Document:

CONSULTING AGREEMENT

 

THIS CONSULTING AGREEMENT is made and entered
into this 1st day of   July, 2012 by and between EOS Petro Inc. (hereinafter referred to as “EOS”), and Quantum
Advisors, LLC (hereinafter referred to as “Quantum"), and hereinafter collectively referred to as the "Parties".

 

WITNESSETH:

 

      WHEREAS,
EOS is a new public company that is engaged in the business of oil exploration and drilling and associated business activities;
and

 

      WHEREAS,
John Mitola, managing member of Quantum is currently a member of the board of the predecessor company to EOS and will be a board
member of EOS as a public company; and

 

      WHEREAS,
Quantum has special abilities and experience in the areas of general business management, business development, corporate strategy
and asset funding for operating companies and emerging growth enterprises, and in particular companies active in the energy field;
and

 

      WHEREAS,
in addition to Mr. Mitola’s role as a board member, Quantum has agreed to provide ongoing consulting services to EOS in order
to assist EOS with general business expansion strategies, board organization and management, business management and asset/project
finance funding for oil/gas land rights, exploration, existing operating oil/gas wells, etc.; and

 

      WHEREAS,
it is the desire of the Parties to define and set out their relationship in writing and the circumstances under which Quantum shall
provide such consulting services.

 

NOW, THEREFORE, in consideration of the
mutual covenants hereinafter contained, the Parties agree as follows:

 

1. CONSULTING
SERVICES. EOS hereby agrees to retain Quantum to provide consulting support and advisory services to include business expansion
strategies, business management, project financing and optimization support through the contractual structure outlined by this
Agreement. Quantum shall devote such of its time and effort as may be necessary to discharge its duties under this Agreement.
While Quantum shall not be restricted from engaging in other business activities during the Term of this Agreement, Quantum shall
not provide services to any entity that directly competes with EOS. Services shall include but not be limited to the following:

 

		·	John Mitola, managing member of Quantum, will serve as a “strategic advisor” to EOS
alongside serving as a member of its board of directors (note – Mr. Mitola’s role as a board member will be structured
consistent with all other members of the board and he will be compensated as a board member similarly to all other members of the
board.)

 

		·	Board Coordination, Recruitment and Management:

 

		o	Board meetings - Quantum will provide complete management of board meetings including the bulk
of board meeting agendas, materials, presentations and outline. Mr. Mitola will serve as an informal corporate secretary and as
the formal Corporate Secretary (if desired by EOS) and in so doing shall provide follow up board meeting notes.

 

		o	Board Committees - Quantum will help organize board committees in full compliance with Sarbanes
Oxley and specific requirements of the exchange that EOS trades upon. Quantum shall organize committee meetings to meet such minimum
requirements of the corporate bylaws, exchange and SEC.

 

		o	Board Recruitment – If desired by EOS, Quantum will identify, advise and lead discussions
with additional professionals targeted to be recruited to the board of EOS.

 

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		·	Acquisitions:

 

		o	Acquisition Assessment and Board Review - Quantum will assist EOS with its assessment of all new
company acquisitions targeted by EOS. Quantum will lead in the detailed evaluation consistent with classic Harvard Business Review
outline form and prepare an appropriate report for the EOS Board with the company’s recommendation in accordance with corporate
standards.

 

		o	Acquisition Negotiations – Quantum will assist and/or lead the negotiation process of such
acquisitions at the direction of EOS. Assistance shall include travel and face-to-face meetings with such targeted acquisitions.

 

		o	Asset Acquisitions - Quantum will assist EOS with its assessment of any targeted oil field, works,
and associated asset acquisitions contemplated by EOS. Work to include an assessment of new market territories and acquisition
targets. Assistance shall include travel and face-to-face meetings with such targeted acquisitions.

 

		·	Financing:

 

		o	Assist, support and/or lead EOS efforts to secure energy project financing to move forward with
the development of EOS oil exploration.

 

		o	Quantum will help identify, target and lead discussions with targeted project finance partners.
Work to include travel and face-to-face meetings with such targeted financial partners.

 

		·	Other specific assignments determined by EOS.

 

2. PURPOSE. The purpose of this arrangement
is to carry on any and all such other activities as may be necessary to provide the Consulting Services outlined above and to support
the growth and operation of the business of EOS.

 

3. OFFICE, SUPPLIES AND EXPENSES. While
it is not anticipated that Quantum representatives will need to work extensively from EOS offices, Quantum is prepared to provide
any on-site work as required and EOS shall provide any necessary office space to allow Quantum to conduct any on-site work that
may be required to perform the Consulting Services outlined herein. Quantum shall be reimbursed by EOS for all reasonable and industry
standard expenses and supplies required to carry out the duties contemplated by this Agreement. Quantum shall obtain EOS’s
written approval for any travel incurred on behalf of EOS and for any single expense over $500. Such approval may be provided via
email transmission and reimbursement shall be made by EOS within 30 days of formal submittal by Quantum regardless of how compensation
is structured at such time.

 

4. TERM. The Agreement shall commence on
July 1, 2012 and shall continue for a minimum period of 12 months. Thereafter, this Agreement shall continue indefinitely or until
terminated by either of the Parties upon 60 days written notice thereof to the other Party. Such notice to be provided by email
communication.

 

5. MINIMUM MANPOWER COMMITMENT AND COMPENSATION.
Quantum will provide the work necessary to meet the requirements of the Consulting Services as outlined above. Quantum will also
commit to one in-person meeting per month – preferably in a manner that shall integrate with other Quantum travel activity
to maximize efficiency and to minimize travel expense to EOS. In addition, Quantum recommends holding a standing conference call
on two afternoons each week to review general strategy. At other times, Quantum will provide regular email updates along with a
more formal Monthly Report.

 

Quantum will also provide availability
for approximately 1 to 2 strategy or project finance meetings/trips per month on behalf of EOS (albeit, Quantum will always try
to combine travel with other business initiatives to reduce cost to EOS).

 

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Compensation:

 

		·	Monthly retainer - As compensation for the services contemplated herein, Quantum will be paid a
monthly fee of $5000 per month, payable on the 15th of each month. This fee shall begin to be paid the first month following
either a) EOS has successfully raised and funded a minimum of $2.5 million in corporate equity or b) EOS has become cash flow positive
on a monthly basis. The cash retainer shall be paid as a prepayment for a planned success fee related to Quantum’s efforts
to support EOS acquisitions or financings as outlined in the Services section. Such success fee is generally targeted to equal
1% of the project value and at no time less than $60,000 per project closing.

 

		·	Stock compensation – in exchange for Quantum’s initial efforts and support of EOS during
the time at which EOS is unable to pay the monthly retainer in due to the lack of the occurrence of (a) or (b) outlined above,
Quantum shall be granted a grant of common stock in EOS of 200,000 shares. 50,000 shares shall vest on July 1, 2012 or immediately
upon the public merger closing of EOS following July 1, 2012. If Quantum is continuing in its role for EOS at December 31, 2012,
an additional 50,000 shares shall vest from the 200,000 share total grant. If Quantum is continuing in its role on July 1, 2013
and December 31, 2013, an additional vesting of 50,000 shares shall occur on each of the respective dates. The stock shall have
equal registration status and trading rights as stock held by Nik Konstant and his affiliates.

 

		·	If this effort is continuing at July 1, 2014, and, EOS is cash flow positive, the monthly retainer
shall increase to $8000 per month.

 

6. REPRESENTATIONS AND WARRANTIES. The
Parties hereby represent and warrant to each other that they have full power and authority to execute, deliver and perform the
terms and provisions of this Agreement. This Agreement constitutes the legal, valid and binding obligation of the Parties enforceable
in accordance with its terms, except to the extent that the enforceability hereof may be limited by bankruptcy or similar laws
relating to or limiting creditors' rights generally or by equitable principles (regardless of whether enforcement is sought in
equity or at law).

 

7, INDEMNIFICATION. Each Party hereby agrees
to indemnify and hold harmless the other Party and its directors, officers, employees and/or affiliates against any and all losses,
claims, damages obligations, penalties, judgments, awards, liabilities, costs, expenses and disbursements (and all actions, suits,
proceedings and investigations in respect thereof and any and all reasonable legal or other costs, expenses and disbursements in
giving testimony or furnishing documents in response to a subpoena or otherwise), including, without limitation, the reasonable
costs, expenses, and disbursements, as and when incurred, of investigating, preparing, or defending any such action, proceeding
or investigation (whether or not in connection with litigation to which the Consultant is a party) (collectively, the "Liabilities")
arising out of or in connection with the activities contemplated by this Agreement, so long as such Liabilities arise from the
negligent and/or willful misconduct of the violating Party, or the violation in any material respect of applicable federal or state
securities laws by the violating Party with respect to any untrue statement or alleged untrue statement of a material fact or any
omission or alleged omission to state a material fact required to be stated, or necessary to make the statements made, in light
of the circumstances under which they were made, not misleading; provided, however, that this provision shall not
apply to any Liabilities to the extent found by a court of competent jurisdiction to have resulted from the willful misconduct
or violation in any material respect of applicable federal or state securities laws by the other Party. to the extent set forth
in Section 8(b) hereof. Each party entitled to indemnification under this Agreement (the "Indemnified Party"), shall
give notice to the party required to provide indemnification hereunder (the "Indemnifying Party") with reasonable promptness
after such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought. Notwithstanding the foregoing,
the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations
under this Section 8. Upon receipt of such notice, the Indemnifying Party shall conduct the defense of such claim or any litigation
resulting there from. The Indemnified Party may, however, participate in such defense at such Indemnified Party's sole expense.
The Indemnified Party shall furnish such information regarding the claim in question as the Indemnifying Party may reasonably request
in writing in connection with the defense of any such claim and litigation resulting there from.

 

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8. INDEPENDENT CONTRACTORS. Nothing herein
contained shall be construed to constitute the parties hereto as partners or as joint venturers, or either as agent of the other,
or as employer or employee. Except as otherwise expressly provided herein, Quantum and its representatives acknowledge that they
are not an officer, director or agent of Knight in any way and as such may not commit Knight to any action.

 

9. MISCELLANEOUS PROVISIONS.

 

(a)
      Governing Law. This Agreement shall be governed by,
and construed in accordance with, the laws of the State of California, without giving effect to the principles of conflicts of
laws thereof.

 

(b)
      Attorney Review. The Parties acknowledges that this Agreement
will have important legal consequences and imposes significant requirement on each Party. Accordingly, the Parties acknowledge
that they have considered retaining or have retained legal counsel to review this Agreement and that each Party has been provided
with adequate time to obtain such review.

 

(c)
      Arbitration. The Parties agree that in the event of any and
all disagreements and controversies arising from this Agreement such disagreements and controversies shall be subject to binding
arbitration as arbitrated in accordance with the then current Commercial Arbitration Rules of the American Arbitration Association
to be held in Los Angeles, California before one neutral arbitrator. Either Party may apply to the arbitrator seeking injunctive
relief until the arbitration award is rendered or the controversy is otherwise resolved. Without waiving any remedy under this
Agreement, either Party may also seek from any court having jurisdiction any interim or provisional relief that is necessary to
protect the rights or property of that Party, pending the establishment of the arbitral tribunal (or pending the arbitral tribunal’s
determination of the merits of the controversy). In the event of any such disagreement or controversy, neither Party shall directly
or indirectly reveal, report, publish or disclose any information relating to such disagreement or controversy to any person, firm
or corporation not expressly authorized by the other Party to receive such information or use such information or assist any other
person in doing so, except to comply with actual legal obligations of such Party or unless such disclosure is directly related
to an arbitration proceeding as provided herein, including, but not limited to, the prosecution or defense of any claim in such
arbitration. The costs and expenses of the arbitration (including attorneys’ fees) shall be paid by the non-prevailing Party
or as determined by the arbitrator. The Parties are hereby waiving any claims against each other party for any activities or prior
business transactions between the parties to date. This paragraph shall survive the termination of this Agreement. 

 

(d)
      Entire Agreement. This Agreement contains the entire agreement
and understanding between the parties and merges and supersedes any prior understandings or agreements, whether written or oral.
The provisions of this Agreement shall be amended or waived only with the written consent of both parties hereto. No other course
of dealing between the Parties or any delay in exercising any rights hereunder will operate as a waiver of any rights of either
Party under this Agreement.

 

(e)
      Successors and Assigns. This Agreement shall be binding upon,
inure to the benefit of, and shall be enforceable by Consultant and the Company and their respective successors and permitted assigns.
Except however, that this Agreement will automatically terminate without further liability on the part of either party due to the
death or incapacitation of Quantum’s principal, John Mitola.

 

(f)
      Nonwaiver of Rights. The failure of either Party to (i) enforce
any of the provisions of this Agreement or any rights with respect thereto or (ii) exercise any election provided for herein shall
in no way be a waiver of such provisions, rights or elections or in any way affect the validity of this Agreement. The failure
of either Party to exercise any of said provisions, rights or elections shall not preclude or prejudice such Party from later enforcing
or exercising the same or any other provision of this Agreement or any rights or elections which it has hereunder.

 

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(g)
      Notices. All notices and other communications under this Agreement
shall be in writing and shall be deemed effective and given upon actual delivery, if delivered by hand, or via email transmission
with a confirmation provided by the other party. Notices may also be sent via one (1) business day after the date sent by nationally
recognized overnight courier service, telex or facsimile transmission, or five (5) business days after the date sent by registered
or certified mail, return receipt requested, postage prepaid, addressed in each case, to the following addresses:

 

	 	i.	if to EOS:
	 	 	Nik Konstant
	 	 	NKonstant@princevillegroup.com
	 	 	 
	 	ii.	if to Quantum:
	 	 	John Mitola
	 	 	john@quantumadvisorsllc.com
	 	 	 
	 	 	or to 600 W. Jackson, Suite 600, Chicago IL 60661

 

(h)
      Assignability. This Agreement may be assigned to any wholly
owned affiliate of either Party to this Agreement. Neither this Agreement nor any right, remedy, obligation or liability arising
hereunder or by reason hereof shall be assignable by either Party to any third party without the prior written consent of the other
party hereto.

 

(i)
      Severability. If any provision of this Agreement or the application
of any such provision to any person or circumstance shall be held invalid, illegal or unenforceable in any respect by a court of
competent jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision hereof.

 

(j)
      Limitation of Liability. In no event shall either Party be
liable to the other Party for any indirect, special, punitive or consequential damages, nor for any claim against the other Party
made by any person or entity arising from or in any way related to this Agreement or from the services provided by hereunder, except
for the liability and indemnification obligations set forth under Section 7 hereof. 

 

(k)
      Counterparts. This Agreement may be executed in any number
of counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which together shall
be deemed to be one and the same agreement.

 

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

 

	 	Nik Konstant, Princeville Group and EOS Petro
	 	 	 
	 	By:	/s/ Nikolas Konstant
	 	 	 
	 	 	Its:  Chairman
	 	 	 
	 	QUANTUM ADVISORS LLC
	 	 	 
	 	By: 	/s/ John Mitola
	 	 	 
	 	Its:	Managing Member

 

    	Page 5 of 5EOS PETRO EMPLOYMENT AGREEMENT

 

This Agreement is entered
into as of September 13, 2012 (“Effective Date”), between Eos Petro, Inc. (“Company”) and Martin Cox (“Employee”).

 

In consideration of the
covenants and obligations in the Agreement, and for other good and valuable consideration, the receipt and sufficiency of which
are acknowledged and accepted, Company and Employee (each, a “Party” and collectively, the “Parties”) agree
as follows:

 

1.          At-Will
Employment. Employment with Company is at-will and may be terminated by Company or Employee at any time, with or without advance
notice. Nothing in this Agreement is intended: (1) as a guarantee of employment; or (2) to impact Employee’s ability to bargain
collectively and engage in concerted activities regarding the terms and conditions of his employment under the National Labor Relations
Act.

 

2.          Duties.
Employee’s duties as an Operations Manager for Company include assessing viability of acquisition prospects; evaluating,
executing and managing company operations; assisting third party operatives with management of company assets; field related operational
supervision and other related duties identified by the Chief Executive Officer of the Company. Employee shall devote his full
business time and effort to the performance of his duties for the Company, and shall perform those duties faithfully and to the
best of his ability. Employee shall report solely to the Chief Executive Officer, and shall be subject to the Company’s policies,
procedures and approval practices which are generally in effect for employees of the Company.

 

3.          Salary.
In consideration of Employee’s performance of his duties, Company will pay Employee: (1) $20,000 upon Employee’s execution
and delivery to Company of this Agreement; and (2) a base salary (“Base Salary”) at an annual rate of $120,000 (One
Hundred Twenty Thousand Dollars). The Base Salary shall be payable in accordance with the Company’s ordinary payroll practices.
The Company will review the Employee’s Base Salary for increase from time to time. Any increase to Base Salary shall be in
the sole discretion of the Company’s Chief Executive Officer and, as so adjusted, shall constitute “Base Salary.”

 

4.          Expenses.
The Company shall promptly reimburse Employee for all reasonable travel and business expenses that Employee incurs in connection
with his employment, provided Employee incurs and accounts for those expenses in accordance with the policies and procedures established
by the Company. Travel expenses shall include but not be limited to business class airfare, airport shuttles and taxis, gasoline,
rental cars and hotel accommodation.

 

    	1

    	 

    

 

5.          Stock
Award. If Employee is still employed by the Company on the one-year anniversary of the Effective Date, Employee shall receive
100,000 shares of the Company’s common stock (the “Stock Award”), which shall be subject to the following limitations:

 

5.1.     
No Registration. Employee acknowledges that he is fully informed that the Stock Award is not being registered under the
federal securities laws or the securities or blue sky laws of any state or foreign jurisdiction; that the Stock Award must be held
indefinitely unless it is subsequently registered under any applicable federal or state securities laws, or unless an exemption
from registration is available thereunder; and that the Company has no obligation to register the Stock Award.

 

5.2.      Restrictive
Legend. Employee understands and agrees that the certificate(s) for the Stock Award shall bear substantially the following
legend until (a) the Stock Award shall have been registered under the Securities Act of 1933, as amended (the “Securities
Act”) pursuant to a registration statement that has been declared effective; or (b) in the opinion of counsel reasonably
acceptable to the Company, the Stock Award may be sold without registration under the Securities Act as well as any applicable
“Blue Sky” or state securities laws:

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE
SECURITIES LAWS. SUCH SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT PURPOSES AND MAY NOT BE OFFERED FOR SALE, SOLD, DELIVERED AFTER
SALE, TRANSFERRED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FILED BY THE ISSUER WITH THE SECURITIES
AND EXCHANGE COMMISSION COVERING SUCH SECURITIES UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER THAT
SUCH REGISTRATION IS NOT REQUIRED.”

 

5.3.     Tax
Advice. The Employee and his advisors, if any, have been afforded the opportunity to ask questions of the Company, and the
Employee has sought such accounting, legal and tax advice as he has considered necessary to make an informed decision with respect
to his acquisition of the Stock Award. The Employee understands that he (and not the Company) shall be responsible for his own
tax liabilities that may arise as a result of receiving the Stock Award.

 

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6.          Confidential
Information.

 

6.1.          Definitions:

 

6.1.1.     “Confidential
Information” means any information of or relating to the Company that Employee learns or develops during the course of employment
with Company that (1) is not generally known to the public, and (2) has commercial value in Company’s business. Such information
includes, but is not limited to, Inventions (as defined below), ideas, designs, strategies, forecasts, sales, process and engineering
information, information about new or future products or services, Company’s marketing plans and goals, unpublished financial
information, lists of Company’s prospects, information about customer or prospect purchases and preferences, information
about employees and lists of Company’s employees, information regarding research and development, consulting processes, management
systems, computer software, code and programs, means of accessing Company’s computer systems or networks, algorithms, hardware
configurations and any other confidential information which provides Company with a competitive advantage. Confidential Information
also includes information of third parties regarding which Company has accepted obligations of confidentiality.

 

6.1.2.     “Trade
Secret” means information, including, but not limited to, a formula, pattern, compilation, program, device, method, technique
or process, which both: (a) derives independent economic value, actual or potential, from not being generally known to or readily
ascertainable by people who can obtain economic value from its disclosure or use; and (b) is the subject of Company’s efforts
to maintain its secrecy that are reasonable under the circumstances.

 

6.1.3.     “Inventions”
means all discoveries, developments, designs, improvements, ideas, inventions, trade secrets, formulas, processes, techniques,
computer programs, know-how and data, made or conceived or reduced to practice, whether or not patentable or registerable under
copyright or similar statutes, and whether or not shown or described in writing or reduced to practice.

 

6.1.4.     “Person”
shall mean any individual, company, corporation, partnership, joint venture, limited liability company, limited liability partnership,
association or other entity or arrangement under which business may be conducted or contracts may be entered into.

 

6.2.          Nondisclosure.
Both during the Employee’s employment with the Company and thereafter:

 

6.2.1.     Employee
agrees to maintain in confidence any Confidential Information or Trade Secrets unless or until: (a) it shall have been made public
by an act or omission of a party other than himself of herself; or (b) Employee receives such Confidential Information or Trade
Secrets from an unrelated third party on a nonconfidential basis.

 

6.2.2.     Employee
further agrees to use all reasonable precautions to ensure that all Confidential Information and Trade Secrets are properly protected
and kept from unauthorized persons or disclosure.

 

    	3

    	 

    

 

6.2.3.     Upon
termination of Employee’s employment with the Company, and if requested by Company at any other time, Employee shall promptly
return to Company, and delete from any personal computer or other device, all materials, writings, equipment, models, mechanisms,
and the like obtained from or through Company including, but not limited to, all Confidential Information and Trade Secrets, all
of which Employee acknowledges and agrees is the sole and exclusive property of Company.

 

6.2.4.     Employee
agrees that he will not, without first obtaining the prior written permission of the Chief Executive Officer of Company: (a) directly
or indirectly utilize any Confidential Information or Trade Secrets in his or her own business or for the benefit of any person
or entity other than the Company; (b) develop, manufacture, license, and/or sell any product that is based in whole or in part
on Confidential Information or Trade Secrets; or (c) disclose such Confidential Information or Trade Secrets to any person or entity
other than the Company.

 

6.2.5.     Employee
agrees to keep secret and not disclose to Company any confidential information or trade secrets of any former employer or other
Person possessed by Employee as long as such information remains confidential or secret.

 

6.2.6.      If
Employee loses or makes unauthorized disclosure of any of the Confidential Information or Trade Secret, the Employee will immediately
notify the Company and take all reasonable steps necessary to retrieve the lost or improperly disclosed Confidential Information.

 

6.2.7.      If
Employee is required in a civil, criminal or regulatory proceeding to disclose any part of the Confidential Information or any
Trade Secret, Employee will give the Chief Executive Officer of the Company prompt written notice of the request for information
to permit the Company to seek an appropriate remedy or to waive the Employee's compliance with the provisions of this Agreement
in regard to the request.

 

7.          Work.

 

7.1.          Any
work, Inventions, improvements or ideas and the tangible embodiments of same made or conceived by Employee in connection with and
during the period of Employee’s employment (collectively, the “Work”), shall be the sole and exclusive property
of Company.

 

7.2.          In
the event it is established that any such Work does not qualify as a “Work Made for Hire” as that phrase in defined
by the U.S. Copyright laws, Employee agrees to and does hereby assign to Company all of Employee’s right, title and interest
in and to such Work including, but not limited to, all patents, copyrights, trademarks and other proprietary rights relating thereto,
and all extensions and renewals thereof.

 

    	4

    	 

    

 

7.3.          The
Employee recognizes that this Agreement does not require assignment of any invention that qualifies for protection under Section
2870 of the California Labor Code.1

 

7.4.          Both
during the term of Employee’s employment and thereafter, Employee shall at Company’s expense fully cooperate with Company
in the protection and enforcement of any intellectual property rights that may derive as a result of the work performed by Employee
during the course of Employee’s employment. This shall include executing, acknowledging, and delivering to Company all documents
or papers that may be necessary to enable Company to publish or protect said inventions, improvements, and ideas.

 

7.5.          To
the extent that Employee has made or created Inventions, Employee represents and warrants that the items listed on a separate sheet
attached to this Agreement and made a part of it is a complete list of all Inventions, as defined in this Agreement, made or created
by Employee prior to Employee’s employment by Company, and which Employee wishes to exclude from this Agreement.

 

8.          Termination
of Agreement.

 

8.1.          This
Agreement will terminate upon the termination Employee’s employment with Company. Upon the termination of the Employee’s
employment, Employee will be paid: (1) his Base Salary earned through the date of termination; and (2) reimbursement for any unreimbursed
business and travel expenses properly incurred by the Employee prior to the date of Employee’s termination. Notwithstanding
this provision, the provisions of Sections 6, 7 and 9.2 survive the termination of this Agreement.

 

9.          General
Provisions.

 

9.1.          Notices.
Any notices or other communications required or permitted to be given under this Agreement must be in writing and addressed to
Company or Employee at the addresses below, or at such other address as either party may from time to time designate in writing.
Any notice or communication that is addressed as provided in this Section will be deemed given: (a) upon delivery, if delivered
personally or via certified mail, postage prepaid, return receipt requested; or (b) on the first business day of the receiving
party after timely delivery to the courier, if delivered by overnight courier. Other methods of delivery will be acceptable only
upon proof of receipt by the party to whom notice is delivered.

 

 

 1 Section
2870 provides: (a) Any provision in an employment agreement which provides that an employee shall assign, or offer to assign,
any of his or her rights in an invention to his or her employer shall not apply to an invention that the employee developed entirely
on his or her own time without using the employer's equipment, supplies, facilities, or trade secret information except for those
inventions that either: (1) Relate at the time of conception or reduction to practice of the invention to the employer's business,
or actual or demonstrably anticipated research or development of the employer; or (2) Result from any work performed by the employee
for the employer. (b) To the extent a provision in an employment agreement purports to require an employee to assign an invention
otherwise excluded from being required to be assigned under subdivision (a), the provision is against the public policy of this
state and is unenforceable.

 

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	If to Company: 	Eos Petro, Inc.
	 	2049 Century Park East
	 	Suite 3670
	 	Los Angeles, CA 90067
	 	 
	If to Employee:	Martin R. Cox
	 	1412 Main Street
	 	Suite 1800
	 	Dallas, TX 75202

 

9.2.      
     Agreement To Arbitrate Disputes.

 

9.2.1.     Arbitration.
Subject to the exceptions described in this Agreement, any controversy, dispute or claim arising out of or relating to this Agreement
or any breach of it (each a “Claim”), shall be settled by binding arbitration in Los Angeles County, California accordance
with the Employment Dispute Resolution Procedures of the selected arbitration group such as ADR, JAMS or American Arbitration
Association (“AAA”). The Claims covered by this agreement include, but are not limited to, claims for wages and other
compensation, claims for breach of contract (express or implied), tort claims, claims for discrimination (including, but not limited
to, race, sex, sexual orientation, religion, national origin, age, marital status, medical condition, and disability), harassment
(including, but not limited to race, sex, sexual orientation, religion, national origin, age, marital status, medical condition,
and disability), and claims for violation of any federal, state, or other government law, statute, regulation, or ordinance. This
provision shall not apply, however, to claims for workers’ compensation or unemployment insurance benefits, or claims; nor
shall it restrict Employee’s right to submit claims to the Equal Employment Opportunity Commission or the Department of Fair
Employment and Housing, as appropriate. In addition, this Agreement to Arbitrate Disputes does not prevent Employee from filing
a charge or claim with any other governmental administrative agency as permitted by applicable law.

 

9.2.2.     Selection
of Arbitrator. The parties may select an arbitrator mutually agreeable to each party. If the parties cannot agree on an arbitrator
within 30 days, the parties shall request from the arbitration group a list of five names drawn from its panel of employment
arbitrators and each party shall follow the striking procedure used by the arbitration group selected.

 

9.2.3.     Procedure
for Arbitration. The arbitrator shall apply California substantive law and the California Evidence Code to the proceeding.
The demand for arbitration must be in writing and made within the applicable statute of limitations period. The parties shall be
entitled to conduct reasonable discovery, including conducting depositions and requesting documents, in accordance with California
Code of Civil Procedure 1283.5(a). The arbitrator shall have the authority to resolve discovery disputes, including but not limited
to determining what constitutes reasonable discovery. The arbitrator shall have all powers and remedies conferred by law, and shall
prepare in writing and provide to the parties a decision and award which includes factual findings and the conclusions upon which
such award is based.

 

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9.2.4.     Binding
Arbitration. Except as otherwise required by law, the decision of the arbitrator shall be binding and conclusive on the parties.
Judgment upon the award rendered by the arbitrator may be entered in any court having proper jurisdiction. The fees for the arbitrator
and the arbitration forum shall be shared equally by the parties hereto, unless Company is required to pay for them by law. Each
party shall bear its, his or her own fees and costs incurred in connection with the arbitration except for any attorneys’
fees or costs which are awarded by the Arbitrator pursuant this Agreement or statute which provides for recovery of such fees and/or
costs; however, Employee shall not be required to bear any type of expense that Employee would not be required to bear if he or
she were bringing the action in court. The arbitration and the parties’ agreement therefore shall be deemed to be self-executing,
and if either party fails to appear at any properly-noticed arbitration proceeding, an award may be entered against such party
despite said failure to appear. Notwithstanding any other agreement between the parties, any statutorily imposed remedies awarded
to either Employee or Company pursuant to arbitration under this provision shall not be limited.

 

9.2.5.     Waiver
of Jury. Both the Company and Employee understand and agree that by using arbitration to resolve any Claims between Employee
and Company they are giving up any right that they may have to a judge or jury trial with regard to those Claims. Both parties
acknowledge that they are entering into this Agreement voluntarily and have independently negotiated and agreed upon this Section
9.2.5.

 

9.3.          Severability.
In the event that any covenant, condition, or other provision contained in this Agreement is held to be unenforceable, invalid,
void, or illegal by a court of competent jurisdiction, the unenforceable, invalid, void, or illegal provision will be deemed severable
from the remainder of this Agreement and will in no way affect, impair, or invalidate any other covenant, condition, or other provision
contained in this Agreement. If the condition, covenant, or other provision would be deemed invalid due to its scope or breadth,
the covenant, condition, or other provision will be deemed valid to the extent of the scope or breadth permitted by law.

 

9.4.          Assignment,
Successors and Assigns. Employee has no right to assign, delegate, or otherwise transfer this Agreement, or any of Employee’s
rights, duties, or any other interests in this Agreement to any party, and any purported assignment will be null and void. Company
may, without notice to Employee and without Employee’s prior consent or approval, assign, delegate, and transfer its rights
and obligations under this Agreement to any successor corporation or entity which continues the business of Company. This Agreement
will inure to and be binding upon each of the Parties and their respective legal representatives, heirs, successors, and permissible
assigns, but this provision is not intended to modify the restrictions on assignment by Employee set forth above.

 

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9.5.          Modification
and Waiver. Any modification of this Agreement will be effective only if it is in writing signed by the party to be charged.
No waiver of any of the provisions of this Agreement will be deemed, or will constitute, a waiver of any other provision, whether
or not similar, nor will any waiver constitute a continuing waiver.

 

9.6.          Counterparts.
This Agreement may be executed simultaneously in one or more counterparts, each of, which will be deemed an original, but all of
which together will constitute one and the same instrument. Faxed and emailed .pdf copies of signatures will be valid and binding.

 

9.7.          Entire
Agreement. This Agreement supersedes any and all other agreements, whether oral or in writing, between the Parties with respect
to the compensation of Employee by Company and contains all agreements between the parties relating to such compensation. Each
party to this Agreement acknowledges that no representations, inducements, promises, or agreements, oral or written, have been
made by any party, or anyone acting on behalf of any party, that are not embodied in this Agreement, and that no other agreement,
statement, or promise not contained in this Agreement will be valid or binding.

 

	“Company”	 	 
	 	 	 
	/s/Nikolas Konstant	 	Date: September 18, 2012
	By: Nikolas Konstant	 	 
	Its: Chairman	 	 
	 	 	 
	“Employee”	 	 
	 	 	 
	/s/ Martin Cox	 	Date:    September 13, 2012
	     Martin R. Cox	 	 

 

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