Document:

a

    ZULU
      ENERGY CORP.

     

    RESTRICTED
      STOCK AGREEMENT

     

    Zulu
      Energy Corp., a Colorado corporation (the “Company”),
      hereby grants shares of its common stock (the “Stock”)
      to the
      Grantee named below, subject to the vesting conditions set forth in the
      attachment. Additional terms and conditions of the grant are set forth in this
      cover sheet and in the attachment.

    

      Grant
        Date:                                                                                                                    

       

      Name
        of
        Grantee:                                                                                                                  

       

      Grantee's
        Social Security Number: _____-____-_____

    

     

    Number
      of
      Shares of Stock Covered by
      Grant:                                                                        
       

    Number
      of
      Shares to be Deposited into
      Escrow:                                                                     
       

    Grant
      Price per Share of Stock: $                                                                                        

     

    By
      signing this cover sheet, you agree to all of the terms and conditions described
      in the attached Agreement. 

     

    
      
        	
                Grantee:                                                                                                                                      

                                                                    

                                      
                   (Signature)

                Address:                                                                                                                                     
0;
                                  

                 

                Company:                                                                                                                                      

                                                                  

                                                                                                                             (Authorized
                  Signature)

                 

                Title:                                                                                                                              

                                                     

                 

                Attachment

                 

                This
                  is not a stock certificate or a negotiable instrument.

              

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
ZULU
      ENERGY CORP.

     

    RESTRICTED
      STOCK AGREEMENT

      

    
      
        	
                Restricted
                  Stock/ Nontransferability

              	
                This
                  grant is an award of Stock in the number of shares set forth on
                  the cover
                  sheet, at the grant price set forth on the cover sheet, and subject
                  to the
                  vesting conditions described below (“Restricted
                  Stock”).
                  To the extent not yet vested, your Restricted Stock may not be
                  sold,
                  transferred, assigned, pledged, hypothecated, or otherwise disposed
                  of,
                  whether by operation of law or otherwise, and will be subject to
                  a risk of
                  forfeiture.

              
	 	 
	
                Issuance
                  and Vesting

              	
                The
                  Company will issue your Restricted Stock in your name as of the
                  Grant
                  Date. 

                 

                As
                  described below, your right to the Stock under this Restricted
                  Stock grant
                  vests on the vesting date that you remain in Service and is subject
                  to
                  conditions, as follows: 

              

      

       

      
        	 	
                Vesting
                  Date and Condition

              	
                Percentage
                  of Shares of

                Restricted
                  Stock Vested

              
	 	 	 
	 	
                January
                  1, 2009 - Grantee shall be in Service to the Company on January
                  1, 2009
                  and the Company shall have successfully drilled three stratigraphic
                  test
                  wells before that date.

              	
                40%

              
	 	 	 
	 	
                January
                  1, 2010 - Grantee shall be in Service to the Company on January
                  1, 2010,
                  and the Company shall have successfully located and tested a potentially
                  viable hydrocarbon reservoir prior to that date.

              	
                30%

              
	 	 	 
	 	
                January
                  1, 2011 - Grantee shall be in Service to the Company on January
                  1,
                  2011

              	
                30%

              

      

       

      
        	 	 
	 	
                The
                  resulting aggregate number of vested shares will be rounded to
                  the nearest
                  whole number, and you cannot vest in more than the number of shares
                  covered by this grant. The determination of whether the vesting
                  dates and
                  conditions have been satisfied shall be made by the Board of Directors
                  of
                  the Company and shall be final and
                  binding.

              

      

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      
        	 	
                For
                  purposes of this agreement, “Service”
                  means service as an employee of the Company pursuant to the Employment
                  Agreement entered into between you and the Company dated as of
                  March 1,
                  2008 (the “Employment Agreement”).  

              
	 	 
	
                Effect
                  of Change in Control

              	
                In
                  the event of a Change in Control of the Company as defined in your
                  Employment Agreement, all of the Stock under this Restricted Stock
                  grant
                  shall be fully vested.

              
	 	 
	
                Escrow

              	
                The
                  certificates for the unvested Restricted Stock (each of which shall
                  correspond to the applicable vesting percentages described above)
                  shall be
                  deposited in escrow with the Secretary of the Company to be held
                  in
                  accordance with the provisions of this paragraph. Each deposited
                  certificate shall be accompanied by a duly executed Assignment
                  Separate
                  from Certificate in the form attached hereto as Exhibit
                  A.
                  The deposited certificates shall remain in escrow until such time
                  or times
                  as the certificates are to be released or otherwise surrendered
                  for
                  cancellation as discussed below.

                 

                All
                  regular cash dividends on the Stock (or other securities at the
                  time held
                  in escrow) shall be paid directly to you and shall not be held
                  in escrow.
                  However, in the event of any stock dividend, stock split, recapitalization
                  or other change affecting the Company's outstanding common stock
                  as a
                  class effected without receipt of consideration or in the event
                  of a stock
                  split, a stock dividend or a similar change in the Company’s stock, any
                  new, substituted or additional securities or other property which
                  is by
                  reason of such transaction distributed with respect to the Stock
                  shall be
                  immediately delivered to the Secretary of the Company to be held
                  in escrow
                  hereunder, but only to the extent the Stock is at the time subject
                  to the
                  escrow requirements hereof.

                 

                The
                  shares of Stock held in escrow hereunder shall be subject to the
                  following
                  terms and conditions relating to their release from escrow or their
                  surrender to the Company for cancellation:

              

      

       

      
        	 	
                ·

              	As
                your interest in the shares of Restricted Stock vests as described
                above,
                the certificates for such vested shares shall be released from escrow
                and    delivered to you, at your request, within thirty
                (30) days following the date on which such shares become vested.
                
	 	
                ·

              	Upon
                termination of your Service, any escrowed shares shall be promptly
                released from escrow or surrendered to the Company for cancellation
                as
                provided in the Employment Agreement.

      

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      
        	 	 
	
                Withholding
                  Taxes

              	
                You
                  agree, as a condition of this grant, that you will make acceptable
                  arrangements to pay any withholding or other taxes that may be
                  due as a
                  result of the vesting of Stock acquired under this grant. If the
                  Company
                  determines that any federal, state, local or foreign tax or withholding
                  payment is required relating to the vesting of shares arising from
                  this
                  grant, the Company shall have the right to require such payments
                  from you,
                  or withhold such amounts from other payments due to you from the
                  Company
                  or any Affiliate.

              
	 	 
	
                Section
                  83(b) 

                Election

              	
                Under
                  Section 83 of the Internal Revenue Code of 1986, as amended (the
                  “Code”),
                  the fair market value of the Stock on the date any forfeiture restrictions
                  applicable to the shares lapse will be reportable as ordinary income
                  at
                  that time. You acknowledge your understanding of your right to
                  elect to be
                  taxed currently rather than when such shares cease to be subject
                  to such
                  forfeiture restrictions by filing an election under Section 83(b)
                  of the
                  Code with the Internal Revenue Service within thirty days after
                  the Grant
                  Date and that the failure to make this filing within the thirty
                  day period
                  results in the recognition of ordinary income by you (in the event
                  the
                  fair market value of the shares increases after the date of the
                  grant) as
                  the forfeiture restrictions lapse.

                 

                YOU
                  ACKNOWLEDGE THAT IT IS YOUR SOLE RESPONSIBILITY, AND NOT THE COMPANY'S,
                  TO
                  FILE A TIMELY ELECTION UNDER SECTION 83(b), EVEN IF YOU REQUEST
                  THE
                  COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON YOUR BEHALF.
                  YOU ARE
                  RELYING SOLELY ON YOUR OWN ADVISORS WITH RESPECT TO THE DECISION
                  AS TO
                  WHETHER TO FILE ANY 83(b) ELECTION.

              
	 	 
	
                Market
                  Stand-off Agreement

              	
                In
                  connection with any underwritten public offering by the Company
                  of its
                  equity securities pursuant to an effective registration statement
                  filed
                  under the U.S. Securities Act of 1933, as amended (the “Securities Act”),
                  you agree not to sell, make any short sale of, loan, hypothecate,
                  pledge,
                  grant any option for the purchase of, or otherwise dispose or transfer
                  for
                  value or agree to engage in any of the foregoing transactions with
                  respect
                  to any shares of vested Stock without the prior written consent
                  of the
                  Company or its underwriters, for such period of time after the
                  effective
                  date of such registration statement as may be requested by the
                  Company or
                  the underwriters (not to exceed 180 days in
                  length).

              

      

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      
        	
                Investment
                  Representations

              	
                You
                  hereby agree and represent, as a condition of this grant of Restricted
                  Stock, that:

                 

                (i)
                  you are acquiring the shares of Restricted Stock for investment
                  for your
                  own account and not with a view to, or intention of, or otherwise
                  for
                  resale in connection with, any distribution to any person or entity,
                  

                 

                (ii) neither
                  the offer nor the grant of the shares of Restricted Stock hereunder,
                  or
                  the shares of Restricted Stock themselves, have been registered
                  under the
                  Securities Act or registered or qualified under any applicable
                  state
                  securities laws and that the shares of Restricted Stock are being
                  granted
                  to you by reason of and in reliance upon a specific exemption from
                  the
                  registration provisions of the Securities Act and exemptions from
                  registration or qualification provisions of such applicable state
                  or other
                  jurisdiction's securities laws which depend upon, among other things,
                  the
                  bona fide nature of the investment intent as expressed herein and
                  the
                  truth and accuracy of your representations, warranties, agreements,
                  acknowledgments and understandings as set forth herein, 

                 

                (iii)
                  you must, and are able to, bear the economic risk of the value
                  of the
                  shares of Restricted Stock for an indefinite period of time,

                 

                (iv)
                  you are sophisticated in financial matters and have such knowledge
                  and
                  experience in financial and business matters as to be capable of
                  evaluating the risks and benefits of your investment in the shares
                  of
                  Restricted Stock, 

                 

                (v) you
                  are as of the date hereof an “accredited investor” as such term is defined
                  under Rule 501 of the Securities Act, and

                 

                (vii)
                  the Company has made available to you all documents that you have
                  requested relating to the Company, the shares of Restricted Stock
                  and your
                  acquisition of the shares of Restricted Stock, and you have had
                  an
                  opportunity to ask questions and receive answers concerning the
                  Company
                  and the terms and conditions of the offering and acquisition of
                  the shares
                  of Restricted Stock pursuant to this Restricted Stock Agreement
                  and have
                  had full access to such other information concerning the Company
                  and the
                  shares of Restricted Stock as you deemed necessary or
                  desirable.

                 

              

      

       

      
        	
                Registration
                  Obligation

              	
                On
                  or before November 17, 2008, the Company shall file a registration
                  statement under the Securities Act with the U.S. Securities and
                  Exchange
                  Commission to register for resale your Restricted
                  Stock.

              

      

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      
        	
                Retention
                  Rights

              	
                This
                  Agreement does not give you the right to be retained or employed
                  by the
                  Company (or any parent, subsidiary or affiliate) in any capacity.
                  The
                  description of vesting schedules in this Agreement in units of
                  years or
                  months shall not be construed as guaranteeing you any term of employment
                  or service to the end of any such period of time or for any period
                  of
                  time. The Company (and any parent, subsidiary or affiliate) reserve
                  the
                  right to terminate your Service at any time and for any
                  reason.

              
	 	 
	
                Shareholder
                  Rights

              	
                You
                  have the right to vote the Restricted Stock and to receive any
                  dividends
                  declared or paid on such stock. Any distributions you receive as
                  a result
                  of any stock split, stock dividend, combination of shares or other
                  similar
                  transaction shall be deemed to be a part of the Restricted Stock
                  and
                  subject to the same conditions and restrictions applicable thereto.
                  The
                  Company may in its sole discretion require any dividends paid on
                  the
                  Restricted Stock to be reinvested in shares of Stock, which the
                  Company
                  may in its sole discretion deem to be a part of the shares of Restricted
                  Stock and subject to the same conditions and restrictions applicable
                  thereto. Except as described in the Plan, no adjustments are made
                  for
                  dividends or other rights if the applicable record date occurs
                  before your
                  stock certificate is issued. 

              
	 	 
	
                Adjustments

              	
                In
                  the event of a stock split, a stock dividend or a similar change
                  in the
                  Company’s stock, the number of shares covered by this grant may be
                  adjusted (and rounded down to the nearest whole number) pursuant
                  to the
                  Plan. Your Restricted Stock shall be subject to the terms of the
                  agreement
                  of merger, liquidation or reorganization in the event the Company
                  is
                  subject to such corporate activity.

              
	 	 
	
                Legends

              	
                All
                  certificates representing the Stock issued in connection with this
                  grant
                  shall, where applicable, have endorsed thereon substantially the
                  following
                  legends:

                 

                “THE
                  SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS
                  ON TRANSFER AND A RIGHT OF FORFEITURE ON BEHALF OF THE COMPANY
                  ON SUCH
                  SHARES SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED
                  HOLDER, OR HIS OR HER PREDECESSOR IN INTEREST. A COPY OF SUCH AGREEMENT
                  IS
                  ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED
                  UPON
                  WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY BY THE HOLDER OF
                  RECORD OF
                  THE SHARES REPRESENTED BY THIS
                  CERTIFICATE.”

              

      

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      
        	 	
                THE
                  SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
                  UNDER THE
                  SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
                  LAWS.
                  THE SHARES MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, TRANSFERRED
                  OR
                  ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT
                  FOR
                  THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
                  (B) AN
                  OPINION OF COUNSEL, IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY,
                  THAT
                  REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD
                  PURSUANT
                  TO RULE 144 OR RULE 144A UNDER SAID ACT.

              
	 	 
	
                Applicable
                  Law

              	
                This
                  Agreement will be interpreted and enforced under the laws of the
                  State of
                  Colorado, other than any conflicts or choice of law rule or principle
                  that
                  might otherwise refer construction or interpretation of this Agreement
                  to
                  the substantive law of another jurisdiction, except that the Colorado
                  Revised Statutes shall govern as to corporate law.

              
	 	 
	
                Entire
                  Agreement 

              	
                This
                  Agreement and the Employment Agreement constitute the entire understanding
                  between you and the Company regarding this grant of Restricted
                  Stock. All
                  references to phantom stock in the Employment Agreement are superseded
                  by
                  this Agreement and are no longer of any force and effect. You acknowledge
                  your understanding that you have no rights to any phantom stock.
                  Any prior
                  agreements, commitments or negotiations concerning this grant are
                  superseded.

              
	 	 
	
                Amendment

              	
                This
                  Agreement may be amended or modified only by a written instrument
                  executed
                  by both the Company and the Grantee.

              
	 	 
	
                Notice

              	
                All
                  notices required or permitted hereunder shall be in writing and
                  deemed
                  effectively given upon personal delivery or five days after deposit
                  in the
                  United States Post Office, by registered or certified mail, postage
                  prepaid, if to the Grantee, to the address set forth below on the
                  records
                  of the Company, and if to the Company, to the Company’s principal
                  executive offices, attention of the Corporate Secretary or Chief
                  Financial
                  Officer.

              
	 	 
	
                Binding
                  Effect

              	
                This
                  Agreement shall be binding upon and inure to the benefit of the
                  Company
                  and the Grantee and their respective heirs, executors, administrators,
                  legal representatives, successors and assigns, subject to the restrictions
                  on transfer set forth in this Agreement.

              
	 	 
	
                Pronouns

              	
                Whenever
                  the context may require, any pronouns used in this Agreement shall
                  include
                  the corresponding masculine, feminine or neuter forms, and the
                  singular
                  form of nouns and pronouns shall include the plural, and
                  vice versa.

              

      

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      
        	 	 
	
                Waiver

              	
                Any
                  provision for the benefit of the Company contained in this Agreement
                  may
                  be waived, either generally or in any particular instance, by the
                  Board of
                  Directors of the Company.

              
	 	 
	
                Severability

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

              

      

    

     

    By
      signing the cover sheet of this Agreement, you agree to all of the terms and
      conditions
      described above.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT
      SEPARATE FROM CERTIFICATE

    

    

    FOR
      VALUE
      RECEIVED, _____________ (the “Grantee”)
      hereby
      sells, assigns and transfers unto Zulu Energy Corp., a Colorado corporation
      (the
“Company”),
      _____________________ (________) shares of common stock of the Company
      represented by Certificate No. ___ herewith and does hereby irrevocable
      constitute and appoint the Company as Attorney to transfer the said stock on
      the
      books of the Company with full power of substitution in the
      premises.

     

    
      
        	Dated:____________, 200_	 
	 	 
	 	
                __________________________________________

                Print
                  Name

                

                __________________________________________

                Signature

              

      

    

    Spouse
      Consent (if applicable)

    

    ___________________
      (Grantee's spouse) indicates by the execution of this Assignment his or her
      consent to be bound by the terms herein as to his or her interests, whether
      as
      community property or otherwise, if any, in the shares of common stock of the
      Company.

     

    
      	 	
              __________________________________________

              Signature

            

    

     

    INSTRUCTIONS:
      PLEASE DO NOT FILL IN ANY BLANKS OTHER THAN THE SIGNATURE LINE. THE PURPOSE
      OF
      THIS ASSIGNMENT IS TO RETURN THE SHARES TO THE COMPANY IN THE EVENT THE GRANTEE
      FORFEITS ANY SHARES AS SET FORTH IN THE AGREEMENT WITHOUT REQUIRING ADDITIONAL
      SIGNATURES ON THE PART OF GRANTEE.

     

    
      
        
        

      

      
        9qwsas

    ZULU
      ENERGY CORP.

     

    2008
      STOCK INCENTIVE PLAN

     

    FORM
      OF STOCK OPTION AGREEMENT

    Zulu
      Energy Corp. (the “Company”), pursuant to its 2008 Stock Incentive Plan (the
“Plan”), hereby grants to Optionee listed below (“Optionee”), an option to
      purchase the number of shares of the Company’s Common Stock set forth below,
      subject to the terms and conditions of the Plan and this Stock Option Agreement.
      Unless otherwise defined herein, the terms defined in the Plan shall have the
      same defined meanings in this Stock Option Agreement. 

     

    
      	I.  	NOTICE OF STOCK OPTION
              GRANT

    

     

    
      	
              Optionee:

            	 	
              ___________________________________

            
	 	 	 
	
              Date
                of Stock Option Agreement:

            	 	
              ___________________________________

            
	 	 	 
	
              Date
                of Grant:

            	 	
              ___________________________________

            
	 	 	 
	
              Vesting
                Commencement Date: 

            	 	
              ___________________________________

            
	 	 	 
	
              Exercise
                Price per Share:

            	 	
              ___________________________________

            
	 	 	 
	
              Total
                Number of Shares Granted:

            	 	
              ___________________________________

            
	
               

            	 	 
	
              Term/Expiration
                Date:

            	 	
              ___________________________________

            

    

    

    Type
      of Option:   o
      Incentive Stock Option
      or ⁮ Non-Incentive Stock Option

     

    Vesting
      Schedule:  The
      Option Shares subject to this Option shall vest according to the following
      schedule:

     

    
      

    

     

    
      

    

     

    
      	Termination Period:
              	
              This
                Option may be exercised, to the extent vested, for _________ after
                Optionee ceases to be an Eligible Person, or such longer period as
                may be
                applicable upon the death or disability of Optionee as provided herein
                (or, if not provided herein, then as provided in the Plan), but in
                no
                event later than the Term/Expiration Date as provided
                above.

            

    

     

     

     

    
      	II.  	AGREEMENT

    

     

    1.  Grant
      of Option.
      The
      Company hereby grants to Optionee an Option to purchase the number of shares
      of
      Common Stock (the “Option Shares”) set forth in the Notice of Grant, at the
      exercise price per share set forth in the Notice of Grant (the “Exercise
      Price”). Notwithstanding anything to the contrary anywhere else in this Option
      Agreement, this grant of an Option is subject to the terms, definitions, and
      provisions of the Plan
      adopted
      by the Company, which is incorporated herein by reference. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    If
      designated in the Notice of Grant as an Incentive Stock Option, this Option
      is
      intended to qualify as an Incentive Stock Option as defined in Section 422
      of the Code; provided,
      however,
      that to
      the extent that the aggregate Fair Market Value of stock with respect to which
      Incentive Stock Options (within the meaning of Code Section 422, but without
      regard to Code Section 422(d)), including the Option, are exercisable for the
      first time by Optionee during any calendar year (under the Plan and all other
      incentive stock option plans of the Company, if any) exceeds $100,000, such
      options shall be treated as not qualifying under Code Section 422, but
      rather shall be treated as Non-Incentive Stock Options to the extent required
      by
      Code Section 422. The rule set forth in the preceding sentence shall be applied
      by taking options into account in the order in which they were granted. For
      purposes of these rules, the Fair Market Value of stock shall be determined
      as
      of the time the option with respect to such stock is granted. 

     

    2.  Exercise
      of Option.
      This
      Option is exercisable as follows:

     

     
       (a)  Right
      to Exercise.

     

    (i)  This
      Option shall be exercisable cumulatively according to the vesting schedule
      set
      out in the Notice of Grant. For purposes of this Stock Option Agreement, Option
      Shares subject to this Option shall vest based on Optionee’s continued status as
      an Eligible Person.

     

    (ii)  This
      Option may not be exercised for a fraction of a Share.

     

    (iii)  In
      the
      event of Optionee’s death, disability or other termination of Optionee’s status
      as an Eligible Person, the exercisability of the Option is governed by
      Sections 7, 8 and 9 below.

     

    (iv)  In
      no
      event may this Option be exercised after the date of expiration of the term
      of
      this Option as set forth in the Notice of Grant.

     

    (b)  Method
      of Exercise.
      This
      Option shall be exercisable by written Notice (in the form attached as
Exhibit
      A).
      The
      Notice must state the number of Option Shares for which the Option is being
      exercised, and such other representations and agreements with respect to such
      Option Shares as may be required by the Company pursuant to the provisions
      of
      the Plan. The Notice must be signed by Optionee and shall be delivered in person
      or by certified mail to the Secretary of the Company. The Notice must be
      accompanied by payment of the Exercise Price plus
      payment
      of any applicable withholding tax. This Option shall be deemed to be exercised
      upon receipt by the Company of such written Notice accompanied by the Exercise
      Price and payment of any applicable withholding tax.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    No
      Option
      Shares shall be issued pursuant to the exercise of an Option unless such
      issuance and such exercise comply with all relevant provisions of law and the
      requirements of any stock exchange upon which the Option Shares may then be
      listed. Assuming such compliance, for income tax purposes the Option Shares
      shall be considered transferred to Optionee on the date on which the Option
      is
      exercised with respect to such Option Shares.

     

    3.  Optionee’s
      Representations.
      If the
      Option Shares purchasable pursuant to the exercise of this Option have not
      been
      registered under the Securities Act of 1933, as amended (the “Securities Act”),
      at the time this Option is exercised, Optionee shall, if required by the
      Company, concurrently with the exercise of all or any portion of this Option,
      deliver to the Company his or her Investment Representation Statement in the
      form attached hereto as Exhibit B.

     

    4.  Lock-Up
      Period.
      Optionee hereby agrees that if so requested by the Company or any representative
      of the underwriters (the “Managing Underwriter”) in connection with any
      registration of the offering of any securities of the Company under the
      Securities Act, Optionee shall not sell or otherwise transfer any Option
      Shares or other securities of the Company during the 180-day period (or such
      period as may be requested in writing by the Managing Underwriter and agreed
      to
      in writing by the Company) (the “Market Standoff Period”) following the
      effective date of a registration statement of the Company filed under the
      Securities Act. The Company may impose stop-transfer instructions with
      respect to securities subject to the foregoing restrictions until the end of
      such Market Standoff Period and these restrictions shall be binding on any
      transferee of such Option Shares. 

     

    5.  Method
      of Payment.
      Payment
      of the Exercise Price shall be by any of the following, or a combination
      thereof:

     

    (a)  cash;

     

    (b)  check;
      or

     

    (c)  with
      the
      consent of the Option Committee, any method of payment, or combination thereof
      that is permitted in the Plan.

     

    6.  Restrictions
      on Exercise.
      If the
      issuance of Option Shares upon such exercise or if the method of payment for
      such shares would constitute a violation of any applicable federal or state
      securities or other law or regulation, then the Option may also not be
      exercised. The Company may require Optionee to make any representation and
      warranty to the Company as may be required by any applicable law or regulation
      before allowing the Option to be exercised. 

     

    7.  Termination
      of Relationship.
      If
      Optionee ceases to be an Eligible Person (other than by reason of Optionee’s
      death or the total and permanent disability of Optionee as defined in Code
      Section 22(e)(3)), Optionee may exercise this Option, to the extent the Option
      was vested at the date on which Optionee ceases to be an Eligible Person, but
      only within _________ from such date (and in no event later than the expiration
      date of the term of this Option set forth in the Notice of Grant). To the extent
      that the Option is not vested at the date on which Optionee ceases to be an
      Eligible Person, or if Optionee does not exercise this Option within the time
      specified herein, the Option shall terminate.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

     

     

    8.  Disability
      of Optionee.
      If
      Optionee ceases to be an Eligible Person as a result of his or her total and
      permanent disability as defined in Code Section 22(e)(3), Optionee may exercise
      the Option to the extent the Option was vested at the date on which Optionee
      ceases to be an Eligible Person, but only within ___________ from such date
      (and
      in no event later than the expiration date of the term of this Option as set
      forth in the Notice of Grant). To the extent that the Option is not vested
      at
      the date on which Optionee ceases to be an Eligible Person, or if Optionee
      does
      not exercise such Option within the time specified herein, the Option shall
      terminate.

     

    9.  Death
      of Optionee.
      If
      Optionee ceases to be an Eligible Person as a result of the death of Optionee,
      the vested portion of the Option may be exercised at any time within ___________
      following the date of death (and in no event later than the expiration date
      of
      the term of this Option as set forth in the Notice of Grant) by Optionee’s
      estate or by a person who acquires the right to exercise the Option by bequest
      or inheritance. To the extent that the Option is not vested at the date of
      death, or if the Option is not exercised within the time specified herein,
      the
      Option shall terminate.

     

    10.  Non-Transferability
      of Option.
      This
      Option may not be transferred in any manner except ____________________. The
      terms of this Option shall be binding upon the executors, administrators, heirs,
      successors, and assigns of Optionee.

     

    11.  Term
      of Option.
      This
      Option may be exercised only within the term set out in the Notice of Grant.
      

     

    12.  Restrictions
      on Option Shares.
      Optionee hereby agrees that Option Shares purchased upon the exercise of the
      Option shall be subject to such terms and conditions as the Option Committee
      shall determine in its sole discretion. Such terms and conditions may, in the
      Option Committee’s sole discretion, be contained in the Exercise Notice with
      respect to the Option or in such other agreement as the Option Committee shall
      determine and which the Optionee hereby agrees to enter into at the request
      of
      the Company.

     

    (Signature
      Page Follows)

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    This
      Agreement may be executed in two or more counterparts, each of which shall
      be
      deemed an original and all of which shall constitute one document.

     

    
      
        	 	
                ZULU
                  ENERGY CORP.

                 

                By:________________________________

                 

                Name:______________________________

                 

                Title:_______________________________

              

      

    

     

    OPTIONEE
      ACKNOWLEDGES AND AGREES THAT THE VESTING OF OPTION SHARES PURSUANT TO THE OPTION
      HEREOF IS EARNED ONLY BY CONTINUING CONSULTANCY OR EMPLOYMENT AT THE WILL OF
      THE
      COMPANY (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR
      ACQUIRING SHARES HEREUNDER). OPTIONEE FURTHER ACKNOWLEDGES AND AGREES THAT
      NOTHING IN THIS AGREEMENT, NOR IN THE COMPANY’S 2008 STOCK INCENTIVE PLAN, WHICH
      IS INCORPORATED HEREIN BY REFERENCE, SHALL CONFER UPON OPTIONEE ANY RIGHT WITH
      RESPECT TO CONTINUATION OF EMPLOYMENT OR CONSULTANCY BY THE COMPANY, NOR SHALL
      IT INTERFERE IN ANY WAY WITH OPTIONEE’S RIGHT OR THE COMPANY’S RIGHT TO
      TERMINATE OPTIONEE’S EMPLOYMENT OR CONSULTANCY AT ANY TIME, WITH OR WITHOUT
      CAUSE AND WITH OR WITHOUT PRIOR NOTICE, UNLESS THE COMPANY AND THE OPTIONEE
      HAVE
      AGREED OTHERWISE IN WRITING.

     

    Optionee
      acknowledges receipt of a copy of the Plan and represents that he or she is
      familiar with the terms and provisions thereof. Optionee hereby accepts this
      Option subject to all of the terms and provisions hereof. Optionee has reviewed
      the Plan and this Option in their entirety, has had an opportunity to obtain
      the
      advice of counsel prior to executing this Option, and fully understands all
      provisions of the Option. Optionee hereby agrees to accept as binding,
      conclusive, and final all decisions or interpretations of the Option Committee
      upon any questions arising under the Plan or this Option. Optionee further
      agrees to notify the Company upon any change in the residence address indicated
      below.

     

    Dated:
      __________________          

    
      
        	 	 	 	 
	 
	Name: 	 	 
	 	Address:
                	 	 
	 	Address:
                	 	 

      

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    ZULU
      ENERGY CORP.

     

    2008
      STOCK INCENTIVE PLAN

     

    EXERCISE
      NOTICE

     

    Zulu
      Energy Corp.

    Attention:
      Stock Administration

     

    1.  Exercise
      of Option.
      Effective as of today, ___________, _____, the undersigned (“Optionee”) hereby
      elects to exercise Optionee’s option to purchase _________ shares of the Common
      Stock (the “Option Shares”) of Zulu Energy Corp. (the “Company”) under and
      pursuant to the Company’s 2008
      Stock Incentive Plan
      (the
“Plan”) and the Stock Option Agreement dated _____________________ (the “Option
      Agreement”). Capitalized terms used herein without definition shall have the
      meanings given in the Option Agreement.

     

    
      	
              Date
                of Grant:

            	 	
              ______________________________

            
	 	 	 
	
              Number
                of Option Shares as to which Option is Exercised:

            	 	                                                     
	 	 	 
	
              Exercise
                Price per Share:

            	 	
              $____________

            
	 	 	 
	
              Total
                Exercise Price:

            	 	
              $____________

            
	 	 	 
	
              Certificate
                to be Issued in Name of:

            	 	                                                      
	 	 	 
	
              Cash
                Payment Delivered Herewith:

            	 	
              $____________

            
	 	 	 

    

     

    
      	Type of
              Option: 	
              o

            	Incentive
              Stock Option	
              o

            	Non-Qualified Stock
              Option

    

     

    2.  Representations
      of Optionee.
      Optionee acknowledges that Optionee has received, read, and understood the
      Plan
      and the Option Agreement. Optionee agrees to abide by and be bound by their
      terms and conditions. 

     

    3.  Rights
      as Shareholder.
      Until
      the stock certificate evidencing such Option Shares is issued (as evidenced
      by
      the appropriate entry on the books of the Company or of a duly authorized
      transfer agent of the Company), no right to vote or receive dividends or any
      other rights as a stockholder shall exist with respect to Option Shares subject
      to the Option, notwithstanding the exercise of the Option. The Company shall
      issue (or cause to be issued) such stock certificate promptly after the Option
      is exercised. No adjustment will be made for a dividend or other right for
      which
      the record date is prior to the date the stock certificate is issued. Optionee
      shall enjoy rights as a shareholder until such time as Optionee disposes of
      the
      Option Shares or the Company. Upon such exercise, Optionee shall have no further
      rights as a holder of the Option Shares.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    4.  Tax
      Consultation.
      Optionee understands that Optionee may suffer adverse tax consequences as a
      result of Optionee’s purchase of the Option Shares. Optionee represents that
      Optionee has consulted with any tax consultants Optionee deems advisable in
      connection with the purchase of the Option Shares and that Optionee is not
      relying on the Company for any tax advice.

     

    5.  Restrictive
      Legends and Stop-Transfer Orders.

     

    (a)  Legends.
      Optionee understands and agrees that the Company shall cause the legends set
      forth below or legends substantially equivalent thereto, to be placed upon
      any
      certificate(s) evidencing ownership of the Option Shares together with any
      other
      legends that may be required by state or federal securities laws:

     

    THE
      SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
      ACT
      OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED,
      PLEDGED, OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE
      OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER OF THESE
      SECURITIES, SUCH OFFER, SALE, TRANSFER, PLEDGE, OR HYPOTHECATION IS IN
      COMPLIANCE THEREWITH.

     

    (b)  Stop-Transfer
      Notices.
      Optionee agrees that, in order to ensure compliance with the restrictions
      referred to herein, the Company may issue appropriate “stop transfer”
instructions to its transfer agent, if any, and that, if the Company transfers
      its own securities, it may make appropriate notations to the same effect in
      its own records.

     

    (c)  Refusal
      to Transfer.
      The
      Company shall not be required (i) to transfer on its books any Option
      Shares that have been sold or otherwise transferred in violation of any of
      the
      provisions of this Agreement or (ii) to treat as owner of such Option
      Shares or to accord the right to vote or pay dividends to any purchaser or
      other
      transferee to whom such Option Shares shall have been so
      transferred.

     

    6.  Successors
      and Assigns.
      The
      Company may assign any of its rights under this Agreement to single or multiple
      assignees, and this Agreement shall inure to the benefit of the successors
      and
      assigns of the Company. Subject to the restrictions on transfer herein set
      forth, this Agreement shall be binding upon Optionee and his or her heirs,
      executors, representatives, administrators, successors, and
      assigns.

     

    7.  Interpretation.
      Any
      dispute regarding the interpretation of this Agreement shall be submitted by
      Optionee or by the Company forthwith to the Company’s Board of Directors or
      committee thereof that is responsible for the administration of the Plan (the
      “Option Committee”), which shall review such dispute at its next regular
      meeting. The resolution of such a dispute by the Option Committee shall be
      final
      and binding on the Company and on Optionee.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    8.  Governing
      Law; Severability.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Colorado excluding that body of law pertaining to conflicts of law.
      Should any provision of this Agreement be determined by a court of law to be
      illegal or unenforceable, the other provisions shall nevertheless remain
      effective and shall remain enforceable.

     

    9.  Notices.
      Any
      notice required or permitted hereunder shall be given in writing and shall
      be
      deemed effectively given upon personal delivery or upon deposit in the United
      States mail by certified mail, with postage and fees prepaid, addressed to
      the
      other party at its address as shown below beneath its signature, or to such
      other address as such party may designate in writing from time to time to the
      other party.

     

    10.  Further
      Instruments.
      The
      parties agree to execute such further instruments and to take such further
      action as may be reasonably necessary to carry out the purposes and intent
      of
      this Agreement.

     

    11.  Delivery
      of Payment.
      Optionee herewith delivers to the Company the full Exercise Price for the Option
      Shares as set forth above in Section 1, as well as any applicable
      withholding tax.

     

    12.  Entire
      Agreement.
      The
      Plan and Option Agreement are incorporated herein by reference. This Agreement,
      the Plan, the Option Agreement, and the Investment Representation Statement
      constitute the entire agreement of the parties and supersede in their entirety
      all prior undertakings and agreements of the Company and Optionee with respect
      to the subject matter hereof.

     

    
      	
              Accepted
                by:

            	
              Submitted
                by:

            
	 	 
	
              ZULU
                ENERGY CORP.

            	
              OPTIONEE

            
	 	 
	 	 
	
              By:                                                                                   

            	                                                                                                 
	
              Name:                                                                              

            	
              Name:                                                                                      

            
	
              Its:                                                                                    

            	
              Address:                                                                                

            
	 	 
	 	 

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B

     

    INVESTMENT
      REPRESENTATION STATEMENT

     

    
      
        
          	OPTIONEE	
                  :

                	 
	COMPANY 	
                  :

                	Zulu Energy Corp
	SECURITY	
                  :

                	Common Stock
	AMOUNT 	
                  :

                	 
	DATE	
                  :

                	 

        
 

    

    In
      connection with the purchase of the above-listed shares of Common Stock (the
      “Securities”) of Zulu Energy Corp. (the “Company”), the undersigned (the
“Optionee”) represents to the Company the following:

     

    (a)  Optionee
      is aware of the Company’s business affairs and financial condition and has
      acquired sufficient information about the Company to reach an informed and
      knowledgeable decision to acquire the Securities. Optionee is acquiring these
      Securities for investment for Optionee’s own account only and not with a view
      to, or for resale in connection with, any “distribution” thereof within the
      meaning of the Securities Act of 1933, as amended (the “Securities
      Act”).

     

    (b)  Optionee
      acknowledges and understands that the Securities constitute “restricted
      securities” under the Securities Act and have not been registered under the
      Securities Act in reliance upon a specific exemption therefrom, which exemption
      depends upon, among other things, the bona fide nature of Optionee’s investment
      intent as expressed herein. Optionee understands that the Securities must be
      held indefinitely unless they are subsequently registered under the Securities
      Act or an exemption from such registration is available. Optionee further
      acknowledges and understands that the Company is under no obligation to register
      the Securities. Optionee understands that the certificate evidencing the
      Securities will be imprinted with a legend that prohibits the transfer of the
      Securities unless they are registered or such registration is not required
      in
      the opinion of counsel satisfactory to the Company and any other legend required
      under applicable state securities laws.

     

    (c)  Optionee
      is familiar with the provisions of Rule 144 promulgated under the
      Securities Act, which, in substance, permits limited public resale of
“restricted securities” acquired, directly or indirectly from the issuer
      thereof, in a non-public offering subject to the satisfaction of certain
      conditions. 

     

    Under
      Rule 144, the Securities may be resold in certain limited circumstances subject
      to the provisions of Rule 144, which requires the resale to occur not less
      than one year after the later of the date the Securities were sold by the
      Company or the date the Securities were sold by an affiliate of the Company,
      within the meaning of Rule 144; and, in the case of acquisition of the
      Securities by an affiliate, or by a non-affiliate who subsequently holds the
      Securities less than two (2) years, the satisfaction of the following
      conditions: (1) the resale being made through a broker in an unsolicited
“broker’s transaction” or in transactions directly with a market maker (as
      said term is defined under the Securities Exchange Act of 1934); and, in the
      case of an affiliate; (2) the availability of certain public information
      about the Company; (3) the amount of Securities being sold during any three
      (3)-month period not exceeding the limitations specified in Rule 144(e);
      and (4)  the timely filing of a Form 144, if applicable.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    (d)  Optionee
      further understands that in the event all of the applicable requirements of
      Rule
      144 are not satisfied, registration under the Securities Act, compliance with
      Regulation A, or some other registration exemption will be required; and that,
      notwithstanding the fact that Rule 144 is not exclusive, the Staff of the
      Securities and Exchange Commission has expressed its opinion that persons
      proposing to sell private placement securities other than in a registered
      offering and otherwise than pursuant to Rules 144 will have a substantial burden
      of proof in establishing that an exemption from registration is available for
      such offers or sales, and that such persons and their respective brokers who
      participate in such transactions do so at their own risk. Optionee understands
      that no assurances can be given that any such other registration exemption
      will
      be available in such event.

     

     

    
      	 	Signature of Optionee:
	 	 
	 	                                                                     
              
	 	Optionee
	
            	 
	
            	 
	
              Date:
                _______________________, ____

            	 

    

    
 

    
      
        
        

      

      
        10

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