreement does not create any contractual right or other right to receive any Options or other Awards in the
future. Future Awards, if any, will be at the sole discretion of the Company. Any amendment, modification, or termination of the
Plan shall not constitute a change or impairment of the terms and conditions of the Participant’s employment with the Company.

 

ARTICLE
XX

Amendment

 

Subject
to the terms of the Plan, the Board has the right to amend, alter, suspend, discontinue or cancel the Option, prospectively or
retroactively; provided, that, no such amendment shall adversely affect the Participant’s material rights under this Agreement
without the Participant’s consent. However, in no event shall the Participant be able to defer or accelerate payment under
the Plan.

 

    	 	7	 

     

    

 

ARTICLE
XXI

No Impact on Other Benefits

 

The
value of the Participant’s Option is not part of his or her normal or expected compensation for purposes of calculating
any severance, retirement, welfare, insurance or similar employee benefit.

 

ARTICLE
XXII

Counterparts

 

This
Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute
one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic
mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial
appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.

 

ARTICLE
XXIII

Acceptance

 

The
Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. The Participant has read and understands the
terms and provisions thereof, and accepts the Option subject to all of the terms and conditions of the Plan and this Agreement.
The Participant acknowledges that there may be adverse tax consequences upon exercise of the Option or disposition of the underlying
Common Stock and that the Participant should consult a tax advisor prior to such exercise or disposition.

 

[signature
page follows]

 

    	 	8	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

	 	U.S.
    ENERGY CORP.
	 	 	 
	 	By:
    	             
	 	Name:
    	 
	 	Title:
    	 
	 	 	 
	 	PARTICIPANT
	 	 	 
	 	By:
    	 
	 	Name:
    	 
	 	Title:
    	 

 

    	 	 	 

     

    

 

EXHIBIT
A

U.S. Energy corp.

OPTION EXERCISE FORM

 

THIS
OPTION EXERCISE FORM (this “Exercise Form”) is made and entered into as of ___________, 20__ by and between U.S.
ENERGY CORP., a Wyoming corporation (the “Company”) and the PARTICIPANT NAMED BELOW. Capitalized terms
used but not defined herein shall have the meanings ascribed to them in the Company’s Amended and Restated 2012 Equity and
Performance Incentive Plan (the “Plan”).

 

	 	Participant
    Name:	 	 
	 	 	 	 
	 	Address:	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	Social
    Security Number:	 	 

 

Section
1. Option. The Participant was granted an option (the “Option”) to purchase Common Stock pursuant to the terms
of the Plan and the Option Agreement between the Company and the Participant dated ____________, 20___, as follows:

 

	 	Grant
    Date:	 	 
	 	Number
    of Common Stock:	 	 
	 	Exercise
    Price Per Share:	 	 
	 	Expiration
    Date: 	10th
    anniversary of the Grant Date	 

 

Section
2. Exercise of Option. The Participant hereby elects to exercise the Option to purchase ________ Common Stock (“Shares”),
all of which are vested pursuant to the terms of the Option Agreement.

 

The
total Exercise Price for all of the Shares is _____________ (total Shares times Exercise Price per Share).

 

Section
3. Payment of the Exercise Price; Delivery of Required Documents. The Participant encloses payment in full of the total Exercise
Price for the Shares in the following form(s), as authorized by the Option Agreement (check and complete as appropriate):

 

____
In cash (by certified or bank check) in the amount of $_________, receipt of which is acknowledged by the Company.

 

____
By such other method of payment as may be designated by the Board.

 

Section
4. Acknowledgement. The Participant understands that he or she is purchasing the Shares pursuant to the terms and conditions
of the Plan and the Option Agreement, copies of which the Participant has read and understands.

 

	 	PARTICIPANT
	 	 	 
	 	By
    	            
	 	Name
    	 
	 	Title
    	 

 

    	 	A-1INDEMNIFICATION
AGREEMENT

 

THIS
INDEMNIFICATION AGREEMENT (this “Agreement”) is made and entered into and is effective as of _______, 2017 (the “Effective
Date”), by and between Angelus Capital Group, a ____________ (“Angelus”), and _______________, an individual
(“Indemnitee”) (Angelus and Indemnitee are sometimes collectively referred to herein as the “Parties”
and individually as a “Party”).

 

RECITALS:

 

A.       Indemnitee
has performed valuable services to U.S. Energy Corp., a Wyoming corporation (the “Company”), in Indemnitee’s
capacity as a member of the Board of Directors of the Company.

 

B.       It
is a condition to the effectiveness of a Forbearance Agreement of even date between Angelus and the Company (the “Forbearance
Agreement”) that certain members of the Board of Directors of the Company, including the Indemnitee, resign and that the
Board of Directors be reconstituted.

 

C.       It
is a condition to the effectiveness of Indemnitee’s resignation that Angelus execute and deliver this Agreement.

 

NOW,
THEREFORE, for valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

 

 1. Indemnity. In addition to and not in limitation of the indemnification provided to Indemnitee by the Company pursuant to its Bylaws and the Wyoming Business Corporation Act (the “Act”), and subject only to the exclusions set forth in Section 2 hereof, Angelus hereby agrees to hold harmless and indemnify Indemnitee as follows:

 

(a)       Angelus
shall indemnify Indemnitee if Indemnitee is made, or threatened to be made, a party to any threatened, pending or completed action,
suit, or proceeding, whether criminal, civil, administrative, or investigative, by reason of the fact that such person (i) is
or was a director or officer of the Company or any predecessor of the Company, or (ii) served any other corporation, partnership,
joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner, trustee, employee or agent at
the request of the Company or any predecessor of the Company; provided, however, that Angelus shall indemnify Indemnitee in connection
with a proceeding (or part thereof) initiated by such person only if such proceeding (or part thereof) was authorized in advance
by the Board of Directors of the Company.

 

    	 

    	 

    

  

(b)       The
right to indemnification conferred in this Section 1 shall be a contract right and shall include the right to be paid by
Angelus the reasonable expenses incurred in defending any such proceeding in advance of its final disposition, such advances to
be paid by Angelus within twenty (20) days after the receipt by Angelus of a statement or statements from the Indemnitee requesting
such advance or advances from time to time; provided, however, that the payment of such expenses incurred by Indemnitee in
his or her capacity as a director or officer of the Company (and not in any other capacity in which service was or is rendered
by such person while a director or officer, including, without limitation, service to an employee benefit plan) in advance of
the final disposition of a proceeding, shall be made only upon delivery to Angelus of an undertaking by or on behalf of Indemnitee
to repay all amounts so advanced if it shall ultimately be determined by a final judicial decision from which there is no right
of appeal that Indemnitee is not entitled to be indemnified under this Section 1 or otherwise.

 

(c)       To
obtain indemnification under this Section 1, Indemnitee shall submit to Angelus a written request, including therein or
therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine
whether and to what extent Indemnitee is entitled to indemnification. Upon such written request by Indemnitee for indemnification,
a determination with respect to Indemnitee’s entitlement thereto shall be made by Angelus. If Indemnitee is entitled to
indemnification, payment to Indemnitee shall be made within ten (10) days after such determination.

 

(d)       If
a claim under Section 1(a) is not paid in full by Angelus within thirty (30) days after a written claim pursuant to Section
1(c) has been received by Angelus, Indemnitee may at any time thereafter bring suit against Angelus to recover the unpaid
amount of the claim and, if successful in whole or in part, Indemnitee shall be entitled to be paid also the reasonable expense
of prosecuting such claim. It shall be a defense to any such action (other than an action brought to enforce a claim for expenses
incurred in defending any proceeding in advance of its final disposition where the required undertaking, if any, has been tendered
to Angelus) that Indemnitee has not met the standard of conduct set forth in Section 2, but the burden of proving such
defense shall be on Angelus. Neither the failure of Angelus to have made a determination prior to the commencement of such action
that indemnification of Indemnitee is proper in the circumstances because he or she has met the applicable standard of conduct
set forth in Section 2 nor an actual determination by Angelus that Indemnitee has not met such applicable standard of conduct,
shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

 

(e)       If
a determination shall have been made pursuant to Section 1(c) that Indemnitee is entitled to indemnification, Angelus shall
be bound by such determination in any judicial proceeding commenced pursuant to Section 1(d).

 

(f)       The
right to indemnification and to the advancement of expenses incurred in defending a proceeding in advance of its final disposition
conferred in this Section 1 shall not be exclusive of any other right which Indemnitee may have or hereafter acquire under
any agreement with the Company, the Company’s Bylaws, the Act, provision of the Articles of Incorporation of the Company
or otherwise.

 

    	2

    	 

    

 

2.       Limitations
on Indemnity. No indemnity pursuant to Section 1 hereof shall be paid by Angelus:

 

(a)       on
account of any claim against Indemnitee for an accounting of profits made from the purchase or sale by Indemnitee of securities
of the Company pursuant to the provisions of Section 16 of the Securities Exchange Act of 1934, as amended;

 

(b)       unless
Indemnitee acted in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the
Company, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.
Indemnification may not be made for any claim, issue or matter as to which such Indemnitee has been adjudged by a court of competent
jurisdiction, after exhaustion of all appeals there from, to be liable to the Company or for amounts paid in settlement to the
Company, unless and only to the extent that the court in which the action or suit was brought or other court of competent jurisdiction
determines upon application that in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to
indemnity for such expenses as the court deems proper;

 

(c)       in
connection with a proceeding by or in the right of the Company, except for reasonable expenses incurred in connection with the
proceeding if it is determined that Indemnitee has met the standard of conduct set forth in Section 2(b);

 

(d)       in
connection with any proceeding with respect to any conduct for which Indemnitee was adjudged liable on the basis that Indemnitee
received a financial benefit to which Indemnitee was not entitled, whether or not involving action in the capacity as a director
of the Company;

 

(e)       for
which payment has actually been made to Indemnitee under a valid insurance policy or under a valid and enforceable indemnity or
agreement, except in respect of any excess beyond payment under such insurance or agreement; or

 

(f)       if
indemnification is not lawful (and, in this respect, both Angelus and Indemnitee have been advised that the Securities and Exchange
Commission believes that indemnification for liabilities arising under the federal securities laws is against public policy and
is, therefore, unenforceable and that claims for indemnification should be submitted to appropriate courts for adjudication) or
is prohibited by any applicable state securities laws with respect to any violation of applicable federal or state securities
laws.

 

3.       Continuation
of Indemnity. All agreements and obligations of Angelus contained herein shall continue during the period Indemnitee is
a director or officer of the Company (or is or was serving at the request of the Company as a director, officer, partner, trustee,
employee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise) and shall
continue thereafter so long as Indemnitee shall be subject to any possible claim or threatened, pending or completed action, suit
or proceeding, whether civil, criminal, arbitrative, administrative or investigative, by reason of the fact that Indemnitee was
a director or officer of the Company or serving in any other capacity referred to herein.

 

    	3

    	 

    

 

4.       Partial
Indemnification. Indemnitee shall be entitled under this Agreement to indemnification by Angelus for a portion of the
expenses (including attorneys’ fees), witness fees, damages, judgments, fines and amounts paid in settlement and any other
amounts that Indemnitee becomes legally obligated to pay in connection with any action, suit or proceeding referred to in Section
1 hereof even if not entitled hereunder to indemnification for the total amount thereof, and Angelus shall indemnify Indemnitee
for the portion thereof to which Indemnitee is entitled.

 

5.       Notification
and Defense of Claim. Not later than ten (10) days after receipt by Indemnitee of notice of the commencement of any action,
suit or proceeding, or of any such threatened action, suit or proceeding, Indemnitee will, if a claim in respect thereto is to
be made against Angelus under this Agreement, notify Angelus of the commencement thereof in accordance with Section 1(c);
but the omission so to notify Angelus will not relieve it from any liability which it may have to Indemnitee otherwise than under
this Agreement; provided, however, that if such failure to timely notify Angelus prejudices Angelus, Angelus shall be relieved
of its duty of indemnification to the extent of such prejudice. With respect to any such action, suit or proceeding as to which
Indemnitee notifies Angelus of the commencement thereof:

 

(a)       Angelus
will be entitled to participate therein at its own expense;

 

(b)       except
as otherwise provided below, Angelus may, at its option and jointly with any other indemnifying party similarly notified and electing
to assume such defense, assume the defense thereof, with counsel reasonably satisfactory to Indemnitee. After notice from Angelus
to Indemnitee of its election to assume the defense thereof, Angelus will not be liable to Indemnitee under this Agreement for
any legal or other expenses subsequently incurred by Indemnitee in connection with the defense thereof except for reasonable costs
of investigation or otherwise as provided below. Indemnitee shall have the right to employ separate counsel in such action, suit
or proceeding but the fees and expenses of such counsel incurred after notice from Angelus of its assumption of the defense thereof
shall be at the expense of Indemnitee unless: (i) the employment of counsel by Indemnitee has been authorized by Angelus;
(ii) there may be a conflict of interest between Angelus and Indemnitee in the conduct of the defense of such action and Angelus
has declined to retain separate counsel for Indemnitee; or (iii) Angelus shall not in fact have employed counsel to assume the
defense of such action, in each of which cases the reasonable fees and expenses of Indemnitee’s separate counsel shall be
at the expense of Angelus. Angelus shall not be entitled to assume the defense of any action, suit or proceeding brought by or
on behalf of the Company or Angelus; and

 

(c)       Angelus
shall not be liable to indemnify Indemnitee under this Agreement for any amounts paid in settlement of any action or claim effected
without its written consent, which shall not be unreasonably withheld. Angelus shall be permitted to settle any action except
that it shall not settle any action or claim in any manner which would impose any penalty or limitation on Indemnitee without
Indemnitee’s written consent which may be given or withheld in Indemnitee’s sole discretion.

 

    	4

    	 

    

 

6.       Enforcement.
Any right to indemnification or advances granted by this Agreement to Indemnitee shall be enforceable by, or on behalf of, Indemnitee
in any court of competent jurisdiction if: (a) the claim for indemnification or advances is denied, in whole or in part; or (b)
no disposition of such claim is made in accordance with Section 1(d). Indemnitee, in such enforcement action, if successful
in whole or in part, shall be entitled to be paid also the expense of prosecuting Indemnitee’s claim including attorney’s
fees. It shall be a defense to any action for which a claim for indemnification is made under Section 1 hereof (other than
an action brought to enforce a claim for advancement of expenses, provided that the required undertaking has been tendered to
Angelus) that Indemnitee is not entitled to indemnification because of the limitations set forth in Section 2 hereof, but
the burden of proving such defense shall be on Angelus. Neither the failure of Angelus to have made a determination prior to the
commencement of such enforcement action that indemnification of Indemnitee is proper in the circumstances, nor an actual determination
by Angelus that such indemnification is improper shall be a defense to the action or create a presumption that Indemnitee is not
entitled to indemnification under this Agreement or otherwise.

 

7.       Subrogation.
In the event of payment under this Agreement, Angelus shall be subrogated to the extent of such payment to all of the rights of
recovery of Indemnitee, who shall execute all documents required and shall do all acts that may be necessary to secure such rights
and to enable Angelus effectively to bring suit to enforce such rights.

 

8.       Survival
of Rights.

 

(a)       The
rights conferred on Indemnitee by this Agreement shall continue after Indemnitee has ceased to be a director or officer of the
Company or to serve at the request of the Company as a director, officer, partner, trustee, employee or agent of another corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise and shall inure to the benefit of Indemnitee’s
heirs, executors and administrators.

 

(b)       Angelus
shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially
all of the business or assets of Angelus, expressly to assume and agree to perform this Agreement in the same manner and to the
same extent that Angelus would be required to perform if no such succession had taken place.

 

9.       Severability.
Each of the provisions of this Agreement is a separate and distinct agreement and independent of the others, so that if any provision
hereof shall be held to be invalid for any reason, such invalidity or unenforceability shall not affect the validity or enforceability
of the other provisions hereof.

 

10.       Governing
Law. This Agreement shall be interpreted and enforced in accordance with the laws of the State of Colorado.

 

11.       Amendment
and Termination. No amendment, modification, termination or cancellation of this Agreement shall be effective unless in
writing signed by both Parties.

 

    	5

    	 

    

 

12.       Identical
Counterparts; Signatures. This Agreement may be executed in multiple counterparts, each of which shall for all purposes
be deemed to be an original but all of which together shall constitute but one and the same Agreement. Only one such counterpart
need be produced to evidence the existence of this Agreement. The exchange of copies of this Agreement and of signature pages
by facsimile or other electronic means shall constitute effective execution and delivery of this Agreement by the parties. Signatures
of the parties transmitted by facsimile or other electronic means shall be deemed to be their original signatures for all purposes.

 

13.       Headings.
The headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute part of
this Agreement or to affect the construction hereof.

 

14.       Notices.
All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given:
(a) upon delivery if delivered by hand to the Party to whom said notice or other communication shall have been directed; (b) one
(1) business day after delivery to a commercial overnight courier for next business day delivery; or (c) if mailed by certified
or registered U.S. mail with postage prepaid, on the third (3rd) business day after the date on which it is so mailed at the address
set forth on the signature page hereto or to such other address(es) as may have been furnished to/by Indemnitee to/by Angelus.

 

[Signature
Page Follows]

 

    	6

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Indemnification Agreement as of the day and year first above written.

 

	 	ANGELUS
    CAPITAL GROUP
	 	 	 
	 	By:	         
	 	 	 
	 	By:	 

 

	 	Address:                                           	 
	 	 	 
	 	INDEMNITEE
	 	 	 
	 	 
	 	 	 

 

	 	Address:

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