Document:

Employment
Agreement

 

This EMPLOYMENT AGREEMENT
(the “Agreement”), is entered into as of November 22, 2013, by and between Petro River Oil Corp., a Delaware
corporation (the “Company”), and Ruben Alba (“Executive”).

 

WHEREAS, the Executive
currently serves as a Company Director;

 

WHEREAS, the Company recognizes
that the Executive has had and is expected to continue to have a critical and essential role in guiding the Company and in developing
the Company’s leasehold interests;

 

WHEREAS, the Executive
is expected to make major contributions to the stability, growth and financial strength of the Company;

 

WHEREAS, the Company has
determined that appropriate arrangements should be taken to encourage the continued attention and dedication of the Executive to
his assigned duties without distraction;

 

WHEREAS, in consideration
of the Executive’s employment with the Company, the Company desires to provide the Executive with certain compensation and
benefits as set forth in this Agreement;

 

WHEREAS, as of the date
of this Agreement, the Company wishes to continue Executive’s service as Executive Vice President under the terms of an employment
agreement on the terms set forth herein, which shall supersede all previous agreements regarding Executive’s service as a
director and employment by the Company; and

 

WHEREAS, the Executive
desires to be employed by the Company on the terms contained in this Agreement.

 

NOW, THEREFORE,in consideration
of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties agree as follows:

 

1. Position
and Duties. 

 

(a) The
Executive shall serve as Executive Vice President reporting to the Company’s Executive Chairman.

 

The Executive shall have
such duties and authority as are consistent therewith and as may be set forth by the Executive Chairman. For purposes of the applicability
of the Company compensation plans to the Executive, Executive shall be considered an “employee.” The Executive shall
devote his full business time to the performance of his duties hereunder. Notwithstanding the foregoing, the Executive shall be
entitled to (i) serve as a member of the board of directors of unaffiliated companies, (ii) serve on civic, charitable, educational,
religious, public interest or public service boards, (iii) and manage the Executive’s personal and family investments, and
(iv) have an ownership interest in other businesses, including, without limitation, businesses engaged in the oil and gas industry.
In addition, the Executive has disclosed to the Company his involvement in oil and gas entities and investments other than the
Company (collectively, the “Outside Activities”). A non-exclusive list of Outside Activities is contained is
Schedule A. The Company shall permit the Executive to continue to engage in the Outside Activities provided that the Executive
agrees to disclose to the Board of Directors of the Company (the “Board”) any actual or potential conflict of interest
arising out of any such Outside Activity.

 

 

    	 

    	 

    

 

This Agreement and Executive’s
employment hereunder shall be for an initial term of two (2) years commencing on the date hereof (the “Effective Date”)
and ending on the second anniversary of the Effective Date (the “Expiration Date”), unless terminated earlier
by the Company or the Executive pursuant to Section 4 of this Agreement (the “Term”).

 

2. Compensation
and Related Matters.

 

(a) Base
Salary. The Executive’s initial annual base salary shall be $120,000, less applicable withholdings (the “Base
Salary”). The Company will increase the Base Salary of the Executive upon the initial capital raise of the Company, once
it is listed and trading, subject the approval of the Executive Chairman. The Base Salary shall be payable in accordance with the
Company’s normal payroll procedures in effect from time to time. The Board shall review the Base Salary annually and may
increase the Base Salary, and the term “Base Salary” shall refer to such increased amount.

 

(b) Annual
Bonus. During the Term, the Executive may receive additional annual cash and/or stock bonuses, in respect of each full or partial
fiscal year of the Company occurring during the Term, as well as other cash and/or stock bonuses, as determined in the sole discretion
of the Board based on its assessment of Company and individual performance in relation to performance targets, a subjective evaluation
of Executive’s performance or such other criteria as may be established by it (the “Annual Bonus”). The
Annual Bonus will be paid no later than the seventy-fifth (75th) day following the end of the fiscal year to which the
Annual Bonus relates.

 

(c) Equity
Grants. Upon the Effective Date, the Executive shall receive options to purchase 12,500,000 shares of the Company’s common
stock (the “Common Stock”), such options to have an exercise price equal to the fair market value of the Company’s
common stock on the date of grant. The vesting of the options will be subject to time based vesting and shall be subject to the
terms and conditions as more fully set forth on Exhibit A, attached hereto.

 

(d) Long
Term Incentive Plan. The Executive shall be entitled to participate in all bonus plans,
policies, practices, policies and programs adopted by the Company and applicable generally
to senior executives of the Company.

 

(e) Equity
Incentive Plan. The Executive shall be entitled to participate in any and all
plans providing for awards of equity or instruments convertible into equity adopted
by the Company and applicable generally to other senior executives of the Company.

 

(f) Business
Expenses. The Executive shall be entitled to receive prompt reimbursement for all reasonable business expenses incurred by
him in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company
for its senior executive officers.

 

(g) Other
Benefits. The Executive shall be entitled to participate in all pension, savings and
retirement plans, welfare and insurance plans, practices, policies, programs and perquisites
of employment applicable generally to other senior executives of the Company.

 

(h) Vacation.
The Executive shall be entitled to accrue up to 15 paid vacation days in each year, which shall be accrued annually and ratably.
The Executive shall also be entitled to all paid holidays given by the Company to its executives.

 

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(i) Attorneys’
Fees. The Company shall reimburse Executive for the attorneys’ fees and costs incurred by him in connection with the
drafting, review and negotiation of this Agreement within fifteen (15) days following Executive’s submission to the Company
of invoices evidencing such fees and costs, subject to a cap of $10,000.

 

(j) Withholding.
All amounts payable to the Executive under this Section 3 shall be subject to all required federal, state and local withholding,
payroll and insurance taxes.

 

3. Termination.
The Executive’s employment may be terminated and this Agreement terminated under the following circumstances:

 

(a) Death.
The Executive’s employment hereunder shall terminate upon his death.

 

(b) Disability.
The Company may terminate the Executive’s employment if the Executive becomes subject to a Disability. For purposes of this
Agreement, “Disability” means the Executive is unable to perform the essential functions of his position as
Executive Vice President , with or without a reasonable accommodation, for a period of one-hundred twenty (120) consecutive days
or one-hundred eighty (180) days during any rolling consecutive twelve (12) month period.

 

(c) Termination
by Company for Cause. The Company may terminate the Executive’s employment for Cause. For purposes of this Agreement,
“Cause” means the Executive’s: (i) willful misconduct or gross negligence which causes material harm to
the Company; (ii) fraud, embezzlement or other material dishonesty with respect to the Company; (iii) conviction, plea of nolo
contendere, guilty plea, or confession to a felony or any lesser crime of which fraud, embezzlement, or moral turpitude is
a material element; or (iv) a material breach of this Agreement, provided that a breach of this Agreement, if curable, shall not
constitute Cause unless the Company has provided the Executive with (x) written notice of the acts or omissions giving rise to
a termination of his employment for Cause; (y) the opportunity to correct the act or omission within 30 days after receiving the
Company’s notice (the “Cure Period”); and (z) an opportunity to be heard before the Board with the Executive’s
counsel present prior to the Board’s decision to terminate the Executive’s employment for Cause.

 

(d) Termination
by the Company without Cause. The Company may terminate the Executive’s employment at any time without Cause. For purposes
hereof, the Company’s election not to renew the Term or any Renewal Term shall constitute a termination without Cause.

 

(e) Termination
by the Executive. The Executive may terminate his employment at any time for any reason other than a Good Reason. 

 

(f) Termination
by the Executive for Good Reason. The Executive may terminate his employment for Good Reason. For purposes of this Agreement,
“Good Reason” means: (i) a material reduction in the Executive’s Base Salary; (ii) a material diminution
in the Executive’s responsibilities; (iii) the assignment of duties to the Executive materially inconsistent with his position
as Executive Vice President; (iv) the requirement that the Executive relocate his primary place of employment more than 20 miles
from its current location (unless such location is closer to the Executive’s primary residence); or (v) the Company’s
material breach of this Agreement; provided that, within 90 days of the Company’s act or omission giving rise to a resignation
for Good Reason, the Executive notifies the Company in a writing of the act or omission, the Company fails to correct the act or
omission within 30 days after receiving the Executive’s written notice (the “Cure Period”) and the Executive
actually terminates his employment within 60 days after the date the Company receives the Executive’s notice.

 

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(g) Expiration.
Executive’s employment shall terminate on the Expiration Date.

 

(h) Termination
Date. The “Termination Date” means: (i) if the Executive’s employment is terminated by his death under
Section 4(a), the date of his death; (ii) if the Executive’s employment is terminated on account of his Disability under
Section 4(b), the date on which the Company provides the Executive a written termination notice; (iii) if the Company terminates
the Executive’s employment for Cause under Section 4(c), the date on which the Company provides the Executive a written termination
notice, unless the circumstances giving rise to the termination are subject to a Cure Period, in which case the date on which the
Company provides the Executive a written termination notice following the end of the Cure Period; (iv) if the Company terminates
the Executive’s employment without Cause under Section 4(d), 90 days after the date on which the Company provides the Executive
a written termination notice; (v) if the Executive resigns his employment without Good Reason under Section 4(e), 30 days after
the date on which the Executive provides the Company a written termination notice, (vii) if the Executive resigns his employment
with Good Reason under Section 4(f), the date on which the Executive provides the Company a timely written termination notice following
the end of the Cure Period, and (viii) the Expiration Date if the Executive’s employment terminates under Section 4(g).

 

4. Compensation
upon Termination.

 

(a) Termination
by the Company for Cause; by the Executive without Good Reason; or upon the Expiration Date following the Executive’s election
not to Renew. If the Executive’s employment with the Company is terminated pursuant to Sections 4(c), 4(e), or 4(g) following
the Executive’s election not to renew the Term or Renewal Term, the Company shall pay or provide to the Executive the following
amounts through the Termination Date: any earned but unpaid Base Salary, unpaid expense reimbursements, any earned but unpaid Annual
Bonus and any vested benefits the Executive may have under any employee benefit plan of the Company (the “Accrued Obligations”)
on or before the time required by law but in no event more than 30 days after the Executive’s Termination Date.

 

(b) Death;
Disability. If the Executive’s employment terminates because of his death as provided in Section 4(a) or because of a
Disability as provided in Section 4(b), then the Executive (or his authorized representative or estate) shall be entitled to 

 

(i) the
Accrued Obligations earned through the Termination Date (payable at the time provided for in Section 5(a)).

 

(ii) the
Executive’s Annual Bonus for the fiscal year in which the Executive’s termination occurs based on the actual
achievement of performance criteria for that year payable at the same time bonuses for such year are paid to other senior
executives of the Company.

 

(iii) Subject
to the Executive’s or, in the event of his death, his eligible dependents’ timely election of continuation
coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the
Company shall reimburse the Executive and/or his eligible dependents the monthly premium payable to continue his and his
eligible dependents’ participation in the Company’s group health plan (to the extent permitted under applicable
law and the terms of such plan) which covers the Executive (and the Executive’s eligible dependents) for a period of
eighteen (18) months, provided that the Executive is eligible and remains eligible for COBRA coverage and such
eligibility is not limited by the Executive’s death; and provided, further, that in the event that the
Executive obtains other employment that offers group health benefits, such continuation of coverage by the Company shall
immediately cease. If the reimbursement of any COBRA premiums would violate the nondiscrimination rules or cause the
reimbursement of claims to be taxable under the Patient Protection and Affordable Care Act of 2010, together with the Health
Care and Education Reconciliation Act of 2010 (collectively, the “Act”) or Section 105(h) of the Code, the
Company paid premiums shall be treated as taxable payments and be subject to imputed income tax treatment to the extent
necessary to eliminate any discriminatory treatment or taxation under the Act or Section 105(h) of the Code.

 

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(iv) in
the case of a termination due to Disability, in addition to the aforementioned compensation, benefits and awards,
continuation of the Base Salary in effect on the date of termination until the earlier of (A) the eighteenth month
anniversary of the date of termination, and (B) the date Executive is eligible to commence receiving payments under the
Company’s long-term disability policy. If the net compensation from the Base Salary is greater than the net
compensation from the long-term disability policy, the Company, through the eighteenth month anniversary of the date of
termination will compensate the Executive’s estate the difference in net compensation.

 

(c) Termination
by the Company without Cause, by the Executive with Good Reason. If the Executive’s employment is terminated by the Company
without Cause as provided in Section 4(d) (excluding as a result of the Company’s failure to renew the Term or any Renewal
Term) or the Executive terminates his employment for Good Reason as provided in Section 4(f) 

 

(i) the Accrued
Obligations earned through the Termination Date (payable at the time provided for in Section 5(a)).

 

(d) Change
of Control: Termination by the Company without Cause, by the Executive with Good Reason. If the Executive’s employment
is terminated by the Company without Cause as provided in Section 4(d) (including as a result of the Company’s failure to
renew the Term or any Renewal Term) or the Executive terminates his employment for Good Reason as provided in Section 4(f), and
such termination occurs (x) at the same time as, or within the twelve (12) month period following, the consummation of a Change
in Control or (y) within the sixty (60) day period prior to the date of a Change in Control where the Change in Control was under
consideration at the time of Executive’s Termination Date, then the Executive shall be entitled to two years of all Compensation
set forth in Section 3 and the following payable no later than thirty (30) days following the Termination Date:

 

(i) the
Accrued Obligations earned through the Termination Date (payable at the time provided for in Section 5(a)).

 

(ii) severance
of twice the Executive’s annual base salary based upon the greater of (x) the base salary in existence on the termination
date, or (y) the base salary pursuant to Section 3(a) of this agreement. The severance is payable in a single lump sum payment
no later than thirty (30) days following the Termination Date.

 

(iii) A
pro-rata portion of the Executive’s Annual Bonus for the fiscal year in which the Executive’s termination occurs based
on the actual achievement of performance criteria for that year. If there is no Annual Bonus for which he is eligible in the fiscal
year of the termination date, then the award shall be based upon a pro rata share of the Annual Bonus most recently issued to the
Executive. If the Annual Bonus has been reduced either 60 days prior to a Change in Control or within twelve months following a
Change in Control then the pro-rata bonus shall be based upon the highest Annual Bonus previously awarded to the Executive. 

 

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(iv) full
vesting of the Executive in any and all outstanding previously granted options and all equity-based incentive awards that would
have been granted and vested over two years from the Termination Date. Subject to the Executive’s timely election of continuation
coverage under COBRA, the Company shall reimburse the Executive the monthly premium payable to continue his and his eligible dependents’
participation in the Company’s group health plan (to the extent permitted under applicable law and the terms of such plan)
which covers the Executive (and the Executive’s eligible dependents) for a period of eighteen (12) months, provided
that the Executive is eligible and remains eligible for COBRA coverage; and provided, further, that in the event
that the Executive obtains other employment that offers group health benefits, such continuation of coverage by the Company shall
immediately cease. If the reimbursement of any COBRA premiums would violate the nondiscrimination rules or cause the reimbursement
of claims to be taxable under the Patient Protection and Affordable Care Act of 2010, together with the Health Care and Education
Reconciliation Act of 2010 (collectively, the “Act”) or Section 105(h) of the Code, the Company paid premiums
shall be treated as taxable payments and be subject to imputed income tax treatment to the extent necessary to eliminate any discriminatory
treatment or taxation under the Act or Section 105(h) of the Code.

 

(e) Change
of Control: For purposes of Section 5(d), a change of control shall have occurred upon any of the following:

 

(i) any
person or entity becoming the beneficial owner, directly or indirectly, of securities of the Company representing eighty (80%)
percent of the total voting power of all its then outstanding voting securities; 

 

(ii) a
merger or consolidation of the Company in which its voting securities immediately prior to the merger or consolidation do not represent,
or are not converted into securities that represent, a majority of the voting power of all voting securities of the surviving entity
immediately after the merger or consolidation; 

 

(iii) a
sale of substantially all of the assets of the Company or a liquidation or dissolution of the Company; or 

 

(f) Consequence
of a Change in Control. Notwithstanding the terms of any employee compensation plan, if, as of the date of a Change in Control,
Executive holds stock options issued under such a plan that are not vested and exercisable, such stock options shall become fully
vested and exercisable as of the date of the Change in Control if the acquirer does not agree to assume or substitute for equivalent
stock options such outstanding stock options. 

 

(g) No
Mitigation or Offset. In the event of any termination of Executive’s employment hereunder, Executive shall be under no
obligation to seek other employment or otherwise mitigate the obligations of the Company under this Agreement, and there shall
be no offset against any amounts due under this Agreement on account of any remuneration attributable to any subsequent employment
that Executive may obtain.

 

5.
Section 409A Compliance.

 

(a) All
in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or
incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as
administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year
following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or reimbursable
expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for
reimbursement in any other taxable year. Such right to reimbursement or in-kind benefits is not subject to liquidation or
exchange for another benefit.

 

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(b) To
the extent that any of the payments or benefits provided for in Section 5(b), (c) or (d) are deemed to constitute non-qualified
deferred compensation benefits subject to Section 409A of the United States Internal Revenue Code (the “Code”),
the following interpretations apply to Section 5: 

 

(i) Any
termination of the Executive’s employment triggering payment of benefits under Section 5(b), (c) or (d) must constitute a
“separation from service” under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h) before distribution
of such benefits can commence. To the extent that the termination of the Executive’s employment does not constitute a separation
of service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h) (as the result of further services that
are reasonably anticipated to be provided by the Executive to the Company or any of its parents, subsidiaries or affiliates at
the time the Executive’s employment terminates), any benefits payable under Section 5(b), (c) or (d) that constitute deferred
compensation under Section 409A of the Code shall be delayed until after the date of a subsequent event constituting a separation
of service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h). For purposes of clarification, this Section
6(b)(i) shall not cause any forfeiture of benefits on the Executive’s part, but shall only act as a delay until such time
as a “separation from service” occurs.

 

(ii) If
the Executive is a “specified employee” (as that term is used in Section 409A of the Code and regulations and other
guidance issued thereunder) on the date his separation from service becomes effective, any benefits payable under Section 5(b),
(c) or (d) that constitute non-qualified deferred compensation under Section 409A of the Code shall be delayed until the earlier
of (A) the business day following the six-month anniversary of the date his separation from service becomes effective, and (B)
the date of the Executive’s death, but only to the extent necessary to avoid such penalties under Section 409A of the Code.
On the earlier of (A) the business day following the six-month anniversary of the date his separation from service becomes effective,
and (B) the Executive’s death, the Company shall pay the Executive in a lump sum the aggregate value of the non-qualified
deferred compensation that the Company otherwise would have paid the Executive prior to that date under Section 5(b), (c) or (d)
of this Agreement.

 

(iii) It
is intended that each installment of the payments and benefits provided under Section 5(b), (c) and (d) of this Agreement shall
be treated as a separate “payment” for purposes of Section 409A of the Code. 

 

(iv) Neither
the Company nor the Executive shall have the right to accelerate or defer the delivery of any such payments or benefits except
to the extent specifically permitted or required by Section 409A of the Code.

 

6.
Excess Parachute Payments.

 

(a) To
the extent that any payment, benefit or distribution of any type to or for the benefit of the Executive by the Company or any of
its affiliates, whether paid or payable, provided or to be provided, or distributed or distributable pursuant to the terms of this
Agreement or otherwise (including, without limitation, any accelerated vesting of stock options or other equity-based awards) (collectively,
the “Total Payments”) would be subject to the excise tax imposed under Section 4999 of the Internal Revenue
Code of 1986, as amended (the “Code”), then the Total Payments shall be reduced (but not below zero) so that
the maximum amount of the Total Payments (after reduction) shall be one dollar ($1.00) less than the amount which would cause the
Total Payments to be subject to the excise tax imposed by Section 4999 of the Code, but only if the Total Payments so reduced result
in the Executive receiving a net after tax amount that exceeds the net after tax amount the Executive would receive if the Total
Payments were not reduced and were instead subject to the excise tax imposed on excess parachute payments by Section 4999 of the
Code. Unless the Executive shall have given prior written notice to the Company to effectuate a reduction in the Total Payments
if such a reduction is required, any such notice consistent with the requirements of Section 409A of the Code to avoid the imputation
of any tax, penalty or interest thereunder, the Company shall reduce or eliminate the Total Payments by first reducing or eliminating
any cash severance benefits (with the payments to be made furthest in the future being reduced first), then by reducing or eliminating
any accelerated vesting of stock options or similar awards, then by reducing or eliminating any accelerated vesting of restricted
stock or similar awards, then by reducing or eliminating any other remaining Total Payments. The preceding provisions of this Section
7(a) shall take precedence over the provisions of any other plan, arrangement or agreement governing the Executive’s rights
and entitlements to any benefits or compensation; provided however, that any total benefits or compensation that would otherwise
be due and payable to Executive under any terms of this Agreement would still be paid to Executive but in a manner that is in compliance
with Section 4999.

 

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(b) If
the Total Payments to the Executive are reduced in accordance with Section 7(a), as a result of the uncertainty in the application
of Section 4999 of the Code at the time of the initial reduction under Section 7(a), it is possible that Total Payments to the
Executive which will not have been made by the Company should have been made (“Underpayment”) or that Total
Payments to the Executive which were made should not have been made (“Overpayment”). If an Underpayment has
occurred, the amount of any such Underpayment shall be promptly paid by the Company to or for the benefit of the Executive. In
the event of an Overpayment, then the Executive shall promptly repay to the Company the amount of any such Overpayment together
with interest on such amount (at the same rate as is applied to determine the present value of payments under Section 280G of the
Code or any successor thereto), from the date the reimbursable payment was received by the Executive to the date the same is repaid
to the Company

 

7. Confidentiality
and Restrictive Covenants.

 

(a) Covenant Against Disclosure.
All Confidential Information relating to the Business of the Company is, shall be and shall remain the sole property and confidential
business information of the Company, free of any rights of the Executive. Without the prior written consent of the Company, the
Executive shall not make any use of the Confidential Information except in the performance of his duties hereunder and shall not,
without the prior written consent of the Company, disclose any Confidential Information to third parties.

 

(b) Return of Company
Documents. On the Termination Date or on any prior date upon the Company’s written demand, the Executive will return
all Confidential Information in his possession, directly or indirectly, that is in written or other tangible form (together with
all duplicates thereof) and that he will not retain or furnish any such Confidential Information to any third party, either by
sample, facsimile, film, audio or video cassette, electronic data, verbal communication or any other means of communication.

 

(c) Further Covenant.
During the Term and through the first anniversary of the Termination Date, the Executive shall not, directly or indirectly, take
any of the following actions, and, to the extent the Executive owns, manages, operates, controls, is employed by or participates
in the ownership, management, operation or control of, or is connected in any manner with, any business, the Executive will use
his best efforts to ensure that such business does not take any of the following actions:

 

(i) persuade or attempt
to persuade any customer of the Company to cease doing business with the Company, or to reduce the amount of business any customer
does with the Company;

 

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(ii) solicit for himself
or any entity the business of a customer of the Company, or solicit any business which was a customer of the Company in competition
with the Company’s Business within twelve (12) months prior to the termination of the Executive’s employment; or

 

(iii)
persuade or attempt to persuade any employee of the Company to leave the employ of the Company, or hire or engage, directly
or indirectly, any individual who was an employee of the Company within one (1) year prior to the Executive’s
Termination Date.

 

8. RESERVED

 

9. No
Disparagement. During the Term and through the second anniversary of the Termination Date, the Executive will not make
public statements or communications that disparage the Company or any of its businesses, services, products, affiliates or
current, former or future directors and executive officers (in their capacity as such). During the Term and through the
second anniversary of the Termination Date, the Company will instruct its directors and executives not to make public
statements or communications that disparage the Executive. The foregoing obligations shall not be violated by truthful
statements in response to legal process, required governmental testimony or filings, or administrative or arbitral
proceedings (including, without limitation, depositions in connection with such proceedings).

 

10. Indemnification.
During the Term and thereafter, the Company shall indemnify and hold the Executive and the Executive’s heirs and
representatives harmless, to the maximum extent permitted by law, against any and all damages, costs, liabilities, losses and
expenses (including reasonable attorneys’ fees) as a result of any claim or proceeding (whether civil, criminal,
administrative or investigative), or any threatened claim or proceeding (whether civil, criminal, administrative or
investigative), against the Executive that arises out of or relates to the Executive’s service as an officer, director
or employee, as the case may be, of the Company, or the Executive’s service in any such capacity or similar capacity
with any affiliate of the Company or other entity at the Company’s request, both prior to and after the Effective Date,
and to promptly advance to the Executive or the Executive’s heirs or representatives such expenses, including
litigation costs and attorneys’ fees, upon written request with appropriate documentation of such expense upon receipt
of an undertaking by the Executive or on the Executive’s behalf to repay such amount if it shall ultimately be
determined that the Executive is not entitled to be indemnified by the Company. During the Term and thereafter, the Company
also shall provide the Executive with coverage under its current directors’ and officers’ liability policy to the
same extent that it provides such coverage to its other executive officers. If the Executive has any knowledge of any actual
or threatened action, suit or proceeding, whether civil, criminal, administrative or investigative, as to which the Executive
may request indemnity under this provision, the Executive will give the Company prompt written notice thereof; provided that
the failure to give such notice shall not affect the Executive’s right to indemnification. The Company shall be
entitled to assume the defense of any such proceeding and the Executive will use reasonable efforts to cooperate with such
defense. To the extent that the Executive in good faith determines that there is an actual or potential conflict of interest
between the Company and the Executive in connection with the defense of a proceeding, the Executive shall so notify the
Company and shall be entitled to separate representation at the Company’s expense by counsel selected by the Executive
(provided that the Company may reasonably object to the selection of counsel within ten (10) business days after notification
thereof) which counsel shall cooperate, and coordinate the defense, with the Company’s counsel and minimize the expense
of such separate representation to the extent consistent with the Executive’s separate defense. This Section 11 shall
continue in effect after the termination of the Executive’s employment or the termination of this Agreement

 

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11. Disputes.

 

(a) Any
dispute or controversy arising out of or relating to this Agreement or your employment, other than injunctive relief, will be settled
exclusively by arbitration, conducted before a single arbitrator in New York New York (applying New York law) in accordance with,
and pursuant to, the National Rules for the Resolution of Employment Disputes of the American Arbitration Association (“AAA”).
The decision of the arbitrator will be final and binding upon the parties hereto. Any arbitral award may be entered as a judgment
or order in any court of competent jurisdiction. Either party may commence litigation in court to obtain injunctive relief in aid
of arbitration, to compel arbitration, or to confirm or vacate an award, to the extent authorized by the Federal Arbitration Act.
The Company and the Executive will share the AAA administrative fees, the arbitrator’s fee and expenses, and each party will
pay its own attorneys’ fees.

 

(b) BOTH
THE COMPANY AND THE EXECUTIVE HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE
FEDERAL OR STATE LAW.

 

(c) In
the event of any contest or dispute relating to this Agreement or the termination of Executive’s employment hereunder,
the Company shall reimburse 100% of Executive’s reasonable legal fees if Executive substantially prevails in such
contest or dispute.

 

12. Integration.
This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all
prior agreements between the parties concerning such subject matter.

 

13. Successors.
This Agreement shall inure to the benefit of and be enforceable by the Executive’s personal representatives, executors, administrators,
heirs, distributees, devisees and legatees. In the event of the Executive’s death after his termination of employment but
prior to the completion by the Company of all payments due him under this Agreement, the Company shall continue such payments to
the Executive’s beneficiary designated in writing to the Company prior to his death (or to his estate, if the Executive fails
to make such designation). The Company shall require any successor to the Company to expressly assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had
taken place.

 

14. Enforceability.
If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement)
shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement,
or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable,
shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent
permitted by law.

 

15. Survival.
The provisions of this Agreement shall survive the termination of this Agreement and/or the termination of the Executive’s
employment to the extent necessary to effectuate the terms contained herein.

 

16. Waiver.
No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any
party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this
Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

 

    	10

    	 

    

 

17. Notices.
Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered
in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return
receipt requested, to the Executive at the last address the Executive has filed in writing with the Company or, in the case of
the Company, at its main offices,

 

	 	If to Executive:	Ruben Alba
	 	 	11245 RIVER RUN PKWY
	 	 	HENDERSON, Colorado 80640 
	 	 	 
	 	If to Company:	Petro River Oil Corp
	 		4925 Greenville Ave, Suite 900
	 	 	Dallas, Texas 75206
	 	 	 
	 	Copy to Board:	641 Lexington Avenue, 26th Floor
	 	 	New York, New York 10022

 

18. Amendment.
This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized representative
of the Company.

 

19. Governing
Law. This is a New York contract and shall be construed under and be governed in all respects by the laws of New York for contracts
to be performed in that State and without giving effect to the conflict of laws principles of New York or any other State.

 

20. Counterparts.
This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be
an original; but such counterparts shall together constitute one and the same document.

 

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

 

	 	PETRO RIVER OIL CORP
	 	 	 
	 	By:	/s/
    Scot Cohen
	 	Name: 	Scot Cohen
	 	Title: 	Executive Chairman

 

	 	 	RUBEN ALBA
	 	 	 
	 	 	/s/
    Ruben Alba
	 	 	Individually

 

    	11

    	 

    

 

Schedule A

 

Outside Activities

 

	●	 	The Executive provides consulting services to Glen Rose Partners 1, LLC a company in which Iroquois Capital Opportunity Fund LP (or ICO Fund) owns stock.
	●	 	The Executive has a minority membership interest in Petro River Partners I LLC, which has a three percent overriding royalty interest in all leaseholds PROC is acquiring from Petro River Oil LLC. 
	●	 	The Executive is an authorized signatory of Petro River Operating LLC, a wholly owned subsidiary of Petro River Oil LLC. 
	●	 	The Executive is an authorized signatory of Banyan Operating LLC, an operator operating assets for Glen Rose Partners I, LLC,
	●	 	The Executive may provide services to special purpose vehicles associated with ICO Fund or with Petro River Oil LLC.

 

    	12

    	 

    

 

Exhibit A

 

All options vested as set forth in this Exhibit A will have a ten
year exercise period unless otherwise provided in this employment agreement.

 

Initial Award 

 

Upon the Effective Date or within 15 days thereafter,
the Company shall grant the Executive options to purchase 12,500,000 shares of Common Stock the granted options shall have an exercise
price equal to the fair market value of the Common Stock on the date of grant. The granted options shall be subject to a four -year
vesting schedule with 20% to vest upon the grant date, and the balance to grant ratably on an annual basis for the next 4 years.

 

Treatment upon termination
of employment

 

	Death or Disability	Granted awards shall continue and vest for 12 months following the death or disability date. Awards set to vest therein are awarded. Awards set to vest thereafter are cancelled. Vested options exercisable for the full ten year term.
	 	 
	Voluntary quit	Granted unvested awards cancelled. Yet to be granted awards cancelled.
	 	 
	 	Vested options exercisable for the full ten year term.
	 	 
	Termination for Cause	Granted unvested awards cancelled. Yet to be granted awards cancelled.
	 	 
	 	Vested options exercisable for the full ten year term.
	 	 
	Termination without Cause/ 

Quit for Good Reason	Granted unvested awards cancelled. Yet to be granted awards cancelled.
	 	Vested options exercisable for the full ten year term.

 

The terms of any award under this section shall
be more fully set forth in an award agreement. It is expressly acknowledged and agreed that this Exhibit A is a summary of
the contemplated terms of the award agreements.

 

    	13

    	 

    

 

PETRO RIVER OIL CORP.

STOCK OPTION GRANT NOTICE

 

Petro River Oil Corp. (the
“Company”), hereby grants to Ruben Alba (the “Option holder”) an option to purchase the
number of shares of the Company’s common stock, par value $0.00001 per share (the “Common Stock”),
as set forth below (the “Option”). The Option is granted pursuant to the terms of the Company’s 2012
Equity Compensation Plan (the “Plan”). The Option is subject to all the terms and conditions as set forth
in this grant notice (this “Grant Notice”), the Plan and the Notice of Exercise of Stock Option attached
hereto as Exhibit A (the “Notice of Exercise”), all of which are incorporated herein by reference
in their entirety.

 

	Optionholder	Ruben Alba
	Date of Grant	November 22, 2013
	Number of Shares Subject to Option	12,500,000
	Exercise Price (per share)	$0.059
	Expiration Date	November 22, 2023

 

Vesting Schedule: The
Option shall vest in five equal installments, with the first installment vesting on November 22, 2013. The next four
installments will vest, subject to certain conditions, on November 22, 2014, November 22, 2015, November 22, 2016, and
November 22, 2017, upon the Option holder’s continuation in service with the Company through each of the vesting dates.
The contingent vestings are subject to the amendment of the Plan, approved by a vote of the shareholders of the Company, to
increase the number of shares permitted to be granted under the Plan, and to put in place a stock option grant limitation in
accordance with §162(m) of the Internal Revenue Code of 1986, as amended.

 

Payment: Payment can be made by one
or more of the items checked below:

 

[X] By cash or
check

[X] Pursuant
to a Regulation T Program, if the Shares are publicly traded

[X] By delivery
of already-owned shares,if the Shares are publicly traded

 

To the maximum effect
permitted by law, the Options are intended to qualify as incentive stock options (the “Incentive Stock
Options”) within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended, and the regulations
promulgated thereunder. To the extent that the aggregate fair market value (determined at the Date of Grant) of Common Stock
with respect to which the Incentive Stock Options are exercisable for the first time by the Option holder during any calendar
year exceeds $100,000, the Options, or portions thereof that exceed such limit, shall be treated as nonstatutory stock
options.

 

	petro river oil corp.	 
	 	 	 
	By:	/s/ Scot
    Cohen 	 
	 	Scot Cohen	 
	 	Executive Chairman	 
	 	 	 
	 	Date: November 22, 2013	 

 

    	14

    	 

    

 

EXHIBIT A

 

PETRO RIVER OIL CORP.

Notice
of Exercise of Stock Option

 

TO: Petro River Oil Corp. (the “Company”)

 

The undersigned hereby exercises the Stock
Option, dated November 22, 2013, granted by the Company pursuant to its 2012 Equity Compensation Plan, to purchase ________ shares
of common stock of the Company at a price of $0.059 per share, for a total purchase price of $______.

 

Payment method (Choose one or more of
the following methods): Notify the Company if you wish to pay other than by cash or check as these alternatives may be subject
to special conditions or may not be available under certain circumstances.

 

[  ]
Cash or Check

[  ]
By Regulation T Program (cashless exercise)

[  ]
Delivery of already-owned shares

 

Details: By this Notice of Exercise,
the undersigned agrees to provide for the payment by the undersigned to the Company (in the manner designated by the Company) of
applicable tax withholding obligation, if any, relating to the exercise of the foregoing Stock Option.

 

	 	 	 
	Date	 	Ruben Alba

 

    	15Employment
Agreement

 

This EMPLOYMENT AGREEMENT (the “Agreement”),
is entered into as of November 22, 2013, by and between Petro River Oil Corp., a Delaware corporation (the “Company”),
and Gary Williky (“Executive”).

 

WHEREAS, the Executive currently serves as a
Company Director;

 

WHEREAS, the Company recognizes that the Executive
has had and is expected to continue to have a critical and essential role in guiding the Company and in developing the Company’s
leasehold interests;

 

WHEREAS, the Executive is expected to make major
contributions to the stability, growth and financial strength of the Company;

 

WHEREAS, the Company has determined that appropriate
arrangements should be taken to encourage the continued attention and dedication of the Executive to his assigned duties without
distraction;

 

WHEREAS, in consideration of the Executive’s
employment with the Company, the Company desires to provide the Executive with certain compensation and benefits as set forth in
this Agreement;

 

WHEREAS, as of the date of this Agreement, the
Company wishes to continue Executive’s service as Executive Vice President under the terms of an employment agreement on
the terms set forth herein, which shall supersede all previous agreements regarding Executive’s service as a director and
employment by the Company; and

 

WHEREAS, the Executive desires to be employed
by the Company on the terms contained in this Agreement.

 

NOW, THEREFORE,in consideration of the mutual
covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties agree as follows:

 

1. Position
and Duties.

 

(a) The Executive
shall serve as Executive Vice President reporting to the Company’s Executive Chairman.

 

The Executive shall have such duties and authority
as are consistent therewith and as may be set forth by the Executive Chairman. For purposes of the applicability of the Company
compensation plans to the Executive, Executive shall be considered an “employee.” The Executive shall devote his full
business time to the performance of his duties hereunder. Notwithstanding the foregoing, the Executive shall be entitled to (i)
serve as a member of the board of directors of unaffiliated companies, (ii) serve on civic, charitable, educational, religious,
public interest or public service boards, (iii) and manage the Executive’s personal and family investments, and (iv) have
an ownership interest in other businesses, including, without limitation, businesses engaged in the oil and gas industry. In addition,
the Executive has disclosed to the Company his involvement in oil and gas entities and investments other than the Company (collectively,
the “Outside Activities”). A non-exclusive list of Outside Activities is contained is Schedule A. The
Company shall permit the Executive to continue to engage in the Outside Activities provided that the Executive agrees to disclose
to the Board of Directors of the Company (the “Board”) any actual or potential conflict of interest arising out of
any such Outside Activity.

 

    	 

    	 

    

 

This Agreement and Executive’s employment
hereunder shall be for an initial term of two (2) years commencing on the date hereof (the “Effective Date”)
and ending on the second anniversary of the Effective Date (the “Expiration Date”), unless terminated earlier
by the Company or the Executive pursuant to Section 4 of this Agreement (the “Term”).

 

2. Compensation
and Related Matters.

 

(a) Base Salary.
The Executive’s initial annual base salary shall be $120,000, less applicable withholdings (the “Base Salary”).
The Company will increase the Base Salary of the Executive upon the initial capital raise of the Company, once it is listed and
trading, subject the approval of the Executive Chairman. The Base Salary shall be payable in accordance with the Company’s
normal payroll procedures in effect from time to time. The Board shall review the Base Salary annually and may increase the Base
Salary, and the term “Base Salary” shall refer to such increased amount.

 

(b) Annual
Bonus. During the Term, the Executive may receive additional annual cash and/or stock bonuses, in respect of each full or partial
fiscal year of the Company occurring during the Term, as well as other cash and/or stock bonuses, as determined in the sole discretion
of the Board based on its assessment of Company and individual performance in relation to performance targets, a subjective evaluation
of Executive’s performance or such other criteria as may be established by it (the “Annual Bonus”). The
Annual Bonus will be paid no later than the seventy-fifth (75th) day following the end of the fiscal year to which the
Annual Bonus relates.

 

(c) Equity
Grants. Upon the Effective Date, the Executive shall receive options to purchase 6,250,000 shares of the Company’s common
stock (the “Common Stock”), such options to have an exercise price equal to the fair market value of the Company’s
common stock on the date of grant. The vesting of the options will be subject to time based vesting and shall be subject to the
terms and conditions as more fully set forth on Exhibit A, attached hereto.

 

(d) Long Term
Incentive Plan. The Executive shall be entitled to participate in all bonus plans, policies, practices, policies and programs
adopted by the Company and applicable generally to senior executives of the Company.

 

(e) Equity
Incentive Plan. The Executive shall be entitled to participate in any and all plans providing for awards of equity or instruments
convertible into equity adopted by the Company and applicable generally to other senior executives of the Company.

 

(f) Business
Expenses. The Executive shall be entitled to receive prompt reimbursement for all reasonable business expenses incurred by
him in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company
for its senior executive officers.

 

(g) Other
Benefits. The Executive shall be entitled to participate in all pension, savings and retirement plans, welfare and insurance
plans, practices, policies, programs and perquisites of employment applicable generally to other senior executives of the Company.

 

(h) Vacation.
The Executive shall be entitled to accrue up to 15 paid vacation days in each year, which shall be accrued annually and ratably.
The Executive shall also be entitled to all paid holidays given by the Company to its executives.

 

    	2

    	 

    

 

(i) Attorneys’
Fees. The Company shall reimburse Executive for the attorneys’ fees and costs incurred by him in connection with the
drafting, review and negotiation of this Agreement within fifteen (15) days following Executive’s submission to the Company
of invoices evidencing such fees and costs, subject to a cap of $10,000.

 

(j) Withholding.
All amounts payable to the Executive under this Section 3 shall be subject to all required federal, state and local withholding,
payroll and insurance taxes.

 

3. Termination.
The Executive’s employment may be terminated and this Agreement terminated under the following circumstances:

 

(a) Death.
The Executive’s employment hereunder shall terminate upon his death.

 

(b) Disability.
The Company may terminate the Executive’s employment if the Executive becomes subject to a Disability. For purposes of this
Agreement, “Disability” means the Executive is unable to perform the essential functions of his position as
Executive Vice President , with or without a reasonable accommodation, for a period of one-hundred twenty (120) consecutive days
or one-hundred eighty (180) days during any rolling consecutive twelve (12) month period.

 

(c) Termination
by Company for Cause. The Company may terminate the Executive’s employment for Cause. For purposes of this Agreement,
“Cause” means the Executive’s: (i) willful misconduct or gross negligence which causes material harm
to the Company; (ii) fraud, embezzlement or other material dishonesty with respect to the Company; (iii) conviction, plea
of nolo contendere, guilty plea, or confession to a felony or any lesser crime of which fraud, embezzlement, or moral turpitude
is a material element; or (iv) a material breach of this Agreement, provided that a breach of this Agreement, if curable,
shall not constitute Cause unless the Company has provided the Executive with (x) written notice of the acts or omissions giving
rise to a termination of his employment for Cause; (y) the opportunity to correct the act or omission within 30 days after receiving
the Company’s notice (the “Cure Period”); and (z) an opportunity to be heard before the Board with the
Executive’s counsel present prior to the Board’s decision to terminate the Executive’s employment for Cause.

 

(d) Termination
by the Company without Cause. The Company may terminate the Executive’s employment at any time without Cause. For purposes
hereof, the Company’s election not to renew the Term or any Renewal Term shall constitute a termination without Cause.

 

(e) Termination
by the Executive. The Executive may terminate his employment at any time for any reason other than a Good Reason.

 

(f) Termination
by the Executive for Good Reason. The Executive may terminate his employment for Good Reason. For purposes of this Agreement,
“Good Reason” means: (i) a material reduction in the Executive’s Base Salary; (ii) a material diminution
in the Executive’s responsibilities; (iii) the assignment of duties to the Executive materially inconsistent with his position
as Executive Vice President; (iv) the requirement that the Executive relocate his primary place of employment more than 20 miles
from its current location (unless such location is closer to the Executive’s primary residence); or (v) the Company’s
material breach of this Agreement; provided that, within 90 days of the Company’s act or omission giving rise to a resignation
for Good Reason, the Executive notifies the Company in a writing of the act or omission, the Company fails to correct the act or
omission within 30 days after receiving the Executive’s written notice (the “Cure Period”) and the Executive
actually terminates his employment within 60 days after the date the Company receives the Executive’s notice.

 

    	3

    	 

    

 

(g) Expiration.
Executive’s employment shall terminate on the Expiration Date.

 

(h) Termination
Date. The “Termination Date” means: (i) if the Executive’s employment is terminated by his death under
Section 4(a), the date of his death; (ii) if the Executive’s employment is terminated on account of his Disability under
Section 4(b), the date on which the Company provides the Executive a written termination notice; (iii) if the Company terminates
the Executive’s employment for Cause under Section 4(c), the date on which the Company provides the Executive a written termination
notice, unless the circumstances giving rise to the termination are subject to a Cure Period, in which case the date on which the
Company provides the Executive a written termination notice following the end of the Cure Period; (iv) if the Company terminates
the Executive’s employment without Cause under Section 4(d), 90 days after the date on which the Company provides the Executive
a written termination notice; (v) if the Executive resigns his employment without Good Reason under Section 4(e), 30 days after
the date on which the Executive provides the Company a written termination notice, (vii) if the Executive resigns his employment
with Good Reason under Section 4(f), the date on which the Executive provides the Company a timely written termination notice following
the end of the Cure Period, and (viii) the Expiration Date if the Executive’s employment terminates under Section 4(g).

 

4. Compensation
upon Termination.

 

(a) Termination
by the Company for Cause; by the Executive without Good Reason; or upon the Expiration Date following the Executive’s election
not to Renew. If the Executive’s employment with the Company is terminated pursuant to Sections 4(c), 4(e), or 4(g) following
the Executive’s election not to renew the Term or Renewal Term, the Company shall pay or provide to the Executive the following
amounts through the Termination Date: any earned but unpaid Base Salary, unpaid expense reimbursements, any earned but unpaid Annual
Bonus and any vested benefits the Executive may have under any employee benefit plan of the Company (the “Accrued Obligations”)
on or before the time required by law but in no event more than 30 days after the Executive’s Termination Date.

 

(b) Death;
Disability. If the Executive’s employment terminates because of his death as provided in Section 4(a) or because of a
Disability as provided in Section 4(b), then the Executive (or his authorized representative or estate) shall be entitled to

 

(i) the
Accrued Obligations earned through the Termination Date (payable at the time provided for in Section 5(a)).

 

(ii) the
Executive’s Annual Bonus for the fiscal year in which the Executive’s termination occurs based on the actual achievement
of performance criteria for that year payable at the same time bonuses for such year are paid to other senior executives of the
Company.

 

(iii) Subject
to the Executive’s or, in the event of his death, his eligible dependents’ timely election of continuation coverage
under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall reimburse
the Executive and/or his eligible dependents the monthly premium payable to continue his and his eligible dependents’ participation
in the Company’s group health plan (to the extent permitted under applicable law and the terms of such plan) which covers
the Executive (and the Executive’s eligible dependents) for a period of eighteen (18) months, provided that the Executive
is eligible and remains eligible for COBRA coverage and such eligibility is not limited by the Executive’s death; and provided,
further, that in the event that the Executive obtains other employment that offers group health benefits, such continuation
of coverage by the Company shall immediately cease. If the reimbursement of any COBRA premiums would violate the nondiscrimination
rules or cause the reimbursement of claims to be taxable under the Patient Protection and Affordable Care Act of 2010, together
with the Health Care and Education Reconciliation Act of 2010 (collectively, the “Act”) or Section 105(h) of
the Code, the Company paid premiums shall be treated as taxable payments and be subject to imputed income tax treatment to the
extent necessary to eliminate any discriminatory treatment or taxation under the Act or Section 105(h) of the Code.

 

    	4

    	 

    

 

(iv) in
the case of a termination due to Disability, in addition to the aforementioned compensation, benefits and awards, continuation
of the Base Salary in effect on the date of termination until the earlier of (A) the eighteenth month anniversary of the date of
termination, and (B) the date Executive is eligible to commence receiving payments under the Company’s long-term disability
policy. If the net compensation from the Base Salary is greater than the net compensation from the long-term disability policy,
the Company, through the eighteenth month anniversary of the date of termination will compensate the Executive’s estate the
difference in net compensation.

 

(c) Termination
by the Company without Cause, by the Executive with Good Reason. If the Executive’s employment is terminated by the Company
without Cause as provided in Section 4(d) (excluding as a result of the Company’s failure to renew the Term or any Renewal
Term) or the Executive terminates his employment for Good Reason as provided in Section 4(f)

 

(i) the Accrued
Obligations earned through the Termination Date (payable at the time provided for in Section 5(a)).

 

(d) Change
of Control: Termination by the Company without Cause, by the Executive with Good Reason. If the Executive’s employment
is terminated by the Company without Cause as provided in Section 4(d) (including as a result of the Company’s failure to
renew the Term or any Renewal Term) or the Executive terminates his employment for Good Reason as provided in Section 4(f), and
such termination occurs (x) at the same time as, or within the twelve (12) month period following, the consummation of
a Change in Control or (y) within the sixty (60) day period prior to the date of a Change in Control where the Change
in Control was under consideration at the time of Executive’s Termination Date, then the Executive shall be entitled to two
years of all Compensation set forth in Section 3 and the following payable no later than thirty (30) days following the Termination
Date:

 

(i) the Accrued
Obligations earned through the Termination Date (payable at the time provided for in Section 5(a)).

 

(ii) severance
of twice the Executive’s annual base salary based upon the greater of (x) the base salary in existence on the termination
date, or (y) the base salary pursuant to Section 3(a) of this agreement. The severance is payable in a single lump sum payment
no later than thirty (30) days following the Termination Date.

 

(iii)  A pro-rata
portion of the Executive’s Annual Bonus for the fiscal year in which the Executive’s termination occurs based on the
actual achievement of performance criteria for that year. If there is no Annual Bonus for which he is eligible in the fiscal year
of the termination date, then the award shall be based upon a pro rata share of the Annual Bonus most recently issued to the Executive.
If the Annual Bonus has been reduced either 60 days prior to a Change in Control or within twelve months following a Change in
Control then the pro-rata bonus shall be based upon the highest Annual Bonus previously awarded to the Executive.

 

    	5

    	 

    

 

(iv) full vesting
of the Executive in any and all outstanding previously granted options and all equity-based incentive awards that would have been
granted and vested over two years from the Termination Date. Subject to the Executive’s timely election of continuation coverage
under COBRA, the Company shall reimburse the Executive the monthly premium payable to continue his and his eligible dependents’
participation in the Company’s group health plan (to the extent permitted under applicable law and the terms of such plan)
which covers the Executive (and the Executive’s eligible dependents) for a period of eighteen (12) months, provided
that the Executive is eligible and remains eligible for COBRA coverage; and provided, further, that in the event
that the Executive obtains other employment that offers group health benefits, such continuation of coverage by the Company shall
immediately cease. If the reimbursement of any COBRA premiums would violate the nondiscrimination rules or cause the reimbursement
of claims to be taxable under the Patient Protection and Affordable Care Act of 2010, together with the Health Care and Education
Reconciliation Act of 2010 (collectively, the “Act”) or Section 105(h) of the Code, the Company paid premiums
shall be treated as taxable payments and be subject to imputed income tax treatment to the extent necessary to eliminate any discriminatory
treatment or taxation under the Act or Section 105(h) of the Code.

 

(e) Change
of Control: For purposes of Section 5(d), a change of control shall have occurred upon any of the following:

 

(i) any
person or entity becoming the beneficial owner, directly or indirectly, of securities of the Company representing eighty
(80%) percent of the total voting power of all its then outstanding voting securities;

 

(ii) a
merger or consolidation of the Company in which its voting securities immediately prior to the merger or consolidation do not represent,
or are not converted into securities that represent, a majority of the voting power of all voting securities of the surviving entity
immediately after the merger or consolidation;

 

(iii) a
sale of substantially all of the assets of the Company or a liquidation or dissolution of the Company; or

 

(f) Consequence
of a Change in Control. Notwithstanding the terms of any employee compensation plan, if, as of the date of a Change in Control,
Executive holds stock options issued under such a plan that are not vested and exercisable, such stock options shall become fully
vested and exercisable as of the date of the Change in Control if the acquirer does not agree to assume or substitute for equivalent
stock options such outstanding stock options.

 

(g) No Mitigation
or Offset. In the event of any termination of Executive’s employment hereunder, Executive shall be under no obligation
to seek other employment or otherwise mitigate the obligations of the Company under this Agreement, and there shall be no offset
against any amounts due under this Agreement on account of any remuneration attributable to any subsequent employment that Executive
may obtain.

 

5. Section
409A Compliance.

 

(a) All in-kind
benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by
the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively
practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year
in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year
shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year. Such
right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

 

    	6

    	 

    

 

(b) To the extent
that any of the payments or benefits provided for in Section 5(b), (c) or (d) are deemed to constitute non-qualified deferred compensation
benefits subject to Section 409A of the United States Internal Revenue Code (the “Code”), the following interpretations
apply to Section 5:

 

(i) Any termination
of the Executive’s employment triggering payment of benefits under Section 5(b), (c) or (d) must constitute a “separation
from service” under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h) before distribution of such benefits
can commence. To the extent that the termination of the Executive’s employment does not constitute a separation of service
under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h) (as the result of further services that are reasonably
anticipated to be provided by the Executive to the Company or any of its parents, subsidiaries or affiliates at the time the Executive’s
employment terminates), any benefits payable under Section 5(b), (c) or (d) that constitute deferred compensation under Section
409A of the Code shall be delayed until after the date of a subsequent event constituting a separation of service under Section
409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h). For purposes of clarification, this Section 6(b)(i) shall not cause
any forfeiture of benefits on the Executive’s part, but shall only act as a delay until such time as a “separation
from service” occurs.

 

(ii) If the
Executive is a “specified employee” (as that term is used in Section 409A of the Code and regulations and other guidance
issued thereunder) on the date his separation from service becomes effective, any benefits payable under Section 5(b), (c) or (d)
that constitute non-qualified deferred compensation under Section 409A of the Code shall be delayed until the earlier of (A) the
business day following the six-month anniversary of the date his separation from service becomes effective, and (B) the date of
the Executive’s death, but only to the extent necessary to avoid such penalties under Section 409A of the Code. On the earlier
of (A) the business day following the six-month anniversary of the date his separation from service becomes effective, and (B)
the Executive’s death, the Company shall pay the Executive in a lump sum the aggregate value of the non-qualified deferred
compensation that the Company otherwise would have paid the Executive prior to that date under Section 5(b), (c) or (d) of this
Agreement.

 

(iii) It is
intended that each installment of the payments and benefits provided under Section 5(b), (c) and (d) of this Agreement shall be
treated as a separate “payment” for purposes of Section 409A of the Code.

 

(iv) Neither
the Company nor the Executive shall have the right to accelerate or defer the delivery of any such payments or benefits except
to the extent specifically permitted or required by Section 409A of the Code.

 

6. Excess
Parachute Payments.

 

(a) To the extent
that any payment, benefit or distribution of any type to or for the benefit of the Executive by the Company or any of its affiliates,
whether paid or payable, provided or to be provided, or distributed or distributable pursuant to the terms of this Agreement or
otherwise (including, without limitation, any accelerated vesting of stock options or other equity-based awards) (collectively,
the “Total Payments”) would be subject to the excise tax imposed under Section 4999 of the Internal Revenue
Code of 1986, as amended (the “Code”), then the Total Payments shall be reduced (but not below zero) so that
the maximum amount of the Total Payments (after reduction) shall be one dollar ($1.00) less than the amount which would cause the
Total Payments to be subject to the excise tax imposed by Section 4999 of the Code, but only if the Total Payments so reduced result
in the Executive receiving a net after tax amount that exceeds the net after tax amount the Executive would receive if the Total
Payments were not reduced and were instead subject to the excise tax imposed on excess parachute payments by Section 4999 of the
Code. Unless the Executive shall have given prior written notice to the Company to effectuate a reduction in the Total Payments
if such a reduction is required, any such notice consistent with the requirements of Section 409A of the Code to avoid the imputation
of any tax, penalty or interest thereunder, the Company shall reduce or eliminate the Total Payments by first reducing or eliminating
any cash severance benefits (with the payments to be made furthest in the future being reduced first), then by reducing or eliminating
any accelerated vesting of stock options or similar awards, then by reducing or eliminating any accelerated vesting of restricted
stock or similar awards, then by reducing or eliminating any other remaining Total Payments. The preceding provisions of this Section
7(a) shall take precedence over the provisions of any other plan, arrangement or agreement governing the Executive’s rights
and entitlements to any benefits or compensation; provided however, that any total benefits or compensation that would otherwise
be due and payable to Executive under any terms of this Agreement would still be paid to Executive but in a manner that is in compliance
with Section 4999.

 

    	7

    	 

    

 

(b) If the Total
Payments to the Executive are reduced in accordance with Section 7(a), as a result of the uncertainty in the application of Section
4999 of the Code at the time of the initial reduction under Section 7(a), it is possible that Total Payments to the Executive which
will not have been made by the Company should have been made (“Underpayment”) or that Total Payments to the
Executive which were made should not have been made (“Overpayment”). If an Underpayment has occurred, the amount
of any such Underpayment shall be promptly paid by the Company to or for the benefit of the Executive. In the event of an Overpayment,
then the Executive shall promptly repay to the Company the amount of any such Overpayment together with interest on such amount
(at the same rate as is applied to determine the present value of payments under Section 280G of the Code or any successor thereto),
from the date the reimbursable payment was received by the Executive to the date the same is repaid to the Company

 

7. Confidentiality
and Restrictive Covenants.

 

(a) Covenant Against Disclosure. All
Confidential Information relating to the Business of the Company is, shall be and shall remain the sole property and confidential
business information of the Company, free of any rights of the Executive. Without the prior written consent of the Company, the
Executive shall not make any use of the Confidential Information except in the performance of his duties hereunder and shall not,
without the prior written consent of the Company, disclose any Confidential Information to third parties.

 

(b) Return of Company Documents. On
the Termination Date or on any prior date upon the Company’s written demand, the Executive will return all Confidential Information
in his possession, directly or indirectly, that is in written or other tangible form (together with all duplicates thereof) and
that he will not retain or furnish any such Confidential Information to any third party, either by sample, facsimile, film, audio
or video cassette, electronic data, verbal communication or any other means of communication.

 

(c) Further Covenant. During the Term
and through the first anniversary of the Termination Date, the Executive shall not, directly or indirectly, take any of the following
actions, and, to the extent the Executive owns, manages, operates, controls, is employed by or participates in the ownership, management,
operation or control of, or is connected in any manner with, any business, the Executive will use his best efforts to ensure that
such business does not take any of the following actions:

 

    	8

    	 

    

 

(i) persuade or attempt to persuade any customer
of the Company to cease doing business with the Company, or to reduce the amount of business any customer does with the Company;

 

(ii) solicit for himself or any entity the
business of a customer of the Company, or solicit any business which was a customer of the Company in competition with the Company’s
Business within twelve (12) months prior to the termination of the Executive’s employment; or

 

(iii) persuade or attempt to persuade any
employee of the Company to leave the employ of the Company, or hire or engage, directly or indirectly, any individual who was an
employee of the Company within one (1) year prior to the Executive’s Termination Date.

 

8. RESERVED

 

9. No Disparagement.
During the Term and through the second anniversary of the Termination Date, the Executive will not make public statements or communications
that disparage the Company or any of its businesses, services, products, affiliates or current, former or future directors and
executive officers (in their capacity as such). During the Term and through the second anniversary of the Termination Date, the
Company will instruct its directors and executives not to make public statements or communications that disparage the Executive.
The foregoing obligations shall not be violated by truthful statements in response to legal process, required governmental testimony
or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with such proceedings).

 

10. Indemnification.
During the Term and thereafter, the Company shall indemnify and hold the Executive and the Executive’s heirs and representatives
harmless, to the maximum extent permitted by law, against any and all damages, costs, liabilities, losses and expenses (including
reasonable attorneys’ fees) as a result of any claim or proceeding (whether civil, criminal, administrative or investigative),
or any threatened claim or proceeding (whether civil, criminal, administrative or investigative), against the Executive that arises
out of or relates to the Executive’s service as an officer, director or employee, as the case may be, of the Company, or
the Executive’s service in any such capacity or similar capacity with any affiliate of the Company or other entity at the
Company’s request, both prior to and after the Effective Date, and to promptly advance to the Executive or the Executive’s
heirs or representatives such expenses, including litigation costs and attorneys’ fees, upon written request with appropriate
documentation of such expense upon receipt of an undertaking by the Executive or on the Executive’s behalf to repay such
amount if it shall ultimately be determined that the Executive is not entitled to be indemnified by the Company. During the Term
and thereafter, the Company also shall provide the Executive with coverage under its current directors’ and officers’
liability policy to the same extent that it provides such coverage to its other executive officers. If the Executive has any knowledge
of any actual or threatened action, suit or proceeding, whether civil, criminal, administrative or investigative, as to which the
Executive may request indemnity under this provision, the Executive will give the Company prompt written notice thereof; provided
that the failure to give such notice shall not affect the Executive’s right to indemnification. The Company shall be entitled
to assume the defense of any such proceeding and the Executive will use reasonable efforts to cooperate with such defense. To the
extent that the Executive in good faith determines that there is an actual or potential conflict of interest between the Company
and the Executive in connection with the defense of a proceeding, the Executive shall so notify the Company and shall be entitled
to separate representation at the Company’s expense by counsel selected by the Executive (provided that the Company may reasonably
object to the selection of counsel within ten (10) business days after notification thereof) which counsel shall cooperate, and
coordinate the defense, with the Company’s counsel and minimize the expense of such separate representation to the extent
consistent with the Executive’s separate defense. This Section 11 shall continue in effect after the termination of the Executive’s
employment or the termination of this Agreement

 

    	9

    	 

    

 

11. Disputes.

 

(a) Any dispute
or controversy arising out of or relating to this Agreement or your employment, other than injunctive relief, will be settled exclusively
by arbitration, conducted before a single arbitrator in New York New York (applying New York law) in accordance with, and pursuant
to, the National Rules for the Resolution of Employment Disputes of the American Arbitration Association (“AAA”).
The decision of the arbitrator will be final and binding upon the parties hereto. Any arbitral award may be entered as a judgment
or order in any court of competent jurisdiction. Either party may commence litigation in court to obtain injunctive relief in aid
of arbitration, to compel arbitration, or to confirm or vacate an award, to the extent authorized by the Federal Arbitration Act.
The Company and the Executive will share the AAA administrative fees, the arbitrator’s fee and expenses, and each party will
pay its own attorneys’ fees.

 

(b) BOTH THE
COMPANY AND THE EXECUTIVE HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE FEDERAL OR STATE
LAW.

 

(c) In the event
of any contest or dispute relating to this Agreement or the termination of Executive’s employment hereunder, the Company
shall reimburse 100% of Executive’s reasonable legal fees if Executive substantially prevails in such contest or dispute.

 

12. Integration.
This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all
prior agreements between the parties concerning such subject matter.

 

13. Successors.
This Agreement shall inure to the benefit of and be enforceable by the Executive’s personal representatives, executors, administrators,
heirs, distributees, devisees and legatees. In the event of the Executive’s death after his termination of employment but
prior to the completion by the Company of all payments due him under this Agreement, the Company shall continue such payments to
the Executive’s beneficiary designated in writing to the Company prior to his death (or to his estate, if the Executive fails
to make such designation). The Company shall require any successor to the Company to expressly assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had
taken place.

 

14. Enforceability.
If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement)
shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement,
or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable,
shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent
permitted by law.

 

15. Survival.
The provisions of this Agreement shall survive the termination of this Agreement and/or the termination of the Executive’s
employment to the extent necessary to effectuate the terms contained herein.

 

16. Waiver.
No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any
party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this
Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

 

    	10

    	 

    

 

17. Notices.
Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered
in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return
receipt requested, to the Executive at the last address the Executive has filed in writing with the Company or, in the case of
the Company, at its main offices,

 

	 	If to Executive:	Gary Williky
	 	 	1800 Industrial BLVD STE 100
	 	 	COLLEYVILLE TX 76034
	 	 	 
	 	If to Company:	Petro River Oil Corp
	 	 	4925 Greenville Ave, Suite 900
	 	 	Dallas, Texas 75206
	 	 	 
	 	Copy to Board:	641 Lexington Avenue, 26th Floor
	 	 	New York, New York 10022

 

18. Amendment.
This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized representative
of the Company.

 

19. Governing
Law. This is a New York contract and shall be construed under and be governed in all respects by the laws of New York for contracts
to be performed in that State and without giving effect to the conflict of laws principles of New York or any other State.

 

20. Counterparts.
This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be
an original; but such counterparts shall together constitute one and the same document.

 

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

 

	 	PETRO RIVER OIL CORP 
	 	 	 
	 	By:	/s/ Scot
    Cohen
	 	Name:	Scot Cohen
	 	Title:	Executive Chairman
	 	 	 
	 	GARY WILLIKY
	 	/s/
    Gary Williky
	 	Individually

 

    	11

    	 

    

 

Exhibit A

 

All options vested as set forth in this Exhibit A will have a ten
year exercise period unless otherwise provided in this employment agreement.

 

Initial Award

 

Upon the Effective Date or within 15 days thereafter, the Company
shall grant the Executive options to purchase 6,250,000 shares of Common Stock the granted options shall have an exercise price
equal to the fair market value of the Common Stock on the date of grant. The granted options shall be subject to a four -year vesting
schedule with 20% to vest upon the grant date, and the balance to grant ratably on an annual basis for the next 4 years.

 

Treatment upon termination of employment

 

	Death or Disability	Granted awards shall continue and vest for 12 months following the death or disability date. Awards set to vest therein are awarded. Awards set to vest thereafter are cancelled. Vested options exercisable for the full ten year term.
	 	 
	Voluntary quit	
        Granted unvested awards cancelled. Yet to be granted
        awards cancelled.

         

        Vested options exercisable for the full ten year
        term.

	 	 
	Termination for Cause	
        Granted unvested awards cancelled. Yet to be granted
        awards cancelled.

         

        Vested options exercisable for the full ten year
        term.

	 	 
	Termination without Cause/ 

Quit for Good Reason	
        Granted unvested awards cancelled. Yet to be granted
        awards cancelled.

         

        Vested options exercisable for the full ten year
        term.

 

The terms of any award under this section shall
be more fully set forth in an award agreement. It is expressly acknowledged and agreed that this Exhibit A is a summary of
the contemplated terms of the award agreements.

 

    	12

    	 

    

 

PETRO RIVER OIL CORP.

 

STOCK OPTION GRANT NOTICE

 

Petro River Oil Corp. (the
“Company”), hereby grants to Gary Williky (the “Option holder”) an option to purchase
the number of shares of the Company’s common stock, par value $0.00001 per share (the “Common
Stock”), as set forth below (the “Option”). The Option is granted pursuant to the terms of the
Company’s 2012 Equity Compensation Plan (the “Plan”). The Option is subject to all the terms and
conditions as set forth in this grant notice (this “Grant Notice”), the Plan and the Notice of Exercise of
Stock Option attached hereto as Exhibit A (the “Notice of Exercise”), all of which are incorporated
herein by reference in their entirety.

 

	Option
    holder	Gary Williky
	Date of Grant	November 22, 2013
	Number of Shares Subject to Option	6,250,000
	Exercise Price (per share)	$0.059
	Expiration Date	November 22, 2023

 

Vesting Schedule: The
Option shall vest in five equal installments, with the first installment vesting on November 22, 2013. The next four
installments will vest, subject to certain conditions, on November 22, 2014, November 22, 2015, November 22, 2016, and
November 22, 2017, upon the Option holder’s continuation in service with the Company through each of the vesting dates.
The contingent vestings are subject to the amendment of the Plan, approved by a vote of the shareholders of the Company, to
increase the number of shares permitted to be granted under the Plan, and to put in place a stock option grant limitation in
accordance with §162(m) of the Internal Revenue Code of 1986, as amended.

 

Payment: Payment can be made by one
or more of the items checked below:

 

[X] By cash or
check

[X] Pursuant
to a Regulation T Program, if the Shares are publicly traded

[X] By delivery
of already-owned shares, if the Shares are publicly traded

 

To the maximum effect
permitted by law, the Options are intended to qualify as incentive stock options (the “Incentive Stock
Options”) within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended, and the regulations
promulgated thereunder. To the extent that the aggregate fair market value (determined at the Date of Grant) of Common Stock
with respect to which the Incentive Stock Options are exercisable for the first time by the Option holder during any calendar
year exceeds $100,000, the Options, or portions thereof that exceed such limit, shall be treated as non statutory stock
options.

 

	petro river oil corp.	 
	 	 	 
	By:	/s/ Scot
    Cohen	 
	 	Scot Cohen	 
	 	Executive Chairman	 
	 	 	 
	 	Date: November 22, 2013	 

 

    	13

    	 

    

 

EXHIBIT A

 

PETRO RIVER OIL CORP.

Notice
of Exercise of Stock Option

 

TO: Petro River Oil Corp. (the “Company”)

 

The undersigned hereby exercises the Stock
Option, dated November 22, 2013, granted by the Company pursuant to its 2012 Equity Compensation Plan, to purchase ________ shares
of common stock of the Company at a price of $0.059 per share, for a total purchase price of $______.

 

Payment method (Choose one or more of
the following methods): Notify the Company if you wish to pay other than by cash or check as these alternatives may be subject
to special conditions or may not be available under certain circumstances.

 

[  ] Cash or Check

[  ] By Regulation T Program (cashless exercise)

[  ] Delivery of already-owned
shares

 

Details: By this Notice of Exercise,
the undersigned agrees to provide for the payment by the undersigned to the Company (in the manner designated by the Company) of
applicable tax withholding obligation, if any, relating to the exercise of the foregoing Stock Option.

 

	 	 	 
	Date	 	Gary Williky

 

    	14

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